As we all know, NRA accounts are also called domestic foreign exchange accounts of overseas institutions. For example, the foreign currency account opened by your registered Hong Kong company at the domestic Chouzhou Bank is called an NRA account, which is different from OSA.

Most banks have certain requirements for transfers to personal accounts of peers, and transfers cannot be made at will; generally, they are required to provide a series of requirements such as labor contracts and fund certificates. It is best to choose Chouzhou Commercial Bank for the collection account. They have the least restrictions and can settle foreign exchange via online banking. ~First, because the handling fee will be cheaper when transferring to the personal account of the same bank~Second, it is recommended to transfer directly to the personal account of another bank, so that there is no need to provide relevant certificates. HSBC Hong Kong: remit HKD 60, remit HKD 110 Hong Kong dollars

The handling fees of major domestic banks are: Bank of Communications transfer to online banking is US$2, Shenzhen Development Bank transfer to online banking is US$20, Shanghai Pudong Development Bank transfer to online banking is US$18, China Merchants Bank transfer is US$20, please contact us for details!

Does money coming in and out need to be monitored? Didn’t the central bank recently require banks to strictly review foreign exchange purchases in NRA accounts and transfer operations with the same name at home and abroad? Enterprises need to provide background information on foreign exchange purchase business, and can only remit foreign exchange to overseas foreign currency settlement accounts or domestic offshore accounts, but not to domestic foreign exchange settlement accounts or foreign exchange NRA accounts. The authenticity of the transaction must be reviewed for any outgoing or incoming funds from the RMB NRA account, and trade background information must be retained. In particular, we will strengthen the background authenticity review of funds remitted from overseas to RMB NRA accounts, and strictly control the use of overseas transfers and settlements to remit RMB funds. At the same time, transfers between RMB NRA accounts, overseas accounts with the same name, and domestic RMB NRA accounts with the same name must also strictly review the transaction background in accordance with the above requirements.

The above is the relevant information about the NRA account. If you don’t understand anything, please leave a message. I hope it can help you. Thank you.