Each person has an annual foreign exchange settlement quota of $50,000.

Many people misunderstand this, thinking that they can only receive $50,000 in payments.

In fact, there is no limit on receiving payments, meaning you can receive more than $50,000 in a year, which will be deposited into your domestic bank account in USD and reflected in your USD balance. You can also use it to purchase USD-denominated financial products.

However, if you convert USD to RMB in your bank app, it will be subject to the annual $50,000 quota limit.

If you exceed the quota, you just can't continue to convert to RMB, but the USD will still remain in your account, and you can still receive payments.

After New Year's Day, the quota resets, and you'll have a new $50,000 foreign exchange settlement quota.

So, what if you want to increase the quota?

Go to a bank branch, provide documentation to prove the legality and compliance of your USD income, and the bank staff can help you file a report to apply for a higher quota.

Another method is to provide your household registration book and marriage certificate to transfer USD to your spouse, giving the two of you a combined quota of $100,000. Similarly, you can also transfer to your parents or adult children.