With the World Account, you can make payments to the CNH (off-shore CNY) bank accounts of your suppliers in Mainland China but not directly to their CNY accounts in Mainland China. Per regulations in China, for foreign exchange and cross-border fund settlements, the domestic fund recipient, who must be a citizen of the People’s Republic of China, will need to make declarations with relevant documents to local authorities. Therefore, it would be incumbent on your Mainland China recipient to settle funds into a domestic Mainland China account.
To make transfers to your Mainland China supplier’s CNH account, you’ll need to –
- Add your supplier’s account as a payee
- Go to “Payees” tab and click on “Add a new payee” on the top-right corner
- Select “Add a single payee“
- In the next screen, select “Third-party account“
- Then select personal or corporate account based on the nature of your payee’s account
- Select “CNH” as the receiving currency and enter your payee’s account details
- Next, select the nature of services that your supplier provided
- After completing an Authy or SMS verification, you’ll have added the account as a payee
- To make a payment, go to “Payments” > “Send & Withdraw“
- On the next page, select the purpose of payment according to the nature of trade between you and your supplier
- Next, enter the amount you’d like to transfer to the recipient
- You can choose whether to send the payment right away or schedule it for a future date
- By clicking “Next” and completing verificaiton, you’ll have booked a transfer to your supplier
