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In order to strengthen surveillance over the flowing of foreign currency, and regulate the administration on foreign currency traveler's check, and in accordance with the "Provisions on the Management of Settlement, Sales and Payment of Foreign Exchange" (No.210 [1996] of the People's Bank of China), the Interim Measures for the Administration on Carrying Foreign Currency Cash to Enter and Exit the Territory (No.102 [2003] of the State Administration of Foreign Exchange), and the relevant provisions, we hereby make the following notice on the relevant issues concerning the commission sale of foreign currency traveler's check. I. The "foreign currency traveler's check" mentioned in this Notice refers to the note, which is sold on commission basis by domestic commercial banks (hereinafter referred to the "banks"), and printed by overseas banks or special financial institutions, with the issuing institution as the final payer and with the convertible currency as the price calculation and settlement currency, as well as with fixed denomination. II. The objects to whom the foreign currency traveler's check is commissioned to sell, may be the domestic institutions, foreign institutions in China, or domestic resident individuals or non-resident individuals. III. "The non-resident individuals" mentioned in this Notice shall refer to foreign natural persons (including person without nationality), Hong Kong, Macao, and Taiwan compatriots, and Chinese natural persons who hold the passport of the People's Republic of China but have obtained the right of permanent residence overseas. IV. The foreign currency traveler's check sold by the banks on commission basis is limited in principle to overseas traveling, going on a pilgrimage to sacred places, visiting or meeting relatives, overseas hospitalization, studying abroad and other foreign payment under the non-trade item, and shall not be used for foreign payment under trade item or capital item. V. The banks shall, when handling the business of commission sale of foreign currency traveler's check, make examination strictly in accordance with the "Provisions on the Management of Settlement, Sales and Payment of Foreign Exchange" and the "Detailed Rules for the Implementation of the Administration on Purchase of Foreign Exchange by Domestic Residents" (No.68 [2002] of the State Administration of Foreign Exchange) and the Notice on Relevant Issues concerning Regulation of Foreign Exchange Management on Non-resident Individuals (No. 6 [2004] of the State Administration of Foreign Exchange) and the relevant provisions, and handle purchasing formalities for those meeting the requirements. No bank shall handle purchase formalities for those not meeting the requirements. VI. Where a domestic institution or a foreign institution in China applies for purchasing foreign currency traveler's check, it shall buy it with the capital under the current foreign exchange account, foreign exchange capital account, and in other foreign exchange accounts specifying that the money may be used for outlays under current account, or with the foreign exchange purchased by using the capital of the Renminbi account. No foreign currency traveler's check shall be purchased with the foreign exchange that is purchased by using foreign currency cash or Renminbi cash. VII. A domestic institution or a foreign institution in China shall submit the following certification documents when purchasing foreign currency traveler's check: 1. Application for purchase; 2. Official documents of approval for task of going abroad or passport with effective visa; 3. Budget form for fees for going abroad; and 4. Other certification documents. The banks shall make examination on the truthfulness of the above-mentioned certification documents, and handle formalities for purchase of foreign currency traveler's check for those meeting the requirements. VIII. The domestic resident individuals may purchase foreign currency traveler's check with the capital in their foreign exchange deposit accounts or with foreign currency cash, or with the capital in their Renminbi accounts or with the foreign exchange purchased by using Renminbi cash. IX. Non-resident individuals may purchase foreign currency traveler's check with the capital in their foreign exchange deposit accounts or with foreign currency cash. The legal Renminbi income of the non-resident individuals within the territory of China may be used for purchasing foreign currency traveler's check after being converted into foreign exchange in accordance with the relevant provisions. X. Where a resident individual or non-resident individual purchases foreign currency traveler's check with the capital in his foreign exchange cash accounts, he shall handle it according to the following provisions: 1. Where the foreign currency traveler's check purchased at one time is equivalent to 10 thousand dollars or less, he shall apply to the bank upon the strengthen of the following certification documents: (1) Application for purchase; (2) Effective identification certificate of the person himself; and (3) Passport with effective entry visa of the country or region, which has been properly handled, or the pass to Hong Kong and Macao regions (including the pass for coming-and-going to Hong Kong and Macao regions). The banks shall make examination on the truthfulness of the above-mentioned certification documents, and handle formalities for purchasing foreign currency traveler's check for those in conformity with the provisions. 2. Where the foreign currency traveler's check purchased at one time is equivalent to over 10 thousand dollars up to 50 thousand dollars, he shall apply to the bank upon the strengthen of the following certification documents: (1) Application for purchase; (2) Effective identification certificate of the person himself; (3) Passport with effective entry visa of the country or region, which has been properly handled, or the pass to Hong Kong and Macao regions (including the pass for coming-and-going to Hong Kong and Macao regions); and (4) Relevant documents, which can prove the truthfulness of the purpose of the use of the foreign currency traveler's check. The banks shall make examination on the truthfulness of the above-mentioned certification documents, and handle formalities for purchasing foreign currency traveler's check for those in conformity with the provisions. 