Local currency refers to the legal tender of a country, and no other currency can circulate in this country except legal tender. For example, the only legal tender in Chinese mainland is RMB, so we also call RMB local currency at this time, but this concept is mostly used in the foreign exchange market. Everything except local currency is collectively called foreign currency.
For a long time, China's personal local and foreign currency exchange business was mainly handled by banks. However, limited by the number of outlets, business hours and other factors, it is difficult for banks to fully meet the growing demand for personal local and foreign currency exchange business. This problem is particularly prominent in areas where foreign-related exchanges and cross-border movements of people are frequent and personal foreign currency exchange business is large. The trial of personal local and foreign currency exchange franchise business is conducive to giving full play to the advantages of long business hours, diverse exchange currencies, flexible operating mechanism and professional service of operating institutions, complementing the local and foreign currency exchange business of banks and better serving the needs of personal local and foreign currency exchange business.
Operating institutions that handle personal foreign currency exchange franchise business shall refer to the relevant provisions of the Measures for the Administration of Personal Foreign Exchange and its detailed rules for implementation, handle inbound and outbound transactions through the personal foreign exchange settlement and sale system, and realize the quota management of inbound and outbound transactions.
Within the total annual amount, the daily accumulated foreign exchange settlement and sale business amount of domestic individuals shall not exceed the equivalent of US$ 5,000 (inclusive).
For the foreign personal foreign exchange settlement business within the total annual amount, the accumulated amount of foreign exchange received per person per day shall not exceed the equivalent of US$ 5,000 (inclusive); Overseas individuals who exchange memo without settlement of foreign exchange shall not exceed the equivalent of USD 500 per person per day, and the limit of outlets set up at domestic customs clearance places may be increased to the equivalent of USD 65,438+0,000 yuan (inclusive).
The above business shall be handled with valid personal identification documents. Personal settlement and sale of foreign exchange in excess of the above provisions shall be handled at designated foreign exchange banks.