After the remittance has been sent to China, it is usually necessary to go through the settlement procedure in order to receive and settle the remittance smoothly in mainland China.

Get a multi-currency debit card

It is recommended that you open a dual-currency or multi-currency debit card at the nearest counter of any of the four state-owned banks, and the specific process will not be repeated here. Multi-currency debit card, as the name suggests, is a debit card that allows the existence of multiple currencies in the account and is freely convertible to each other, at present, all major domestic banks basically have at least dual-currency debit card products that support RMB and US dollars in the class I account, when you open it, you need to talk to the counter to make it clear, you can consult the counter of the bank or the bank’s official website: Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank.

The reason why you need to be nearby is because the first time or the first few times you may need to go to the counter in person to handle the foreign exchange account, behind the foreign exchange account, individuals in the case of a single not more than 5,000 U.S. dollars, basically do not need to be handled in person again, the bank will directly help you to foreign exchange account, you only need to be in the mobile banking app on their own to settle foreign exchange (foreign currency into Renminbi) can be, so the individual to remit foreign currency from abroad with the settlement of foreign currency and is not as So, remittance and settlement of foreign exchange from abroad is not as troublesome as you think.

Inward remittance of foreign exchange from abroad

The platforms for sending money to China I’ve detailed in the linked article, so I won’t repeat them here.

The operation of all remittance tools is similar, nothing more than the establishment of an account, fill in the remittance currency and amount, fill in the recipient account information, fill in the account information of the payer, confirm and other steps. Fill in the payee information, you will need to bind your domestic multi-currency bank card, in advance to collect your account bank information, such as bank name English translation, account bank address English translation, SWIFT code, etc., the remittance tool is very likely to be used in the binding, if they are not sure how to get access to this information, do not get their own Baidu, should be directly contacted by the account bank’s online or telephone customer service, let them tell you.

Waiting for bank notification

The author’s family in the domestic experience of receiving remittances from abroad, the first few times the domestic major banks personal account received foreign exchange, the bank account (that is, the bank will receive foreign exchange to your debit card foreign currency account) before the phone will notify you in person to go to the counter to settle the foreign exchange, if you have just begun to remit money to the country, to remind the recipient to keep the cell phone smooth, so as not to delay the settlement of the foreign exchange.

Since you will most likely have to go to the counter in person the first few times you settle your money, I would previously recommend that you choose your nearest bank to open a multi-currency debit card for convenience.

Generally in person after a few remittances, the bank will not require you to personally go to the counter to settle remittances, and will not call again (at this time the foreign exchange has not yet been accounted for), but rather the use of cell phone text message notification form to notify you that the foreign exchange has been accounted for.

Counter or self-service settlement

If the amount of foreign currency is less than 5,000 U.S. dollars, in person to the counter settlement generally only need to show personal ID card, the camera took a picture on the line, if the amount is more than 5,000 U.S. dollars, the bank is likely to require you to produce more information to prove that the source of income, to be prepared in advance. This is just my personal experience, does not mean that 5000 dollars or less counter settlement of foreign exchange “must” what information do not have to provide, this depends on the specific bank, I returned to China when the Bank of China settlement of a few 5000 dollars or less (each more than 4000 points) of the U.S. dollar remittances, the first is the phone contacted me directly on the account! The first one was credited directly after contacting me by phone, the second one was credited directly without calling me, but in the third one the back office of the bank of China called to ask me about my source of income, and I emailed them my proof of employment in the U.S. After that, the checkout (I was already abroad at that time) didn’t give me a phone call or ask me to come to the counter in person, and it has always been credited automatically now. The first two times I used the CCB (which I used relatively little), I was notified by phone to go to the counter in person to account for the settlement of foreign exchange, and the third and later were automatically accounted for, I just need to self-service settlement on the app, so the caliber of the foreign exchange accounting and settlement process between the bank and the bank there are differences in the process, and there may even be geographical differences, which can only be experienced by yourself.

After the foreign exchange is credited, there is that the remittance of foreign currency to your debit card foreign currency account, you only need to log in to the bank’s cell phone App, in which to find the settlement menu, enter the selection of the settlement account, and then self-service settlement will be converted from foreign currency to RMB can be, the exchange rate is generally according to the day of the foreign exchange rate with the RMB exchange rate to, I have the past few years of experience of the settlement, the domestic line of personal foreign exchange settlement seems to be a zero-rate.

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