Which bank is good to open a foreign exchange account, and what are the foreign exchange banks

Updated on Financial 2024-04-12
10 answers
  1. Anonymous users2024-02-07

    Choosing a high-quality and formal trading platform is the primary foundation for your safe and secure investment. Therefore, before investing, choose a good trading platform in order to truly achieve safe investment and truly experience the charm of investment. Learn more.

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  2. Anonymous users2024-02-06

    Swissquote or Dubest Bank are both good options that support retail forex trading.

  3. Anonymous users2024-02-05

    Bank of China is a state-designated foreign exchange bank.

    Foreign exchange banks are banks that specialize in foreign exchange business and international settlement. Its main business is: operating foreign exchange trading and foreign currency exchange, handling foreign settlement, providing foreign exchange credit and guarantee for domestic importers and exporters, and issuing foreign currency abroad.

    Foreign exchange banks play the role of organizing and creating the foreign exchange market. A foreign exchange bank is usually a commercial bank, which can be a domestic bank specializing in foreign exchange, a domestic bank that also deals in foreign exchange business, or a branch of a foreign bank in the country. Foreign exchange banks are the most important participants in the foreign exchange market, and their foreign exchange transactions constitute a major part of foreign exchange market activities.

    Extended Materials. The foreign exchange business handled by the designated foreign exchange bank includes:

    1. Foreign exchange business, such as outward remittance, inward remittance, consignment sales of travel letters of credit, purchase of various light bills, cashing of traveler's checks, etc.

    2. Foreign exchange settlement business, such as export bills, development of letters of credit, export collections, import collections, etc.

    3. Foreign currency deposits and loans, such as receiving foreign exchange deposits, overdraft interbank loans, foreign exchange loans and guarantees.

    4. Foreign currency trading business, such as buying and selling foreign coins or banknotes, buying and selling foreign valuable**, buying and selling spot forward foreign exchange, etc.

    5. **Other foreign exchange services designated and entrusted by the bank, such as import and export visas, remittance of overseas travel expenses, remittance of journalism, remittance of international students, etc.

    Designated foreign exchange banks are also known as "foreign exchange authorized banks". The bank designated by the ** bank to handle foreign exchange business. It is an intermediary in the foreign exchange market, in addition to buying and selling foreign exchange on behalf of customers and providing services, it can also buy and sell for its own benefit to obtain foreign exchange profits.

    In countries subject to foreign exchange control, foreign exchange banks are required to obtain authorization from the competent foreign exchange authority to conduct foreign exchange business.

    The bank promises to domestic and foreign creditors or other beneficiaries with its own foreign exchange funds on the basis of its credit standing that when the debtor fails to repay the foreign exchange debt in accordance with the contract, the guarantor will perform the guarantee of the repayment of the foreign exchange debt on behalf of the debtor.

    Foreign exchange guarantees include domestic foreign exchange guarantees and foreign-related foreign exchange guarantees. Domestic foreign exchange guarantee: refers to the foreign exchange guarantee issued by the bank to domestic creditors or other beneficiaries; Foreign-related foreign exchange guarantee:

    It refers to the foreign exchange guarantee issued by the bank to overseas creditors or other beneficiaries and domestic foreign-funded financial institutions.

  4. Anonymous users2024-02-04

    Agriculture, Bank of China, Construction, and Industrial and Commercial Bank of China have all opened personal foreign exchange business. However, if you do foreign exchange trading, you will generally choose to do it on a foreign exchange platform, and the bank's handling fee is relatively high.

  5. Anonymous users2024-02-03

    The designated foreign exchange bank is the most important participant in the foreign exchange market, and in China, the designated foreign exchange bank is the commercial bank designated or authorized by the first bank to operate foreign exchange business. For example, 16 banks, including Bank of China, Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China, as well as branches set up by foreign banks in China.

    The business activities of designated foreign exchange banks to participate in the foreign exchange market include three aspects: (1) buying and selling foreign exchange on behalf of customers. (2) Conduct interbank foreign exchange transactions to adjust their foreign exchange positions.

