Wealth & Retail Banking

Corporate Business

Cross Border

CNY Conversion

Individual Foreign Exchange Settlement Business allows customers to sell their foreign currencies to Standard Chartered at our foreign exchange rates in return for the equivalent amount in RMB.

Individual Foreign Exchange Purchase Business allows customers to purchase foreign currencies from Standard Chartered.

According to the regulation set out for individual foreign currency conversion by the State Administration of Foreign Exchange, for domestic individuals the annual quota of settlement and purchase is USD50,000 equivalent.  For foreign individuals, the annual quota of settlement is USD 50,000 equivalent.

Domestic/Non-Domestic Individual
Settlement
Purchase
Domestic Individual: Quota1 Annual Quota of USD50, 000 equivalent per person Annual Quota of USD50, 000 equivalent per person
Domestic Individual: Required Documents Within Quota: Valid Identity certificate

Above Quota: Please consult with our staff for details

 Within Quota: Valid Identity certificate

Above Quota: Please consult with our staff for details
Non-Domestic Individual: Quota Annual Quota of USD50, 000 equivalent per person Non quota2
Non-Domestic Individual: Required Documents Within Quota: Valid Identity certificate
Above Quota: Please consult with our staff for details		 Valid Identity certificate and documents evidence for source of fund
*The above quota and requirements are for reference only. All FX transactions should be conducted in accordance with China laws, regulations and regulatory requirements.

1Based on the bank’s risk control policy, in digital banking channels, the actual FX quota may be less than your remaining annual convenience quota. You can take relevant materials to our branches for further handling.

2There is no quota for Non-Domestic Individual clients (including Residents from Hong Kong, Macau, or Taiwan) to purchase foreign currency. Valid identity certificate and the related evidential materials should be presented at Standard Chartered local branches for application:

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  • – With regard to the legal income in Renminbi under the Current Account Foreign Currency Funds held within Mainland China, Clients should purchase foreign currency by presenting their valid identity certificate and the related evidential materials (inclusive of tax voucher).
  • – When converting Renminbi proceeds from the sale of a property, qualified Non-Domestic Individual clients  are welcome to present the relevant documents and conduct foreign exchange settlement at Standard Chartered local branches.

Important Notes

  1. Business hours of online Individual CNY Conversion: 9:30 am – 5:30 pm, Monday to Friday (excluding public holidays). Business hours of “Foreign Exchange” online channel: 6:00 am – 5:00 pm, Monday to Saturday (Inclusive of public holidays).
  2. Due to FX market price fluctuations and differences in comprehensive costs of bank services, customers may observe different FX quotes from Branch, Online banking/mobile banking. Kindly be reminded to understand the different pricings through different channels before entering FX transactions.
  3. The foreign exchange service is via the bank’s Wealth FX platform. The bank will quote the real-time exchange rate according to the customer’s application and execute the transaction immediately upon customer’s confirmation. Therefore, the customer will not be able to change or cancel the transaction application. Before submitting the transaction application, the customer shall fully consult the bank about the relevant transaction details and make the transaction decision with caution.
  4. The Wealth FX platform is relying on the proper functioning of the electronic system and the Internet, the customer shall bear the transaction risks related to this. If the platform temporarily fails to work due to transmission or communication facilities, power supply system, Internet failure or network congestion etc, the bank might not be able to accept or execute the transaction submitted by the customer.
  5. Limit order function only applies to online “Foreign Exchange Trading” channel, but not for online “CNY Conversion” and “FCY Conversion” channel now.
  6. For each single FX transaction, margin spread charged by bank will not exceed 300 bps.
  7. The risks related to the fluctuation of foreign exchange rates. If you exchange the currency back to the original currency sold, you may suffer adverse principal loss caused by the foreign exchange depreciation.
  8. This material is for reference only and does not constitute an offer or an invitation for offer of any financial service or product. Please refer to relevant service or product terms for details. Standard Chartered Bank (China) limited (the “Bank”) may alter any contents herein at its sole discretion at any time, and please check with your Relationship Manager for details. The Chinese version shall prevail in case of any discrepancy between the English version and Chinese version.