Non-resident accounts are abbreviated as NRA accounts, which are called "domestic foreign exchange accounts of overseas institutions" in Chinese. Refers to the domestic foreign exchange accounts opened by overseas institutions in domestic banks according to regulations, excluding the domestic offshore account of overseas institutions.

RMB NRA account refers to RMB domestic foreign exchange accounts opened by domestic banks for overseas institutions.

In these two definitions, the concepts of "overseas institution" and "domestic bank" appear repeatedly. So what are overseas institutions and domestic banks?

(1) Overseas institutions: refers to institutions registered and established overseas (including Hongkong, Macau and Taiwan Province Province) according to law.

(2) Domestic banks refer to domestic Chinese-funded banks and foreign-funded banks that are legally qualified to absorb public deposits and handle domestic and foreign settlement.

2. What is the 2.NRA account classification?

(1) Special foreign exchange accounts for foreign investors in capital projects, including foreign direct investment guarantee accounts, acquisition accounts and upfront expense accounts, must be approved by the foreign exchange bureau.

(2) Foreign exchange accounts with the same nature as the current account settlement accounts of domestic institutions and mainly used in China need to be approved by the foreign exchange bureau to settle foreign exchange or withdraw cash.

(3) Other foreign exchange accounts that do not need to settle foreign exchange or withdraw foreign currency cash for domestic and overseas settlement or deposit funds. Due to historical reasons, it is mainly opened in foreign banks and does not need the approval of the foreign exchange bureau.

3. What are the advantages of opening an NRA account?

1. Account opening procedures are simple and easy to use, and overseas foreign exchange receipts and payments can be handled directly according to instructions;

2. The NRA account balance, transaction details, statement, payment direction and payment amount of overseas institutions can be inquired through online banking, bank-enterprise interconnection and other channels, which facilitates the centralized management and operation of cross-border funds by Chinese-funded enterprises;

3. Handling cash management business can realize the automatic transfer, allocation and real-time transfer of funds of overseas branches, and improve the efficiency of fund use;

4. It can realize the concentration of foreign exchange funds of all overseas branches, improve the income of funds, help to ensure the safety of funds of overseas institutions of Chinese-funded enterprises, and strengthen the account monitoring of overseas institutions by enterprises.

4. What's the difference between 4.NRA account and offshore account account?

Essentially, NRA account is a domestic foreign currency account, and offshore account (OSA) is an overseas account. Offshore account is relatively less subject to foreign exchange control. From the perspective of capital security, NRA accounts are even worse, and the State Administration of Foreign Exchange has stricter supervision. Specifically, there are the following points:

1. In terms of providing qualifications, OSA can only be provided by four approved banks, while NRA can basically provide all banks;

2. In terms of customers, OSA customers include overseas institutions and individuals, while NRA only includes overseas institutions.

3. In terms of supervision, OSA is supervised by CBRC and NRA is supervised by SAFE.