Heavyweight! The people's Bank of China officially announces:
Since July 1, 2017, the standard for reporting large-scale cross-border transactions (denominated in RMB) is two hundred thousand yuan!
The reporting standard for foreign exchange transactions in the form of transfer or cash becomes 50,000 RMB or 10,000 Australian dollars / US dollar equivalent!
In other words, the previous two hundred thousand yuan (A $50, 000 / US dollar equivalent) of the amount of foreign exchange has become 50, 000 yuan (A $10, 000 / US dollar equivalent)!
In excess of this amount of foreign exchange should be reported!
At the same time, the corresponding adjustments are financial institutions (banks) large transfer transactions statistics and suspicious transaction reporting time.
According to the measures for the Administration of large transactions and suspicious transaction reports of Financial institutions issued by the people's Bank of China, the main changes in this adjustment include the following four points:
First, suspicious transactions based on "reasonable suspicion" (including exchange and remittance) are required to be reported, adding and establishing improved transaction detection standards.
Second, under the old policy, the RMB reporting standard for large cash transactions was " two hundred thousand yuan (A $50, 000 / US dollar or equivalent)". Under the new regulations, the transaction reporting standard was cut to "50,000 yuan ($10,000 / US dollar or equivalent)." In other words, more than 10, 000 Australian dollars in exchange needs to be reported.
Third, the new Administration measures add the scope of application, large cross-border RMB reporting standards and so on. The standard for reporting large-scale transactions is " two hundred thousand RMB".
Fourthly, adjust the elements reported in the transaction report.
The new deal has greatly increased the complexity of the procedures for exchange of foreign exchange!
For studying overseas, buying houses, and so on, the need for exchange of Chinese has had a major impact!
-easy to understand-
Old policy:
Previously, each person had about A $50,000 / US dollar equivalent a year, and a daily withdrawal equivalent of A $10,000 (US $10,000), up to the full.
In the past, only 50, 000 Australian dollars per person within the amount of remittance can be remitted directly.
New Policy: (implemented from July 2017)
From July 1, 2017, each person can only exchange 50,000 yuan per day in Australian dollars / US dollars or other foreign currencies, in excess of this amount must be declared.
Cross-border remittance of US $10,000 / US dollar and equivalent foreign currency should be reported!
This new political order has a great impact on overseas Chinese.
You know, compared with the previous amount of $50, 000 / USD ( two hundred thousand RMB), the equivalent amount of A $10, 000 / US dollar under the New deal is simply too troublesome!
For example, there are two ways to start school in less than two months, if you want to exchange A $60, 000 for tuition.
The simplest is a small number of times!
(for example, only 10, 000 Australian dollars at a time, six times altogether.)
And, each time the quota must be declared within the limit!
If it's too much trouble to remit, I'm sorry! Please declare!
If you choose to declare, the formalities are equally cumbersome. Due to the lack of formal implementation, the relevant regulations and procedures have not been issued.
However, it is estimated that filings and approvals will take longer than before. At the same time, it can have a huge impact on overseas recipients (such as remittance maps and related certificates).
The most affected Chinese groups:
Group of students:
It is normal for foreign students to receive remittances from their parents at least A $60, 000 a year, including tuition and living expenses. Tuition fees and living expenses per semester are well above the limit, so remitting twice in the previous year could turn into more remittances.
At the same time, the application process does not exclude the bank from parents to obtain tuition certificate and other materials for document review possibility, for the student group and parents, it is easy to become an excess remittance! This policy will become more cumbersome in the process of exchange and remittance. In order to avoid being unable to pay tuition fees in time, please exchange ahead of time!
Overseas buyers:
If you want to buy a home overseas, if the source of funds is domestic, the huge amount is divided into several remittances quite troublesome. This policy greatly reduces the exchange quota so that domestic funds in the overseas purchase of real estate complexity and difficulty coefficient is infinitely enlarged!
If you buy a house of 1 million Australian dollars, can only change 10, 000 Australian dollars at a time, want to change 100 times?
If you want a large remittance? Sorry! Please declare! As for the time required to review and review the efficiency of funding sources, I'm sorry, I'm not sure. Because the initiative is not in our hands.
The person who travels:
Visitors to Australia feel good when they see everything and want to buy it. When I find out that my money is not enough, when I need to send money, I am blinded at once. The money is not so easy to remit!
Alipay and other third platform exchange:
If the use of Alipay and other third-party payment exchange, will also be restricted! However, any more than 50,000 yuan, cross-border remittance also needs to be declared!
For cross-border remittances and over A $10,000 worth of excess remittances, transfers are larger. The requirements of over-reporting will have an impact on all those who use foreign exchange!
The suspicious transaction reporting requirements based on "reasonable doubt" put forward by the management measures require the establishment of standard criteria for transaction monitoring, the identification and analysis of transactions, the preservation of transfer records, and a series of requirements.
Further, banks and other financial institutions will pay, withdraw, close and sell foreign exchange and cash in exchange for 50, 000 RMB (including 50, 000 yuan), 10, 000 Australian dollars / US dollar equivalent daily or cumulative transactions. Cash transfers and other types of cash payments are monitored and reported to financial institutions for large transactions.
This regulation has made the statistics and testing of cross-border RMB transactions more stringent and prevented the risk of cross-border renminbi transactions.
The above-mentioned large transaction reports must be analysed by financial institutions, and suspicious foreign exchange transactions must be reported within 5 working days.
The "50, 000 yuan (A $10, 000 equivalent)" under the new deal reflects a stronger monitoring of the yuan's direction than the previous " two hundred thousand yuan (A $50, 000 equivalent)" standard for large cash transactions.
People's Bank officials said the strict cash management is a necessary measure for anti-money-laundering work.
At present, the international anti-money laundering and cash in the field of common standards are very strict. For example, in Australia, Canada, and the United States, large cash transactions are reported at A $10,000 / US dollar (or foreign currency equivalent).
The strengthening of cash management by regulators will effectively combat illegal and criminal activities in certain areas. Legal authority can still further lower the reporting standards for cash transactions.
The reporting criteria for A $10,000 or foreign currency equivalents are not the end point, so the possibility of further reductions is not ruled out in accordance with legal authority.
In short, the purpose of the new deal is to curb money-laundering crime, terrorist financing, prevent money-laundering, and maintain financial security.
The impact on us is that the banking system limits the amount of foreign exchange for each individual and controls remittances more strictly. How deep the specific impact, how cumbersome the specific process, wait for the implementation of the specific can be known.
But it is certain that due to the limit, exchange and remittance will become more cumbersome than ever!
The new Management measures came into effect on July 1, 2017! Whether change tuition fees, buy a house, etc., if you want to exchange money, please take advantage of the early! You have half a year left!
