2025 Tested Effective: Complete Steps for Converting Cash Foreign Currency to Remittance Currency via Bank of China Mobile Banking

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Core Conclusion: In 2025, completing the conversion of Bank of China cash foreign currency to remittance currency via the Bank of China mobile banking APP remains simple and effective. You simply need to go through the “Foreign Currency Exchange” in the “Foreign Exchange Settlement and Purchase” function area, setting both the buy and sell currencies to the same foreign currency type, to achieve the conversion from cash to remittance.

This method directly solves the most critical issue, allowing you to quickly convert foreign currency cash in your account to remittance currency.

Key Points

• The Bank of China mobile banking APP can convert foreign currency cash to remittance currency.
• The operation method is to enter the “Foreign Exchange Settlement and Purchase” function, select “Foreign Currency Exchange”, then set both the sell and buy currencies to the same foreign currency, and select “cash” and “remittance” respectively.
• This conversion is 1:1, with no handling fees or exchange rate losses.
• After converting to remittance currency, you can more conveniently conduct overseas remittances, as remittance currency typically has higher value than cash.
• This operation does not occupy your annual $50,000 USD foreign exchange quota.

Preparations and Account Checks Before Operation

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Before formally starting the operation, spending a few minutes on preparations and checks can ensure the entire process goes smoothly. It’s like a chef preparing all ingredients before cooking, making you more at ease in subsequent steps.

Confirm Mobile Banking and Account Status

First, you need to log into the Bank of China mobile banking APP and check your foreign currency account. The most critical point is to ensure your account holds the foreign currency “cash” balance that needs conversion.

• Cash: Typically refers to physical foreign currency cash deposited in the bank, or funds directly remitted from abroad without declared purpose.
• Remittance Currency: Refers to foreign currency obtained through bank exchange from one currency, or funds remitted from overseas bank accounts.

Only balances clearly marked as “cash” in the account can be converted using the method we introduce. At the same time, you need to understand your annual foreign exchange settlement and purchase quota. According to China’s foreign exchange management regulations, each person has an annual quota equivalent to 50,000 USD. Although cash-to-remittance conversion itself does not occupy this quota, understanding the quota status helps you plan future foreign currency usage.

First-Time Operation Tip If this is your first time using “Foreign Exchange Settlement and Purchase” related functions, the APP may guide you to first activate investment and wealth management services. This is a standard risk assessment process; you just need to complete identity verification and questionnaire as prompted on the screen.

Prepare Necessary Information and Tools

The preparations are very simple, with almost all tools on your phone.

1. Bank of China Mobile Banking APP: Ensure your APP is the latest version to avoid missing functions or operation failures due to outdated version.
2. Transaction Password and Security Verification Tools: Prepare your mobile banking transaction password. At final transaction confirmation, the system will require you to enter the password, and possibly secondary verification via SMS code or facial recognition.

Confirming these information in advance are accurate will pave the way for the upcoming Bank of China cash-to-remittance conversion operation, allowing you to complete the entire process in minutes.

Bank of China Cash to Remittance Currency: Five-Step Illustrated Tutorial

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Preparations are ready; now let’s enter the core part. You’ll see the entire operation process is very intuitive; just follow the five steps below to easily complete Bank of China cash-to-remittance conversion.

Step One: Locate the “Foreign Exchange Settlement and Purchase” Entry

First, unlock your phone and open the Bank of China mobile banking APP. After successful login, you’ll see the homepage. In the common functions area on the homepage, you need to find and tap the “Foreign Exchange Settlement and Purchase” icon. This function is the core entry for all foreign currency-related transactions.

Tip If you can’t find “Foreign Exchange Settlement and Purchase” on the homepage, you can tap “All” or “More” button to search in the full services list. You can also use the top search box to directly search “Foreign Exchange Settlement and Purchase” for quick location.

Step Two: Enter the “Foreign Currency Exchange” Interface

After tapping “Foreign Exchange Settlement and Purchase”, you’ll enter a new page. Here, you’ll see multiple foreign exchange-related options. You need to select “Foreign Currency Exchange”. This option is specifically for conversions between different foreign currencies or same currency cash/remittance attributes.

Step Three: Select Same Currency Cash Account and Remittance Account

This is the most critical step in the entire process. After entering the “Foreign Currency Exchange” interface, you’ll see “Sell” and “Buy” options.

1. Sell Currency: Select the foreign currency you want to convert, such as USD. Below the currency, the system will let you choose fund attribute; please select “Cash”.
2. Buy Currency: Select the same currency again, i.e., USD. Below the currency, the system will let you choose fund attribute; this time select “Remittance”.

By setting sell and buy to the same currency’s “cash” and “remittance”, you achieve the cash-to-remittance operation.

Why Do This? You might wonder why convert cash to remittance. The main reason is that remittance currency typically has higher value than cash. Banks bear costs like transportation, storage, and counting for physical foreign currency cash, reflected in the exchange rate. Therefore, telegraphic transfer (TT) rates are usually more favorable than cash rates. For example, cash rate spreads (bid-ask) may be as high as about 2.27%, while spot rates close to TT may have spreads as low as 0.326%. This means after converting to remittance, whether for overseas remittance or other uses, you get higher value.

