OSA accounts do not need to be converted into NRA accounts, and they can coexist.

There are the following main differences:

1. The essence of offshore account (OSA) is an overseas account, while NRA is a domestic foreign currency account.

2. There are four domestic banks (Shenfa, Pufa, Transportation and China Merchants) in OSA, and NRA can open accounts in almost all domestic banks.

3. NRA has the function of RMB, but OSA does not.

4. OSA accounts have no foreign exchange control in China, while NRA has foreign exchange control.

in short, the function of OSA is more comprehensive in terms of account function.