Our Pay CNY to China feature allows you to send CNY (Chinese Yuan) payments directly to your suppliers in China and complete the foreign exchange declarations required by Chinese regulators.
Pay CNY to China allows non-Chinese buyers to pay to suppliers’ bank accounts and Alipay accounts in China directly in CNY. These payments will not take up payees’ annual limit for foreign currency exchange. The declarations required for CNY conversions will be initiated by you and be processed by WorldFirst. The daily limit to pay one supplier is 1.5 million CNY. If you exceeded the limit, you can pay the supplier another 1.5 million CNY on another day.
With Pay CNY to China, users can enjoy the following benefits:
- Pay to China like a local – Pay CNY directly to Chinese supplier without having to do offline declarations or be subject to the limits on payee’s personal annual quota. This solves the major pain for cross-border business between global buyers and China suppliers and provides buyers more leverage when negotiating with suppliers.
- Fast and always-on – The payment will credit the payee’s bank account or AliPay wallet nearly real-time, ensuring swift and reliable transactions around the clock.
- Versatile – This solution accommodates all types of trade use cases. It allows global buyers to purchase from China seamlessly, regardless if you’re in B2B trade or ecommerce.
| Step 1 – Add a supplier
Before you use Pay CNY to China, you need to ask your supplier for their company information. If your supplier is a company, please ask for the company name in Chinese and the social unity credit code as shown on their company certificates. If your supplier is an Individual, please ask for the supplier’s name in Chinese and China Mainland residence ID number.
- To add a supplier, go to “Payments” on the portal, click “Pay CNY to China” to enter the page
- Next, click “Add a supplier”
- Provide the name of the supplier that you are paying CNY to
- Choose the supplier type, business or individual types are both accepted
- As part of the declaration process, you will need to provide your supplier’s documentation
- If the supplier is a company, please enter the business name in Chinese and the Unified Social Credit code
- If the supplier is an individual, please enter the individual name in Chinese and China Mainland residence ID number
| Step 2 – Add payee details
- Now that you have added a supplier successfully, you can add payees (account details) for the supplier
- On your portal, go to “Payees” page, click “Add a new payee”
Please note you’re currently unable to add payees in batches for CNY payments
- Select if you would like to add a bank account or an AliPay account
- When adding a bank account, select CNY as the receiving currency. You will then be able to select the supplier this payee is associated with
Please note that the payee’s account owner name is consistent with the supplier name you added. Then, proceed to add the account information.
- After completing all the information, you will have successfully added a payee on this supplier
| Step 3 – Get CNY payment quota with order
The CNY payment quota is the amount of CNY that can be exchanged based on your transaction activities with your Chinese supplier. To make CNY payments to your supplier, you will need to first get the quota by presenting your proof of transaction.
- To do so, click “Create a trade order” and enter the relevant order information
- Now, you need to enter your contract information to create an order
- Enter the corresponding information and click “Submit”
- Now, your order is successfully created. We will review your order in one business day
- You can check the approval status by clicking on “View details”
Once your quota is approved, you can start making CNY payments to your supplier.
| Step 4 – Make CNY payment
- Now, you’re ready to make a CNY payment. Click “Pay CNY to China”
- Then, choose what kind of accounts you need to send payment and select the payee. Click “Next”
- Next, choose the currency and enter the payment amount, click “Next”
- A 6-digit code will be sent to your phone, enter the verification code and the payment is sent successfully
Supported currencies
If you have balance in your WorldFirst account for currencies of USD/EUR/GBP/JPY/SGD/NZD/AUD/CAD/HKD/CNH, you can make CNY payment directly.
If you only have balance in CHF/SEK/AED/PLN/MXN/TRY/ZAR/SAR/ILS/CZK/THB/MYR, you need to convert your balance to G10 currencies first, then make CNY payment. Please note that unfunded payments and batch payments are not supported.
