Learn some common sense about foreign exchange, and you won’t be in a hurry to study abroad. Let’s take a look at 11 common sense about foreign exchange for studying in the United States in 2023.

1. About Traveler's Checks

To avoid troubles such as loss and leaving the country, international students can purchase traveler's checks from the Bank of China after exchanging currency, but the handling fee is relatively high.

2. About credit cards

International students can apply for credit cards from foreign banks and credit card institutions, such as America Express, Visa, etc. However, due to the low income of Chinese residents, the approval procedures will be relatively strict. However, due to its practicality, international students studying in the United States and Canada can apply for one; moreover, it can save the trouble of carrying cash. There are similar institutions in major cities such as Beijing, Shanghai, Guangzhou, and Shenzhen.

3. Bank cards and credit cards issued by Chinese banks

Each bank in my country has its own bank cards and credit cards, most of which can be used to withdraw cash in countries around the world, but the handling fees borne by the withdrawer are relatively high.

4. What is my country’s foreign exchange system?

my country is a country with strict foreign exchange control. Except for foreign trade and foreign-funded enterprises, residents cannot exchange RMB for other foreign currencies at banks at will. If you need foreign exchange for studying abroad, traveling, visiting relatives, etc., you can apply for it from the local People's Bank of China.

5.Where can I exchange foreign currency when studying abroad?

Residents who need foreign exchange for studying abroad can apply to the local foreign exchange administration bureau (address is the same as that of the People's Bank of China). Then, with the approval of the foreign exchange administration bureau, they can go to the local Bank of China to exchange RMB for foreign currency.

6.What are the specific procedures?

First, bring your passport, admission notice, ID card and other supporting documents to the local foreign exchange bureau to apply for foreign exchange approval; then, go to the local Bank of China Personal Business Department with the foreign exchange bureau's approval certificate to exchange foreign currency. Generally, you first deposit an equivalent amount of RMB into your Bank of China account, and then transfer it to the Bank of China to exchange for foreign currency. The Bank of China will inform you of the specific process at that time.

7.What is the foreign exchange exchange limit?

Generally speaking, the annual foreign exchange quota for overseas students of the People's Bank of China's central sub-branches (in major cities) is US dollars; if it exceeds this limit, it must be reported to the higher-level management agency for approval. If it is not enough, the general method is to apply once a year or wait for approval from the higher-level bank.

8. What to do if the foreign exchange is not the required national currency

Residents can freely exchange their foreign exchange (freely convertible currencies such as US dollars, Japanese yen, marks, Hong Kong dollars, etc.) for other foreign currencies at the Bank of China without the approval of the People's Bank of China.

9. About the situation of carrying foreign currency

According to the regulations of our country, ordinary residents cannot carry more than 1,000 US dollars in cash out of the country. Otherwise, it will cause a lot of trouble if it is found when leaving the country. The general practice is: when applying for currency exchange at the People's Bank of China, you should specifically ask the People's Bank of China to issue a certificate for carrying foreign exchange out of the country, indicating the currency and amount of foreign exchange carried. With this certificate, you can rest assured.

10. About outbound remittances

If international students have an account abroad, they can remit foreign exchange into their account in China, but they need to apply for approval from the local People's Bank of China and obtain a remittance certificate. In this way, international students can save all the trouble of carrying cash abroad, but they need to pay a certain handling fee to the remitting bank.

11. Special attention

Please do not go to the black market to exchange foreign currency. First, the price difference is relatively large; second, it is difficult to distinguish the authenticity of the currency and it is easy to be deceived.Essential daily English for studying in the United States, ,Legal knowledge for studying in the United States, ,Legal knowledge for international students in the United States, ,Common knowledge about studying in the United StatesThe problem.

11 Foreign Exchange Tips for Studying in the United States in 2023

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