The table below shows USD or HKD buying rates at different institutions to help understand cash vs. remittance differences.

Step Four: Enter Amount and Verify Information

After selecting correct currency and cash/remittance attributes, next enter the cash amount you wish to convert in the “Sell Amount” box. After input, the system automatically calculates the remittance amount you can get. Since it’s same-currency conversion, this amount is usually 1:1, with no exchange rate losses.

Before tapping next, carefully verify all information:

• Sell Currency and Attribute: e.g., USD - Cash
• Buy Currency and Attribute: e.g., USD - Remittance
• Conversion Amount Correctness

Avoid Common Errors Although this operation is simple, input errors in other transfers or forex transactions may cause failure. Pay special attention to:

• Account Digits: Ensure recipient account digits are correct.
• Extra Characters: Avoid introducing extra spaces or symbols when copying/pasting account or information.
• Branch Code: For cross-border remittances, do not confuse branch code with bank account.

Careful checking is key to successfully completing Bank of China cash-to-remittance conversion.

Step Five: Complete Security Verification and Transaction

After information verification, tap “Next” or “Confirm”. The APP will pop up a security verification window requiring transaction authorization. This is the final safeguard for your funds.

Common verification methods include:

• Transaction Password: Enter your 6-digit mobile banking transaction password.
• SMS Code: The bank sends a one-time password (OTP) to your registered phone; enter it.
• Biometric Authentication: Use fingerprint or Face ID for authorization.
• Mobile Token: In some cases, may need dynamic code from mobile token.

After verification, the transaction executes immediately. Unlike cross-border remittances needing 1 to 5 business days, this internal account attribute conversion is usually real-time. You can immediately see cash balance decrease and remittance balance increase accordingly in account details.

Post-Operation Verification and Additional Notes

After completing the transaction, the final step is to confirm everything is processed correctly. This simple verification gives peace of mind. Also, knowing how to find historical records helps future reconciliation.

How to Confirm Conversion Success

Transaction results are immediate after submission. Verify Bank of China cash-to-remittance operation success via:

1. Return to Account Homepage: Go back to account overview in APP.
2. View Account Details: Tap your foreign currency current account to enter details.
3. Check Balance Changes: Clearly see “Cash” balance decreased by converted amount, and “Remittance” balance increased by the same amount.

If changes match your input, congratulations—the conversion is successful!

What If Transaction Fails? Though success rate is high, any electronic transaction may encounter issues. If verification fails in last step or page prompts transaction unsuccessful, usually due to:

• Insufficient Funds: Unlikely, but ensure sufficient balance.
• Input Error: Possible unintentional error in previous steps.
• Bank System Flag: Bank security may temporarily reject unusual activity (e.g., late night or unfamiliar device).
• Platform Temporary Issue: Rarely, mobile banking system brief technical problem.

If issue arises, most direct solution is contact bank customer service via official channels:

Query Historical Transaction Records

To review this transaction or past settlement/purchase records, use mobile banking’s “Service Records” function.

On APP homepage, find and tap “Service Records”. Here, query all transaction details from past year, including settlement/purchase, transfers, payments. Each record clearly displayed in structured way.

For just-completed cash-to-remittance, usually see a summary like “Foreign Currency Exchange - USD”. Tap to view detailed info, including time, amount, and attribute changes, providing excellent transparency for fund management.

While mobile banking mainly supports online queries, corporate customers can usually download detailed transaction data via online banking for financial management. For individual users, clear online records suffice for daily reconciliation and queries.

Now you’ve mastered the complete Bank of China cash-to-remittance process. Review core path:

1. Log into APP
2. Enter Foreign Exchange Settlement and Purchase
3. Select Foreign Currency Exchange
4. Set same currency buy/sell
5. Enter amount and confirm

This method is convenient and 1:1 exchange, with no exchange rate losses. Though markets have Western Union etc., mobile banking internal conversion is undoubtedly most efficient. China’s State Administration of Foreign Exchange (SAFE) in 2025 also emphasizes risk mitigation and operational structure optimization, this stable reliable online operation aligns with policy direction. Follow this guide confidently to easily manage your foreign currency funds.

FAQ

Does cash-to-remittance operation require handling fees?

This operation is completely free. Bank of China mobile banking cash-to-remittance is 1:1 exchange, no handling fees or rate differences. Your fund amount remains unchanged before and after.

Does this operation occupy my annual foreign exchange quota?

No. Each person’s annual equivalent 50,000 USD settlement/purchase quota only for RMB-foreign currency exchange. Same foreign currency cash-remittance attribute conversion not counted in quota.

How to remit overseas after converting to remittance currency?

After conversion, you can remit via bank TT. For small, frequent payments, consider Biyapay etc. digital payment tools, usually more convenient and efficient for cross-border transfers.

Can all foreign currencies undergo cash-to-remittance operation?

Depends on bank-supported currencies. Covers most mainstream like USD, HKD, EUR. Check if your held currency in selectable list on APP “Foreign Currency Exchange” page.