Recently, I find more my friends find it is hard to send money to China. As China is a controlled exchange rate country it’s not easy to send CNY to China. As far as I know,for customers in China, foreign currencies other than RMB, such as euro and USD, need to be declared and settled before they can be converted into RMB they need.How to send money to China with lower transfer fee and buy the products we need from Chinese merchants is the key point that this article wanna to tell u.
In China, despite foreign exchange controls, companies need import and export licenses to settle foreign exchange, but for individuals, each person has a convenient foreign exchange quota of $50,000 for daily business.So thats what we need to be good used.
Here question comes:How to send CNY to China as soon as possible and with lower cost.
Here by I strongly recommend Wise,Formerly Transferwise.
First step: open the website and choose what typle u wanna to send to China like USD–>CNY or EUR –>CNY
Second Step:Just Register some simple infomation
Tips: If u just send money u can just write your information and not need to get identity check orcapital verification
Please note that according to the foreign exchange management regulations of China, a single amount shall not exceed RMB 50000. It is not recommended to transfer the same person more than five times a month, and the total amount shall not exceed RMB 300000 a year.
Third Step:ASK YOUR CHINESE CUSTOMER HIS Unipay info or alipay info.
There is two ways to send CNY to your Chinese Customer,the first is UNIONPAY(CHINESE OFFICIAL PAY METHOD)
Please be assured that the unionpay payment method is official and reliable.
just ask three infomation:
1.receipt name in pinyin
2. account number
3. address in pinyin or English
When u finish this,just click the Send Button!!!
and in few minutes the money will send to its CNY account with lower cost.Its really easy!
0X03 Matters needing attention
1. You can’t use a commercial COMPANY bank account to transfer money to Chinese individuals. This is the regulation of China State Administration of Foreign Exchange. If you only have a corporate account, please find a private account.
2.Please trust WISE. If there is an audit in the remittance, please timely cooperate.