In the business where Company A acts as an agent for Company B to import equipment, usually it's the agent A who is responsible for the verification and cancellation of foreign exchange. This is because in the agency import business, a series of operations such as signing the import contract and making foreign exchange payments to overseas are mostly completed by the agent A in its own name. According to the foreign exchange management regulations, whoever pays the foreign exchange shall verify and cancel it. Since the agent A is responsible for paying foreign exchange to overseas, the corresponding work of verifying and canceling foreign exchange should also be borne by A.
When A is carrying out the verification and cancellation of foreign exchange, it needs to prepare relevant materials such as import declaration forms and payment vouchers of foreign exchange according to the requirements of the foreign exchange management department, and complete the verification and cancellation procedures according to the prescribed process. However, A and B can also clearly define the responsibility for the verification and cancellation of foreign exchange in the agency agreement. If there are special agreements in the agreement and they comply with the foreign exchange management regulations, they can also be executed according to the agreement, but generally it's the agent A who is responsible for the verification and cancellation by default.
Professional consultant answers
William YangYears of service：5Customer Rating：5.0
International logistics consultantConsult
In the business where Company A acts as an agent for Company B to import equipment, usually it's the agent A who is responsible for the verification and cancellation of foreign exchange. This is because in the agency import business, a series of operations such as signing the import contract and making foreign exchange payments to overseas are mostly completed by the agent A in its own name. According to the foreign exchange management regulations, whoever pays the foreign exchange shall verify and cancel it. Since the agent A is responsible for paying foreign exchange to overseas, the corresponding work of verifying and canceling foreign exchange should also be borne by A.
When A is carrying out the verification and cancellation of foreign exchange, it needs to prepare relevant materials such as import declaration forms and payment vouchers of foreign exchange according to the requirements of the foreign exchange management department, and complete the verification and cancellation procedures according to the prescribed process. However, A and B can also clearly define the responsibility for the verification and cancellation of foreign exchange in the agency agreement. If there are special agreements in the agreement and they comply with the foreign exchange management regulations, they can also be executed according to the agreement, but generally it's the agent A who is responsible for the verification and cancellation by default.
Michelle ChenYears of service：3Customer Rating：5.0
Business coordination consultantConsult
Generally, it's the agent who is responsible for the verification and cancellation, because the agent is responsible for handling the external capital transactions and business processes, and has a better understanding of the situation of paying foreign exchange. It's more convenient for the agent to operate and manage the verification and cancellation.
Andrew HuangYears of service：7Customer Rating：5.0
Supply chain optimization expertConsult
From the perspective of actual operation, the agent is more familiar with the import process and has a good grasp of the information about paying foreign exchange. Therefore, having the agent A verify and cancel the foreign exchange can ensure the accuracy and timeliness.
Robert ChenYears of service：6Customer Rating：5.0
Customer service consultantConsult
If the two parties don't have special agreements in the agency contract, then according to the convention, it's the agent A who is responsible for the verification and cancellation. If there are special agreements and they don't violate the foreign exchange management policies, then it shall be executed according to the agreements.
Sarah ZhangYears of service：8Customer Rating：5.0
Document expertConsult
Usually the agent operates the payment of foreign exchange, so naturally the verification and cancellation of foreign exchange is also the agent's responsibility. This is convenient for the foreign exchange management department to supervise and make statistics.
Joseph ZhouYears of service：10Customer Rating：5.0
Senior foreign trade managerConsult
In most cases, it's the agent A who is responsible for the verification and cancellation. This is a common practice in the industry, which complies with the logic of foreign exchange management and can ensure the clear and standard use of foreign exchange.
Elizabeth LiYears of service：3Customer Rating：5.0
Compliance and risk managerConsult
Because the agent dominates the import transaction and also controls the payment of foreign exchange, generally the agent A is responsible for the work of verifying and canceling foreign exchange.
Emily LiuYears of service：10Customer Rating：5.0
Settlement and payment expertConsult
In the business of agent importing equipment, according to the conventional process and the habit of foreign exchange management, the agent A mostly bears the responsibility for the verification and cancellation of foreign exchange.
David LiYears of service：6Customer Rating：5.0
Senior customs declaration consultantConsult
Under normal circumstances, the agent A, as the subject of paying foreign exchange to overseas, is the responsible party for the verification and cancellation of foreign exchange, unless there are special agreements.
Amanda YangYears of service：3Customer Rating：5.0
Cost control consultantConsult
In view of the role of the agent A in the import business and its responsibility for paying foreign exchange, generally it's A who is responsible for the verification and cancellation of foreign exchange.