Q:Could individual customer handle the remittance of foreign currency to China, then the beneficiary receive the funds in the form of RMB?
A:Yes. Individual remitters can handle the pre-settlement of foreign exchange business through ICBC outlets. Funds remitted by remitter is in foreign currency, but amount credit into the beneficiary's account is in RMB.
1. Client Restrictions in Pre-settlement Remittance: remitter of pre-settlement remittance should be local individuals, including resident individuals and non-resident individuals, and receiver should be resident individuals in China.
2. The remittance will occupy the beneficiary’s annual sale limit of foreign exchange. The remittance which exceeds the beneficiary’s annual limit will be entirely refunded. The handling fee or any other charges arisen from the refund will be deducted from the refund amount.
3. Business Scope of Pre-settlement Remittance: pre-settlement remittance can only handle remittance of foreign exchange under individual current account and cannot handle remittance under capital account.
4. Amount Restrictions in Pre-settlement Remittance: strictly comply with regulations on national foreign exchange management, single amount of pre-settlement remittance is temporarily limited the equivalent amount within USD 50,000 (inclusive). ICBC can directly handle the remittance of the equivalent amount within USD 10,000 (inclusive); for the remittance of the equivalent amount from USD 10,000 to 50,000 (inclusive), ICBC will need to examine and verify the proof of identity and capital resources, and retain the photocopies of remitter's proof of identity and capital resources for future reference.