About traveler's checks

Traveler's checks provide a safe and reliable way to bring money when studying abroad and traveling. Traveler's checks are all insured, which relieves travelers' worries of loss, theft and damage. Traveler's checks have the advantages of small denomination and convenient use, and can be directly consumed in hotels, restaurants, taxis and other places abroad. At the same time, traveler's checks are easy to exchange in the United States. You can buy them in most banks as long as you show valid identification, and you only need a negligible handling fee.

However, with the development of the Internet and bank cards, fewer and fewer people are willing to use traveler's checks now, but it is still a way.

About credit cards

Students can apply for credit cards from foreign banks and credit card institutions, such as American Express and Visa. However, due to the low income of China residents, the approval procedures will be relatively strict. But because of practicality, students had better apply for one; Moreover, it can avoid the trouble brought by carrying cash.

When choosing a credit card product, you should pay attention to the following points:

Repayment must be convenient. Children use foreign currency transactions thousands of miles away. It is not only troublesome for parents to repay in foreign currency at home every time, but also unnecessary losses may be caused by exchange rate fluctuations.

Note that some credit card transactions are subject to foreign exchange charges, and careless selection will only increase the bill amount. It is best to attach aviation accident insurance and baggage delay insurance. After all, flying for more than ten hours at a time means more security. It can be used in a wide range and can be accepted by any shopping mall. It would be better if there are some special preferential activities.

Bank cards and credit cards of China Bank

All banks in China have their own bank cards and credit cards, and most of them can withdraw money from all countries in the world, but the procedures undertaken by payers are more expensive. For example, MasterCard of a bank charges $3 each time to withdraw money from foreign ATMs, and the four major banks also charge 4% for international cards. I really feel sorry for these many a mickle makes a muckle ~

What is the foreign exchange system in China?

China is a country with strict foreign exchange control. Except for the business needs of foreign trade and foreign-funded enterprises, residents are not allowed to exchange RMB from banks for other foreign exchange at will. Used for studying abroad, traveling, visiting relatives, etc. You can go to the bank to exchange foreign exchange, but the maximum amount per person per year is only $50,000.

Where can I exchange money for studying abroad?

Residents who use a large amount of foreign exchange to study abroad may apply to the local foreign exchange administration department. Then, with the approval of SAFE, the RMB will be converted into foreign currency at the relevant local bank. China Bank is the most convenient bank to exchange foreign currency among all banks, with the lowest price difference and the largest amount of currency exchange. For large exchange, it is generally necessary to make an appointment in advance.

Because you need to bring your ID card to exchange foreign currency, you can apply for a maximum of $50,000 per ID card, or other foreign currencies equivalent to $50,000. If you change more than $50,000, you need to apply to the bank. You can also apply for another $50,000 with your family ID card.

Most domestic banks can exchange US dollars and Hong Kong dollars, but not necessarily Korean won, Japanese yen, Australian dollar, New Zealand dollar and Canadian dollar. However, China Bank can definitely exchange most foreign currencies.

What is the foreign exchange limit?

Generally speaking, the annual foreign exchange is up to 50,000 US dollars; Exceeding this limit shall be reported to the superior management organization for approval. If it is not enough, the general method is to apply once a year or exchange the ID cards of different family members for money, or find a higher-level bank for approval.

If students already have foreign exchange (freely convertible currencies, such as US dollars, Japanese yen, marks, Hong Kong dollars, etc. ) In their hands, they can be directly converted into other foreign currencies at the bank.

convertible currency

By the end of 20 12, more than 50 countries or regions in the world have accepted the provisions on currency convertibility in the agreement of the International Monetary Fund, that is to say, the currencies of these countries or regions are regarded as freely convertible currencies.

These include:

United States dollar (USD), euro (EUR), Japanese yen (JPY), Swiss franc (CHF), Danish kroner (DKR), Swedish kroner (SKR), Norwegian kroner (NKR), Hong Kong dollar (HKD), Canadian dollar (CAD), Australian dollar (AUD) and New Zealand dollar (NZD).

About carrying foreign exchange

According to the regulations of China, ordinary residents are not allowed to take more than $2,000 in cash out of the country. Otherwise, it will be very troublesome to be found out when leaving the country. The general practice is that when applying for foreign exchange, the People's Bank of China specifically requires the People's Bank of China to issue an exit certificate with foreign exchange, indicating the currency and quantity of foreign exchange. With this certificate, you can rest easy.

■ Special attention:

Please don't go to the black market to exchange foreign currency. First, the price difference loss is relatively large. Second, the authenticity of currency is difficult to argue and it is easy to be deceived.

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