Tuesday, 15 January 2013

Transfer money to China in Renminbi (CNY or RMB) – What you need to know

 You can transfer money to China with Smart Currency. Smart offer you the facility to make money transfers into Chinese Renminbi (CNY) bank accounts in mainland China and Hong Kong.

China is a very highly regulated destination for money transfers, and sending money there can sometimes be difficult. Before you make any money transfer to China, read our guidelines below so that you are aware of the requirements for payments being sent to the China and Hong Kong in CNY in order to avoid payments being delayed or returned.

If you are unsure or require any further information or assistance, we would be more than happy to help.

Existing clients can go directly to their trader, or if you are interested in speaking to us at Smart, send us an email at info@smartcurrencybusiness.com, call us on 020 7898 0500 or visit the Smart Contact page.
 

Businesses transferring money to China


If you are a Business wishing to make a payment to another company in China or Hong Kong in CNY:

The receiving business in China must be a 'Pilot Enterprise’ (i.e. approved by the PRC regulatory authorities) – Check with your beneficiary that they are a Pilot Enterprise BEFORE making any payment instructions.

If you are a Business wishing to pay salary/expenses/dividends of employees or shareholders based in China in CNY:

Your money transfer must be paid to a UK Corporate account with a bank in China. Please make sure the account details provided to us are valid for this purpose BEFORE booking a trade with us.

If you are an EU importer wishes to pay a supplier in China in another currency e.g. USD:

These transactions fall outside the RMB (CNY) trade settlement scheme's scope but are permitted. Contact Smart Currency Business for help regarding any foreign currency exchange requirements.

If you are an EU exporter invoicing  their buyer in China in another currency e.g. USD. Where the buyer pays in USD

These transactions fall outside the RMB (CNY) trade settlement scheme's scope but are permitted.



Individuals sending money to China


There are even further restrictions when individuals are in need of transferring money to China in CNY. With Smart Currency, your payment requirements will be taken on a case-by-case basis and we would be more than happy to assist you with information regarding sending CNY to China. Please get in touch with us to see how we can help reduce the costs of your money transfers.

For more information on Smart Currency Business call: 0845 638 0571 (or +44 (0)207 898 0541 from outside the UK) or visit the Smart Currency Business website

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