The latest version of the Regulations on Foreign Exchange Management promulgated in August 2008 clearly stipulates that foreign exchange business should be handled through foreign exchange accounts. In other words, all foreign exchange business must be handled through foreign exchange accounts, which is beyond doubt. For individuals, to open a personal savings account, as long as individuals hold valid identity documents, they can open accounts between banks. The nature of this course is for non-trade collection and payment of foreign exchange. For enterprises, it is necessary to open a current account settlement account for trade operations. In your case, you should be an individual industrial and commercial household, and you should open an individual industrial and commercial household settlement account. This kind of account is a current account, and you can open an account directly in the bank without the approval of the foreign exchange bureau, but as you said, you need to provide the industrial and commercial business license, a copy of your ID card and an application for opening an account (generally these three items). But after opening an account, you should take these things to the foreign exchange bureau for the record. Let's clarify another concept. Individual annual foreign exchange settlement limit (like foreign exchange purchase industry) is equivalent to 50 thousand dollars. This is not to say that it is impossible to exceed this quota, but that those less than 50 thousand can be handled directly in the bank with valid identity documents. If it exceeds this amount, it is necessary to provide some income (or expenditure) proof materials to the bank. If you open a current account, which belongs to trade, there is no restriction on foreign exchange settlement, provided that you have a real trade background, that is, you can truly prove that it is export income settlement (such as providing contracts and invoices). Finally, the settlement bank only charges you a certain handling fee. As for taxes, it has nothing to do with it. Business tax or personal income tax is the business of the tax bureau, which is no different from normal business tax payment. That's another matter. Finally, if the $20,000 you receive is within the annual limit of 50,000, the bank is not obliged to ask you to provide proof of income.