Do overseas individuals enjoy the annual facilitated foreign exchange purchase and settlement quota of US$50,000?

Overseas individuals are entitled to an annual foreign exchange settlement facilitation quota equivalent to US$50,000. Overseas individuals do not enjoy the annual foreign exchange purchase facilitation quota equivalent to US$50,000, except for overseas individuals holding a permanent residence ID card for foreigners of the People's Republic of China.

Domestic individuals are entitled to a foreign exchange purchase quota equivalent to US$50,000 per year. The State Administration of Foreign Exchange stipulates that each domestic individual has a facilitated foreign exchange purchase quota equivalent to US$50,000 per year. In other words, if you want to exchange RMB for foreign currency, no matter which country’s currency you exchange, the maximum amount cannot exceed 50,000 U.S. dollars. Worth $50,000. The annual exchange limit of US$50,000 is for the calendar year, that is, from January 1 to December 31 of each year. According to the regulations of the State Administration of Foreign Exchange, individual foreign exchange purchases by domestic residents are subject to annual total management, and the annual total is the equivalent of US$50,000 per person per year. If you want to purchase foreign exchange within the annual total, you can handle it after presenting your real ID card and reporting the purpose to the bank. If the annual foreign exchange purchase exceeds the total amount, the bank can handle it after reviewing the genuine demand certificate in accordance with foreign exchange management regulations.

According to Article 2 of the "Implementation Rules of Individual Foreign Exchange Administration Measures", annual total amount management is implemented for individual settlement of foreign exchange and domestic individual foreign exchange purchase. The annual total is equivalent to US$50,000 per person per year respectively. The State Administration of Foreign Exchange may adjust the annual total based on the balance of payments.

Foreign exchange settlement and purchase within the personal annual total shall be handled at the bank with the person's valid identity document; if the annual total is exceeded, the current account shall be subject to Articles 10, 11 and 12 of these Rules. The capital account items shall be handled in accordance with the relevant provisions of the "Individual Foreign Exchange Management under Capital Accounts" in these Detailed Rules.

Article 11 of the "Implementation Rules of Individual Foreign Exchange Management Measures" If the non-operating foreign exchange settlement under the current account of overseas individuals exceeds the annual total, it should be handled at the bank with the person's valid identity document and the following supporting materials:

1) Rent expenditures: house rental contracts, invoices or payment notices registered by the housing management department;

2) Living consumption expenditures: contracts or invoices;

3 ) Expenditures for medical treatment, study, etc.: domestic hospital (school) fee certificate;

4) Others: relevant certificates and payment vouchers.

If the above-mentioned foreign exchange settlement is worth more than US$50,000 in a single transaction, the RMB funds obtained from the foreign exchange settlement shall be directly transferred to the domestic RMB account of the counterparty.

Article 12 If the non-operating foreign exchange purchase by domestic individuals under the current account exceeds the annual total, it shall be handled at the bank with the person's valid identity document and relevant certification materials of transaction volume.