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FAQs: Foreign Exchange

Frequently asked questions related to HSBC China’s Foreign Exchange products and services.

What foreign currency services does HSBC provide?

We provide multi-currency account services including cash deposit and withdrawal, term deposits, home mortgage loan, remittance, foreign currency exchange and rate enquiry. 

Notes accounts: HKD, USD, JPY and EUR.

Exchange accounts: HKD, USD, JPY, EUR, GBP, CAD, AUD, SGD and NZD.

Will I get the latest exchange rates?

Yes, HSBC China's exchange service offers the latest exchange rates. Our foreign exchange service will automatically apply the latest exchange rate when your transaction is made. The exchange rate is a live rate, which is updated minute-by-minute during market hours.

How do I convert foreign currency to Renminbi?

The annual quota for individual settlement of foreign exchange is equivalent to USD50,000 per person per year. Within the quota, you may approach an HSBC branch with your valid ID or log on to Online Banking (single transaction amount via Online Banking cannot exceed USD20,000 or equivalent).

I have used up my annual conversion quota. Is there any other option if I want to exchange foreign currency to Renminbi?

Conversion over the quota requires relevant supporting documents. You can approach HSBC to exchange foreign currency to Renminbi with valid identity certificates and supporting documents, eg invoice for daily purchase or contract (when converting a large sum eg for buying a car, home renovations etc).

If you are planning to purchase property* and the price in Renminbi exceeds the annual quota, it is necessary to provide the purchase contract.

* According to SAFE regulations, purchase of residential property for self use is permitted for overseas individuals (excluding Hong Kong, Macau, Taiwan residents and overseas Chinese) who have worked or studied in China for over one year. For Hong Kong, Macau, Taiwan residents and overseas Chinese who work/live/study in China are permitted to purchase residential property of certain size for self use. 

How do I convert Renminbi into foreign currency as an overseas individual?

There is no quota for overseas customers to purchase foreign currency. Valid identity certificate and the related evidential materials should be presented at HSBC local branches for application:

  • With regard to the legal income in Renminbi under the Current Account Foreign Currency Funds held within Mainland China, you should purchase foreign currency by presenting your valid identity certificate and the related evidential materials (inclusive of tax voucher). 
  • When the legal income of Renminbi comes from salary or other types of income issued from a foreign-investment enterprise to non-China nationals/Hong Kong, Macau, Taiwan residents/overseas Chinese, you should purchase foreign currency by presenting your relevant certificate and documents subject to your after-tax income.
  • In order to reconvert an unused portion of Renminbi previously converted from a foreign currency back into the original foreign currency you must present your valid identity certificate and the original exchange voucher. The validity term of the original exchange voucher is 24 months from the exchange date. If the total amount converted in the same day is not more than USD500 equivalent (including USD500), or the total amount converted in the same day at premises within Mainland China's borders, but outside of China's Customs before your departure is not more than USD1,000 equivalent (including USD1,000), you need to only present your valid identity certificate in order to reconvert the unused portion of Renminbi to the original foreign currency.
  • When converting Renminbi proceeds from the sale of a property, you can refer to Detailed Rules for Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment [Reference number: Huifa No. 59 [2012]] and Further Simplifying and Improving Policies for the Foreign Exchange Administration of Direct Investment (Annex: Operating Guidelines for Foreign Exchange Business in Direct Investment) [Reference number: Huifa No. 13 [2015]] for further information. You are welcome to present the relevant documents and conduct foreign exchange settlement at HSBC local branches.

For more information, please refer to the Frequently asked questions page.

Disclaimer

These FAQs are intended to provide an overview of the information on issues related to financial products or services, or regulatory requirements faced when undertaking financial activity in mainland China. Due to the diversity and  complexity of financial products/services and local regulatory environment, these FAQs can only provide an outline of the issues. The information is provided for your reference only, and shall not be construed as legal, financial or any other professional advice. HSBC makes no guarantee, representation or warranty and accepts no responsibility for the accuracy updatedness and/or completeness of the information.

Latest update in Nov. 2016