How to Pay CNY to China with WorldFirst
Simplify payments to Chinese suppliers with WorldFirst’s “Pay CNY to China” feature. The World Account lets you send CNY payments directly to suppliers’ bank or Alipay accounts while meeting regulatory requirements.
Traditionally, paying to China has been challenging for global businesses, who struggle with the complexity, cost and delays in cross-border payments. Due to regulations in China, suppliers often face strict controls on receiving foreign currency, requiring extra steps to convert payments into CNY.
This means that while some Chinese suppliers will accept USD or CNH payments, others will only invoice in CNY, to avoid converting foreign currency into RMB and the associated costs.
With the World Account, however, you can now use our “Pay CNY to China” feature, letting you send CNY payments directly to suppliers’ bank account or Alipay account – all while meeting regulatory requirements.
Benefits of paying in CNY for businesses
Strong supplier relationships
Being willing to pay in your supplier’s preferred currency builds trust and positions you as a reliable partner, leading to smoother negotiations and potentially better terms. Your supplier won’t have to deal with offline declarations or annual foreign exchange quota limits for payees and you may be able to secure cost advantages to gain an edge over competitors.
Fast transactions for faster operations
Payments are credited almost in real-time, 24/7, as you’ll avoid regulatory bottlenecks and currency conversion hold-ups. Your supply chain will continue running smoothly, without costly delays or disruptions.
Better cost control
Paying in CNY helps you bypass unfavourable exchange rates or hidden fees imposed by suppliers, so you can maximise your profit margins.
Access to more suppliers
CNY payments open doors to vendors who only accept local currency, diversifying your sourcing options and providing more options for high-quality or lower-cost products.
Simplified payments
With the World Account, you can convert from 10 of the world’s most traded currencies directly into CNY, and pay into Chinese bank accounts or your supplier’s Alipay account. This eliminates the hassle of juggling multiple conversion steps or relying on intermediaries.
- Open 10+ local currency accounts with local account details
- Direct CNH payments to 1688.com
- Pay suppliers, partners and staff in 40+ currencies and 130+ destinations
- Collect secure payments from 100+ marketplaces and payment gateways, including Amazon, AliExpress, Paypal and Shopify
- Lock in currency conversion rates for up to 24 months
How It Works
Step 1: Add a supplier
- Gather supplier details:
- For companies: Business name in Chinese and Unified Social Credit Code
- For individuals: Name in Chinese and China Mainland residence ID number
- Log in to your WorldFirst portal, go to “Payments,” and click “Pay CNY to China”
- Add the supplier’s details and required documentation
Step 2: Add payee details
- Navigate to the “Payees” page and click “Add a new payee”
- Choose bank or Alipay account and ensure details match the supplier’s name
Step 3: Obtain CNY payment quota
- Click “Create a trade order” and submit contract details
- Orders are reviewed within one business day. Once approved, you can proceed with payments
Step 4: Make a payment
- Select the payee, currency, and amount
- Enter the 6-digit verification code sent to your phone to confirm payment
Supported currencies
- Direct CNY payments: USD, EUR, GBP, JPY, SGD, NZD, AUD, CAD, HKD, CNH
- Other currencies: Convert to a G10 currency first
Daily payment limits
- Pay up to 1.5 million CNY per supplier daily. Exceeding this limit? Pay another 1.5 million CNY the next day
Why choose WorldFirst
Paying suppliers in China is easy, fast and secure with a World Account. With our “Pay CNY to China” feature, you can enjoy direct payments in CNY, save on costs with competitive FX rates and strengthen supplier relationships, all while remaining compliant. Log in to your account to get started today or visit our FAQs for more details.
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