What are the rules for foreign exchange management? "

A: There are generally two foreign exchange management regulations that individuals often encounter:

1. Article 9 of the Measures for the Administration of Individual Foreign Exchange: Individual foreign exchange settlement and domestic individual foreign exchange purchase shall be subject to annual gross management. The current annual total amount of foreign exchange purchase and payment is 50,000 US dollars, and the State Administration of Foreign Exchange can adjust the annual total amount according to the balance of payments.

Foreign exchange purchased by individuals can be remitted abroad, deposited in personal foreign currency savings accounts or taken abroad.

Within the total annual amount, it shall be handled in the bank with my valid identity certificate; If the total amount exceeds the annual amount, I will open a current account in the bank with my valid identity certificate and relevant proof of the transaction amount. In case of donation, a notarized donation agreement or contract is required; for family support, a certificate of immediate family members or a notarized certificate of support relationship and income of overseas payers are required; for studying abroad at one's own expense, an ID card, a personal passport and a valid visa, a notice of admission to an overseas school (not required after the second academic year or semester), a certificate of tuition fees or a certificate of living expenses are required.

The purchase and payment of foreign exchange under capital account can only be handled after approval. For example, if domestic individuals' overseas direct investment meets the relevant regulations, they can purchase foreign exchange or remit it in their own foreign exchange with the approval of the foreign exchange bureau, and they should go through the foreign exchange registration for overseas investment; Income from legitimate capital projects obtained by domestic individuals abroad may be settled after approval by the foreign exchange bureau.

2. Notice on Further Improving the Management of Personal Settlement and Sale of Foreign Exchange: The main purpose is to prevent individuals from evading the quota supervision by splitting, which is limited to multiple times (three times or more). Individuals who exceed the annual foreign exchange purchase and payment quota need to provide the above materials and handle them after approval by banks or foreign exchange bureaus. Splitting shall not be adopted, and the legal responsibilities of the relevant designated foreign exchange banks and responsible persons shall be investigated for those suspected of splitting the settlement and sale of foreign exchange.