In the declaration of balance of payments, the private foreign-related income and expenditure with the equivalent of less than $5,000 (including $5,000) is exempted from reporting under the quota, that is, the reporting information (transaction code, transaction postscript, name and code of the country (region) where the payee/payer is located) in the foreign-related income and expenditure can be exempted from being filled in by the individual reporting entity, except for the funds received and paid from overseas by domestic non-resident individuals through domestic banks.

For inward remittance whose remittance amount exceeds the declaration limit of international balance of payments (US$ 5,000), the formalities shall be handled in accordance with the relevant declaration statistics regulations of the local foreign exchange administration, and the telephone notification shall prevail at the handling outlets of China Bank (generally the customer account opening outlets). ) will take the initiative to contact by phone (according to the regulations, customers should go to the bank to go through the declaration formalities within T+5 days, so under normal circumstances, outlets will inform customers as soon as the remittance arrives. Customers who need to declare need to fill in the declaration form at the outlet, and the information declared by different customers is different. If the customer can't provide information and materials that meet the declaration requirements, it may affect the entry into the customs. Specific reporting requirements can guide customers to consult branches of BOC.

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.

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