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在线翻译:
szdaily -> China
New rules for overseas card transactions
    2017-August-10  08:53    Shenzhen Daily

CHINA’S new rules on overseas bank card transactions will have a limited effect on cardholders as they aim only to gather information to curb money laundering, not spending, an official said Tuesday.

From Sept. 1, banks are required to report all cash withdrawals on a daily basis, as well as domestic card transactions worth more than 1,000 yuan (US$149) at overseas brick-and-mortar and online stores, according to the State Administration of Foreign Exchange (SAFE).

“It is the banks, rather than the individual, that will report the information about bank cardholders’ overseas spending to SAFE. Therefore, the move will not increase cardholders’ costs, and it has nothing to do with customs declaration,” said the unnamed SAFE official.

The new rules do not mean there will be an adjustment of forex management policies related to the use of bank cards overseas, according to SAFE.

The move is intended to improve transparency and data quality of overseas bank card transactions to meet the demands of international cooperation to fight crime, including money laundering, SAFE said. It said it will continue to support legal and convenient use of domestic cards overseas under the current account.

Bank cards have become the main tool for overseas payment for Chinese, with overseas transactions by domestic individual cardholders exceeding US$120 billion in 2016, SAFE data showed.

Transactions made through nonbank payment institutions do not need to be reported.

Individuals in China are allowed to change the equivalent of up to US$50,000 from yuan to foreign currencies every year under the current system.  

(Xinhua)

 

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