Can I remit RMB when remitting overseas?

Overseas remittances can be made in RMB. The RMB has begun to go abroad, and the country is also supporting the internationalization of the RMB. In the cross-border trade of enterprises, it is already possible to remit inward and outward RMB. However, currently, individuals are still not allowed to remit RMB. And corporate remittances also need to be supported by the payee’s bank. Not all overseas banks support RMB. However, there are currently quite a few overseas banks that can handle RMB settlement, and basically all major banks in developed countries in Europe and the United States can do so.

Can a foreign account remit money directly to a domestic account?

A foreign account can remit money directly to a domestic card, but certain conditions are required. For example, to transfer money from a U.S. account to a Chinese account, you must first open a U.S. dollar and RMB deposit account at the Industrial and Commercial Bank of China, and transfer the U.S. dollar remittance to a domestic ICBC U.S. dollar account in the form of U.S. dollar remittance through an overseas Chinese bank. At the same time, the bank A handling fee for US dollar remittance will be charged. By following this operation, you can withdraw US dollar cash through domestic UnionPay ATM tellers. If you have already handled overseas transfers with a foreign card, you can transfer money online. Note that this is related to the regulations of each bank. The regulations of each bank will be slightly different. Some banks require that overseas remittances need to be bound to an account number. Some banks do not require account binding. If you have an ordinary debit card issued by a bank with foreign exchange business, you can use it, or if you have a discount card that offers both local and foreign currencies, you can use it. But first, choose a bank. It is best to choose an overseas branch of a domestic bank or a bank with a direct account relationship between the remittance bank and the remittance bank. This can save one or several remittance banks. This operation can save costs, because every remittance bank will deduct a remittance fee when doing remittance business. Second, once something goes wrong, it will be easier to check. It is usually recommended to choose Bank of China because it is a professional foreign exchange bank with a century-old history and has overseas branches in 26 countries and regions. If you choose Bank of China for remittance, you need to tell your overseas relatives and friends as the payee information your bank account number and account name, the English name of the bank where the account is opened, and the SWIFT CODE code. After the account-opening bank receives the remittance from abroad, it will be directly deposited into the payee's account. U.S. dollars, euros, pounds sterling, Australian dollars, Hong Kong dollars, Swiss francs, Japanese yen, Canadian dollars and Singapore dollars are currently accepted. Generally, the remittance will arrive in your account within two working days. And it is free for the remittance bank to receive the remittance. At the same time, the country has no restrictions on residents’ acceptance of overseas remittances, and every resident can accept foreign remittances. There is no requirement for the amount of inward remittance, but there are restrictions when paying foreign currency cash. If the amount is equivalent to less than 10,000 U.S. dollars (inclusive) at one time, you can handle it with your ID card. If it exceeds this limit, the bank will require Proof of relevant legal income. Processing in batches can solve this problem.