State Administration of Foreign Exchange Application Service Platform How to declare foreign-related income

If it is Ping An Bank, the relevant regulations for Ping An Bank’s receipt of foreign exchange are as follows:

1. According to the regulations of the State Administration of Foreign Exchange, personal foreign exchange savings accounts can only receive the following non-business funds, specifically The review results of our bank shall prevail. If the deposit conditions are met, our bank will directly handle the deposit for you. If not, our bank will generally contact you to provide corresponding certificates or handle a refund. If you have not received payment for a long time or want to inquire about payment declaration and other issues, it is recommended to contact the account opening bank for consultation.

① When the overseas remittance is to a company, if the payment is reported as wages, remuneration, insurance compensation, manuscript fees, interest, annuities, pensions, patent and copyright income, etc.

② When the overseas remittance is made to an individual, if the payment is reported as salary, remuneration, insurance compensation, manuscript fees, interest, annuities, retirement benefits, patent copyright income, consulting fees, donations, family support (including overseas remittances) , living expenses), etc.

2. Scope that cannot be accounted for: trade, payment for goods, sample fees, invoice numbers, freight, etc. (because it does not fall within the scope of personal foreign exchange collection but company business activities), as well as funds involving overseas securities investment, overseas Buying and selling real estate, etc. Our bank will contact the payee to confirm the nature of the payment. If it is indeed a business-related foreign exchange collection, the bank should require the customer to open a personal settlement account. If it cannot be opened, the bank will handle the refund in a timely manner.

3. If the payee is a domestic individual and the single amount exceeds the equivalent of US$5,000, a balance of payments declaration must be made. Customers need to fill in the declaration information based on the actual source of funds, and the declared items must be non-operating under the current account. (After the money is remitted to our bank, the system will automatically send SMS notifications to domestic individual customers whose single amount exceeds the equivalent of US$5,000.)

Note: ① The payee is a domestic individual and the single amount is less than the equivalent. For inward remittances of US$5,000 (inclusive), there is no need for the customer to declare it. Our bank only needs to submit the basic information to the foreign exchange bureau.

②. For inward remittances where the payee is an overseas individual, the bank will declare the remittance on its behalf and no declaration by the customer is required.

If you have any questions about foreign exchange business, you can contact the account opening bank for consultation. If you need to provide our bank's collection information, you can log in to the Ping An Pocket Bank APP-Homepage and search for "Collection Tips" to obtain it.

Warm reminder: What are the specific regulations for foreign remittance accounts? You need to contact the transfer party for consultation.

Response time: 2021-09-07. For the latest business changes, please refer to the official website of Ping An Bank.

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