If you handle personal overseas remittance business, the current foreign exchange management policy requires nothing more than fulfilling the declaration procedures in accordance with the provisions of the State Administration of Foreign Exchange on the declaration of international payments.

The specific provisions of the declaration of balance of payments are as follows: the declaration of balance of payments is exempt from the declaration under the personal and foreign-related income and expenditure limit equivalent to less than $5,000 (including $5,000), that is, the individual declaration subject can be exempted from filling in the declaration information in the foreign-related income and expenditure voucher, except for the funds received and paid abroad by domestic non-resident individuals through domestic banks.

For inward remittance whose remittance amount exceeds the balance of payments declaration limit (US$ 5,000), the formalities shall be handled in accordance with the relevant declaration and statistics regulations of the local foreign exchange administration. Handling outlets will take the initiative to contact by telephone, and customers need to report to the outlets to fill in the declaration form. Different customers need to declare different information. If the customer can't provide information and materials that meet the declaration requirements, it may affect the entry into the customs. Please consult the handling outlets for specific reporting requirements.

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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