The payee, also called the payee, is generally the owner of the bill and the party designated by the drawer to accept the fare. Some are exporters or third parties designated by them as payees.
First of all, it should be clear that individuals can open foreign currency savings accounts or settlement accounts, but settlement accounts are equivalent to institutional accounts, which must be registered by the competent commercial authorities and have the right to operate foreign trade, so it is generally difficult to open them.
Personal foreign currency savings accounts can collect foreign currency remitted from abroad and need to declare the balance of payments. There is no limit on the amount, and the remitted funds cannot be business items such as payment for goods. If converted into RMB (foreign exchange settlement), the annual limit per person is equivalent to 50 thousand dollars. If it is exceeded, relevant certification materials, such as payment certificate, agreement or contract, shall be provided.
There is no limit on the amount of foreign exchange received and settled in the settlement account, but the procedures are very complicated. Because it is equivalent to an institutional account, foreign exchange settlement needs to provide many related materials, such as the export agency contract or agreement signed with the agency, the customs declaration form of the agency, and so on.