3. Where the foreign currency traveler's check purchased at one time is equivalent to over 50 thousand dollars, the application shall be filed upon the strength of the certification documents prescribed in paragraph 2 of the present Article to the foreign exchange administration at their locality, who shall then make examination on the truthfulness thereof. And the banks shall handle formalities for purchasing foreign currency traveler's check for him according to the approval documents issued by the local foreign exchange administration. XI. Where a domestic resident individual or non-resident individual purchases foreign currency traveler's check with the capital in their foreign currency cash deposit accounts or with foreign currency cash, he shall handle it according to the following provisions: 1. Where the foreign currency traveler's check purchased at one time is equivalent to 10 thousand dollars or less, he shall apply to the bank upon the strengthen of the following certification documents: (1) Application for purchase; (2) Effective identification certificate of the person himself; (3) Passport with effective entry visa of the country or region, which has been properly handled, or the pass to Hong Kong and Macao regions (including the pass for coming-and-going to Hong Kong and Macao regions); and (4) A domestic resident individual shall also provide the bank withdrawal certificate and other certification documents that can prove his legal foreign exchange resources. A non-resident individual shall also provide the customs declaration form for the amount of foreign currency cash declared by him when he enters China, and other certification documents that can prove his legal foreign exchange resources. The banks shall make examination on the truthfulness of the above-mentioned certification documents, and handle formalities for purchasing foreign currency traveler's check for those in conformity with the provisions. 2. Where the foreign currency traveler's check purchased at one time is equivalent to over 10 thousand dollars up to 20 thousand dollars, he shall apply to the bank upon the strengthen of the following certification documents: (1) Application for purchase; (2) Effective identification certificate of the person himself; (3) Passport with effective entry visa to the country or region, which has been properly handled, or the pass to Hong Kong and Macao regions (including the pass for coming-and-going to Hong Kong and Macao regions); (4) A domestic resident individual shall also provide the bank withdrawal certificate and other certification documents that can prove his legal foreign exchange resources. A non-resident individual shall also provide the customs declaration form for the amount of foreign currency cash declared by him when he enters China, and other certification documents that can prove his legal foreign exchange resources; and (5) Relevant documents that can prove the truthfulness of its purpose. The banks shall make examination on the truthfulness of the above-mentioned certification documents, and handle formalities for purchasing foreign currency traveler's check for those in conformity with the provisions. 3. Where the foreign currency traveler's check purchased at one time is equivalent to over 20 thousand dollars, the application shall be filed upon the strength of the certification documents prescribed in paragraph 2 of the present Article to the foreign exchange administration at their locality, who shall then make examination on the truthfulness thereof. And the banks shall handle formalities for purchasing foreign currency traveler's check for him according to the approval documents issued by the local foreign exchange administration. XII. Where a domestic resident individual purchases foreign currency traveler's check with the foreign exchange purchased in Renminbi, the bank shall handle the formalities for purchase of foreign exchange with Renminbi in accordance with the relevant provisions of the "Detailed Rules for the Implementation of the Administration on Purchase of Foreign Exchange by Domestic Resident Individuals". The domestic resident individuals may decide by themselves the amount of foreign currency traveler's check they will purchase within the quota of the approved foreign exchange purchase. XIII. When purchasing foreign currency traveler's check, if the purchaser can not obtain the effective visa beforehand due to special circumstances, he shall file an application to the banks or foreign exchange administrations respectively according to the following limits: 1. Where the equivalence is 10 thousand dollars or below, the purchaser shall apply to the bank upon the strength of the relevant certification documents, and the bank shall handle the formalities for him by referring to the above-mentioned provisions after making examination on the truthfulness thereof; and 2. Where the equivalence is over 10 thousand dollars, the purchaser shall apply to the local foreign exchange administration upon the strength of the relevant certification documents. After the local foreign exchange administration has made examination on it, the bank shall handle formalities for the purchase of foreign currency traveler's check upon the strength of the approval documents issued by the local foreign exchange administration. XIV. The banks shall, when handling formalities for purchasing foreign currency traveler's check, handle formalities for declaration of the statistics on balance of international payment required. XV. Where a purchaser purchases foreign currency traveler's check at one time by using the capital in his foreign currency cash account or using foreign currency cash, and the amount of the foreign currency traveler's check exceeds the equivalence of 10 thousand dollars, the bank shall have them itemized, and handle formalities for report on large and doubtful payment transaction in accordance with the "Provisions on Anti-money- laundering through Financial Institutions" (No.1 [2003] of the China Banking Regulatory Commission) and the "Measures for the Administration of Reporting Large and Doubtful Payment Transactions" (No. 3 [2003] of the China Banking Regulatory Commission) and the relevant provisions. XVI. The banks shall make statistics separately on the number and amount of the business of commission sale for foreign currency traveler's check and the business of foreign currency exchange, and have them kept for future reference. XVII. This Notice shall be implemented as of April 1, 2004. After receiving this Notice, all the sub-bureaus shall transmit it to the subordinated sub-bureaus or branches, foreign-funded banks and relevant entities as soon as possible. And all the Chinese-funded designated forex banks shall transmit it to the branches or sub-branches subject to them as soon as possible. In case any problem is encountered in the implementation, please reflect it to the State Administration of Foreign Exchange in time. |
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