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Is the quota of foreign exchange purchased by overseas students limited? Ministry of Foreign Affairs answers related Policy

 
[Education News]     13 Apr 2019
"if you give out RMB, you need Australian dollars.""desperate for 3000 Australian dollars."Like similar information, I believe you have seen in a variety of groups.

"if you give out RMB, you need Australian dollars."

"desperate for 3000 Australian dollars."

Is the quota of foreign exchange purchased by overseas students limited? Ministry of Foreign Affairs answers related Policy

Like similar information, I believe you have seen in a variety of groups.

But in fact, such a private exchange is illegal.

In view of the problem that the foreign exchange purchase quota often reflected by overseas students is insufficient, Ministry of Foreign Affairs not long ago, after learning about the relevant domestic policies from the relevant authorities, answered the questions such as how to buy foreign exchange and how to do not enough.


Foreign exchange purchase quota

According to China`s foreign exchange policy, each person in China has an annual quota of 50, 000 US dollars (equivalent) for foreign exchange purchase, which needs to be purchased on the basis of his own ID card. The daily quota of foreign exchange purchase shall not exceed US $10,000.

Is the quota of foreign exchange purchased by overseas students limited? Ministry of Foreign Affairs answers related Policy


What if the quota isn`t enough?

After paying the tuition every year, the rent is almost $50,000, and the only way to get 50, 000 is not to let anyone live?

Foreign students can purchase foreign exchange directly in the bank according to the admission notice, tuition fee form and other materials, and will not occupy the annual quota of foreign exchange purchase.


Where should I buy foreign exchange

Each big regular bank has the exchange window, whether in the domestic or foreign all try to go to the bank to handle. Don`t exchange money in private and are vulnerable to fraud or suspected money laundering, which is illegal in China`s law.


Limited withdrawal abroad?

According to China`s foreign exchange regulations, individuals holding domestic bank cards cannot withdraw more than one hundred thousand yuan (equivalent) of cash each year outside the country or 10, 000 yuan a day. If the cap is reached, the withdrawal of offshore cash will be suspended, and may also face penalties.

It should be noted that the provisions of this article are directed at domestic bank cards and withdrawals. If it is your Australian dollar account, as long as you have money, you can mention as much as you want.

Reminder: the limit of 100,000 yuan is withdrawal, not consumption. In other words, you do not take up the one hundred thousand yuan limit when you pay by card with your bank card. The provisions of this article are mainly to prevent offshore money laundering, illegal financing and other criminal activities. Foreign students` daily payment by card will not be affected at all.


epilogue

In short, the exchange quota will not limit studying abroad, can meet the needs of studying abroad, and daily life will not be affected. Only we should be vigilant, do not choose private exchange, but choose formal channels to buy foreign exchange, avoid fraud and other unnecessary trouble.

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