Shanghai was the first city in China to simplify currency exchange services for foreigners.

Foreigners who work in companies registered in Shanghai no longer need to bring documents such as employment contracts, proof of income and tax completion certificates when they want to exchange their money in RMB to foreign currencies.

For the service, all they need is a Fast Pass, which they can apply for at the district’s foreigner work permit office by filling out a Fast Pass on Foreign Talents Remuneration Foreign Exchange, which includes personal, employment and tax information.

With the fast pass and valid ID card, foreigners can purchase foreign exchange at all banks in Shanghai, and the bank does not need to review the labor contract, tax certificate and other relevant supporting materials.