Recently, the official website of the State Administration of Foreign Exchange of China released a message that the overseas consumption of more than 1,000 yuan was required to be reported. The news came out, causing many people's concerns.
Regarding the Notice of the State Administration of Foreign Exchange on Financial Institutions Reporting Overseas Information on Bank Cards, the notice stated that in order to strengthen the monitoring and management of overseas transactions of bank cards and maintain the order of overseas transactions of bank cards, the SAFE decided to carry out information on overseas transactions of bank cards. Collect work.
From September 1st, 2017, all kinds of bank cards issued in China will be reported if they spend more than RMB 1,000 on overseas.
The collected information includes: one is the cash withdrawal of domestic bank cards at the counters of overseas financial institutions and ATMs; and the other is the single equivalent of 1000 yuan for domestic bank cards in overseas entities and network-specific merchants. Consumer transactions.
This means that from September 1st, if consumers use domestic debit cards or credit cards to take out any cash outside the country, or make any purchases of more than one thousand yuan, the transaction information will be from the bank. Reported to the SAFE.
The scope of data collection is as follows
The main two aspects, one is the cash withdrawal data of the bank card, and the other is the consumption data of the bank card.
The reported data includes this information
It is also divided into two types of information: overseas consumption and cash withdrawal, and intercepts the bank card's overseas withdrawal details for everyone to see.
Individuals do not need to declare separately
The SAFE emphasizes that the collection of information on overseas transactions of bank cards does not involve the adjustment of foreign exchange management policies for the use of bank cards abroad. The SAFE will continue to support and guarantee the compliance and facilitation of cards for individuals holding bank cards under the current account. The bank card overseas transaction information is submitted by the card issuing financial institution, and the individual does not need to declare separately, and does not increase the cost of the personal card. The foreign exchange bureau will protect the cardholder's information security according to law.
Why collect overseas bank transaction information of more than 1,000 yuan?
According to reports, in recent years, overseas cash withdrawals are large and there are many chaos. For example, some jewelry stores and watch shops in Macao allow mainland tourists to make fake purchases with UnionPay cards and then cash them in cash; or they can resell bank cards for overseas Cash withdrawals constitute the “transfer of assets†of “ant movingâ€.
Relevant persons from the SAFE said that through data collection, the overseas consumption of bank cards and overseas cash withdrawals are matched with the personal information of consumers. The main purpose is to strengthen the management of illegal and illegal transactions of bank cards. The SAFE will continue to support and protect the personal use card for overseas card holders under the current account.
In the past six months, the central bank issued a number of documents for exchanges and cross-border transactions. First, on December 30, 2016, as of July 1, 2017, for transactions over RMB 200,000 across the border, banks need to report to the central bank; subsequently, documents will be issued to the bank on the night of December 31, 2016. From January 1st, 2017, the personal purchase remittance declaration needs to be refined to the purpose and time. Both the central bank and the SAFE said that the move was aimed at increasing the monitoring and crackdown on criminal activities such as money laundering.
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