Legal basis: Interim Measures for the Implementation of Individual Foreign Exchange Management of Domestic Residents
Article 8 The foreign exchange income of individual residents in current account can be paid in foreign currency cash or converted into RMB. With the approval of the foreign exchange bureau, the foreign exchange income of resident individual capital can be paid in foreign currency cash or converted into RMB.
Article 9 The current account foreign exchange income remitted or carried by individual residents from abroad under item1-1in Article 7 of these Measures shall be handled in accordance with the following provisions:
(a) a one-time payment of foreign currency cash or equivalent RMB less than $6,543,800+0,000, directly to the bank;
(2) If the cash in foreign currency is paid in a lump sum or the equivalent amount of RMB exceeds USD 6,543,800+0,000 (including USD 6,543,800+0,000) but is less than USD 50,000, the bank shall register and put it on record after examining the supporting materials specified in Article 10 of these Measures, and handle it;
(3) If the cash in foreign currency is paid in a lump sum or the equivalent of RMB is more than 50,000 US dollars (including 50,000 US dollars) but less than 200,000 US dollars, the applicant shall apply to the local foreign exchange bureau with the supporting materials specified in Article 10 of these Measures, and after the authenticity is verified by the foreign exchange bureau, he shall go to the bank with the approval document of the foreign exchange bureau;
(4) If a lump-sum payment is made in foreign currency cash or RMB equivalent of more than US$ 200,000 (including US$ 200,000), an application shall be submitted to the local foreign exchange bureau with the supporting materials specified in Article 10 of these Measures, and the local foreign exchange bureau shall report to the State Administration of Foreign Exchange for verification of authenticity, and then go to the bank for handling after being approved by the local foreign exchange bureau.