Today bank cards have become the top tools for payments by individuals for overseas transactions. Statistics show that the total amount of the overseas bank card transactions by individuals surpassed USD 120 billion in 2016. In China, the statistics of balance of payments for overseas bank card transactions are collected on an aggregate basis. As the requirements against money laundering, terrorist financing, and BEPS rise in international collaboration, the collection of statistics on cross-border bank card transactions needs further enhancement in terms of financial transaction transparency and statistical quality.

To improve the statistics on and safeguard the order of overseas bank card transactions, the State Administration of Foreign Exchange (SAFE) has recently published the Circular of the State Administration of Foreign Exchange on Reporting Overseas Bank Card Transactions by Financial Institutions (Huifa No. 15 [2017], hereinafter referred to as the Circular"). Pursuant to the Circular, domestic card issuing financial institutions shall report to the SAFE the information on all the overseas withdrawals and single deals worth the equivalent of more than RMB 1,000 via domestic bank cards starting from September 1, 2017.

Collection of the information on overseas bank card transactions does not concern the adjustments of foreign exchange administration policies for overseas bank card transactions. The SAFE will continue to support and ensure the legal and convenient use of bank cards for overseas transactions by individuals under the current account. The information on overseas bank card transactions shall be reported by the card issuing financial institutions, and individuals need not declare otherwise. With no cost for using bank cards by individuals increasing, the SAFE will work to ensure the information security of cardholders in accordance with the law.

The Circular will come into force as of the date of promulgation.