Sending payments to China in RMB/CNY

[justsomeguy]

I've been trying to find a good solution to this problem for months. I deal with a lot of smaller domestic suppliers in China, which only have bank accounts in their local currency RMB. The problem is figuring out a efficient way to make payments. Many of the common money transfer services either don't support RMB/CNY or their fees don't make sense at large amounts. I'm currently going through a employee in China for transfers which is obviously not optimal. Ive heard certain banks in Hong Kong may be able to help, but to open a account there id need to travel and thats easier said than done these days.

For those that are sending large payments to china how are you handling it?

 

[Billneon]

justsomeguy said:
I've been trying to find a good solution to this problem for months. I deal with a lot of smaller domestic suppliers in China, which only have bank accounts in their local currency RMB. The problem is figuring out a efficient way to make payments. Many of the common money transfer services either don't support RMB/CNY or their fees don't make sense at large amounts. I'm currently going through a employee in China for transfers which is obviously not optimal. Ive heard certain banks in Hong Kong may be able to help, but to open a account there id need to travel and thats easier said than done these days.

For those that are sending large payments to china how are you handling it?
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I am sure that you can possibly find a good money changer who can take RMB/CNY yet offer you a competitive fees in Asia.

Last edited: Jul 6, 2020

 

[justsomeguy]

Billneon said:
I am sure that you can possibly find a good money changer who can take RMB/CNY yet offer you a competitive fees in Asia.
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Not as of yet. There are significant restrictions on payments to and from China. Most payment services wont even deal with China due to the restrictions.

 

[Billneon]

justsomeguy said:
Not as of yet. There are significant restrictions on payments to and from China. Most payment services wont even deal with China due to the restrictions.
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Which country are you looking to transfer fund to China from ?

 

[justsomeguy]

Billneon said:
Which country are you looking to transfer fund to China from ?
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The US.

 

[Billneon]

justsomeguy said:
The US.
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But are you looking to transfer your USD from your corporate account or personal account to each of supplier' personal account ?

 

[justsomeguy]

Billneon said:
But are you looking to transfer your USD from your corporate account or personal account to each of supplier' personal account ?
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USD from business account to business account in China in RMB.

 

[Billneon]

justsomeguy said:
USD from business account to business account in China in RMB.
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I, myself have got a solution for this if your monthly transaction volume is in line with my requirement.

 

[justsomeguy]

Billneon said:
I, myself have got a solution for this if your monthly transaction volume is in line with my requirement.
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What is the solution?

 

[Billneon]

justsomeguy said:
What is the solution?
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My business is co-working with some of reliable partners in China and think can aid in your type of transaction,

 

[justsomeguy]

Billneon said:
My business is co-working with some of reliable partners in China and think can aid in your type of transaction,
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While i do definitely appreciate the offer. I already have a similar setup at the moment with a employee in China. I'm more looking for a bank or EMI for this.

 

[Billneon]

Your similar set up will very differ from my business in that more organised and legally structured acting banking role a like. Sure it's really pain in finding bank or EMI dealing with domestic RMB.

 

[Clip]

A EMI won't work. If you need to convert from USD to RMB in an efficient way, you need to have a company bank account in Hong Kong.

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[justsomeguy]

GiGoGo said:
A EMI won't work. If you need to convert from USD to RMB in an efficient way, you need to have a company bank account in Hong Kong.
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Thats pretty much what i've found out. That sounds good but issue is pretty much all banks in HK require a personal visit and thats easier said than done these days.

Does anyone know of any bank in HK that will do remote account opening ?

 

[Sadhu]

WorldFirst UK | International Foreign Currency Money Transfers - these guys have World Account and can give you RMB account in Hong Kong (Citi bank), problem is, they no longer work with US companies :/

 

[Billneon]

justsomeguy said:
Thats pretty much what i've found out. That sounds good but issue is pretty much all banks in HK require a personal visit and thats easier said than done these days.

Does anyone know of any bank in HK that will do remote account opening ?
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From my experience, there will no HK bank allowing you to open the account without visiting. Even if so, there is a high chance of the account being shut down. You need to find a reliable partners who have an Asian-extensive bank network.