Currency exchange made easier in Xiamen

The State Administration of Foreign Exchange's Xiamen branch and the city's science and technology bureau recently held a conference to explain a pilot policy that simplifies currency exchange services for foreigners. 

Representatives from more than 400 foreigner-intensive employment units, including Xiamen University, Xiamen Air and Panasonic, attended the conference either in person or online. 

Xiamen was one of the first four cities approved by the State Administration of Foreign Exchange in September 2020 to test the pilot policy, which has been put into trial use in the local branches of the Bank of China, the Industrial and Commercial Bank of China and China Merchants Bank. 

The pilot policy is applicable to expats holding A- or B-type work permits that are valid for no less than 180 days, and those who have been recognized by the city's science and technology bureau as high-caliber workers. 

According to the policy, foreigners only need to submit their employment contracts at the first instance of currency exchange during the contract period. Proof of income and tax completion certificates can be replaced with tax and salary payment logs respectively. 

The policy also allows employment units to handle currency exchange for their foreign employees. 

Officials said that the State Administration of Foreign Exchange's Xiamen branch will expand the policy, which is expected to benefit nearly 2,000 expats in the city, to more banks in the near future.
Source：fao.xm.gov.cn   xmenglish.cn