Can an individual remit foreign exchange to an overseas private account?

Personal overseas remittance limit of China Bank: Remittances that do not exceed 50,000 US dollars on the same day can be handled directly in the bank with my valid identity documents, and relevant certificates are required for those exceeding the limit. Foreign exchange remittance business that exceeds the declaration limit of balance of payments (remittance must be declared one by one regardless of the amount) shall go through the declaration procedures according to the provisions of the State Administration of Foreign Exchange on the declaration of balance of payments.

Restrictions on personal remittance to accounts of overseas companies: There are no special restrictions on overseas companies as recipients. But:

1. If the nature of remittance involves funds, it needs the approval of SAFE. For example, if the payee is an overseas securities company, the money cannot be remitted.

2. If the nature of remittance involves the nature of trade in goods, it shall be handled through the trade settlement account approved by the foreign exchange bureau.

For more information, please consult your local Bank of China branch.

The above contents are for your reference. Please refer to the actual business regulations.

If you have any questions, please contact online customer service of Bank of China.

You are cordially invited to download and use China Bank Mobile Banking APP or China Bank Cross-border GO APP to handle related business.