The state has strict foreign exchange management, and each person can only have $50,000 in foreign exchange every year. Banks need proof of authenticity. When handling foreign exchange business, banks should first follow the basic principle of "knowing customers, knowing business and verifying authenticity". If parents have their own accounts, parents can remit 50 thousand yuan to their children respectively!
Legal analysis: tax should be paid, and foreign payment should also be made under the service trade. However, if the amount is less than the equivalent of $30,000, the bank will not review the tax certificate of external payment, and banks above 30,000 will require tax certificates.
Legal basis: Measures for the Administration of Personal Foreign Exchange
Article 5 Individuals shall handle relevant foreign exchange business in accordance with the provisions of these Measures. Banks shall handle foreign exchange receipts and payments, settlement and sale of foreign exchange and open foreign exchange accounts for individuals in accordance with the provisions of these Measures, and examine the authenticity of valid identity documents and relevant certification materials submitted by individuals. Remittance agencies and foreign currency exchange agencies (including exchange points) handle personal foreign exchange business for individuals in accordance with the provisions of these Measures.
Article 12 If a domestic individual remits foreign exchange from the current account abroad, and the single remittance or the accumulated remittance amount on that day is less than the specified amount, he shall go to the bank with his valid identity certificate; If a single remittance or the accumulated remittance on the same day exceeds the specified amount, it shall be handled at the bank with my valid identity certificate and relevant proof of the transaction amount.