    3) Organize and create Forex** and take advantage of the volatility of the Forex market** to earn profits.

  6. Anonymous users2024-02-02

    Foreign exchange banks are also called"Exchange Bank"。A bank specializing in foreign exchange business and international settlement. Its main business is:

    Operate foreign exchange trading and foreign currency exchange, handle foreign settlement, provide foreign exchange credit and guarantee for domestic importers and exporters, and issue foreign currency. The bank generally has more branches abroad. The Bank of China in China is a state-designated foreign exchange professional bank.

    Foreign exchange banks can be divided into three types: domestic banks that specialize in or concurrently engage in foreign exchange business; branches of foreign commercial banks and joint venture banks of domestic and foreign countries in the home country; Other domestic financial institutions engaged in foreign exchange trading business, such as trust and investment companies, finance companies, etc.

    Foreign exchange banks include Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications and China Merchants Bank.

  7. Anonymous users2024-02-01

    At present, China Merchants Bank has carried out foreign exchange business such as foreign exchange settlement and sales, overseas remittance, and foreign exchange trading.

  8. Anonymous users2024-01-31

    At present, ICBC, China Merchants Bank and Bank of China have all opened online banking overseas remittance business.

    For example, if you select "Overseas Remittance" in ICBC's online banking system, fill in the remitter, payee, remittance amount and other contents one by one as required, and use the U shield or password card password to transfer the foreign currency deposit from the account to the overseas account.

    In order to ensure the rapid arrival of funds, there are several points to pay attention to when using this business. The first is the time of transfer, the time for the ICBC system to receive remittance instructions is 2:00 22:00 from Monday to Friday

    30. The processing time for overseas remittance is 9:00 to 16:00 from Monday to Friday, so if you submit the instruction within the above time period, the transfer processing will be faster.

    If you choose to send your money transfer instructions on the weekend, there may be a delay. Secondly, the remittance amount should be slightly less than the foreign exchange balance in the deposit account, and financial experts recommend keeping a certain account fraction in the account to prevent the return of funds.

    If you make an overseas remittance through online banking, you can also get a certain discount on handling fees. For example, ICBC banks handle overseas remittance over the counter, the handling fee charged is 1/1000 of the remittance amount, while ordinary online banking customers can get a 20% discount on the handling fee for overseas remittance, the handling fee is 8/10,000 of the remittance amount, the minimum is 16 yuan, the maximum is 160 yuan, and a telecommunication fee of 100 yuan is also charged. For the amount transferred, each remittance may not exceed $30,000 or its equivalent in foreign currency, and not more than $50,000 or its equivalent per day.

  9. Anonymous users2024-01-30

    Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, China Merchants Bank, Bank of Communications, etc.

    1. To go to these banks to exchange foreign currency, you need to bring one of the following valid documents: your ID card, household registration booklet, military identity document, Hong Kong and Macao residents travel to and from the mainland, passport, and fill in the foreign exchange form in accordance with the bank's regulations, the amount of foreign currency reserves in different bank outlets is different, it is best to choose a higher level, at present, 130 countries and regions abroad have covered the UnionPay network, so when you spend your card abroad, as long as the other party has the UnionPay logo, You can use UnionPay cards issued by domestic banks to complete the payment.

    2. Bank of China can exchange the most foreign currencies, such as British pounds, Hong Kong dollars, US dollars, Swiss francs, Singapore dollars, Swedish krona, Danish krona, Norwegian krone, Japanese yen, Canadian dollars, Australian dollars, euros, pataca, Philippine pesos, Thai baht, New Zealand dollars, South Korean won, etc., for large amounts of exchange need to make an appointment in advance, because the exchange of foreign currencies needs to be handled with ID cards, each ID card can handle up to 50,000 US dollars, or other foreign currencies equivalent to 50,000 US dollars, such as 1 pound can be exchanged for US dollars, that's up to £50,000.

  10. Anonymous users2024-01-29

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