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]

I am sure that you can︂ possibly find a good money changer who can take RMB/CNY yet offer you a competitive︃ fees in Asia.

 

[justsomeguy]

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]

Which country are you looking to transfer fund to China from ?

 

[justsomeguy]

The US.

 

[Billneon]

But are you looking to transfer your USD‌ from your corporate account or personal account to each of supplier' personal account ?

 

[justsomeguy]

USD from business‍ account to business account in China in RMB.

 

[Billneon]

I, myself have got a solution for this if your monthly transaction volume is‍ in line with my requirement.

 

[justsomeguy]

What is the solution?

 

[Billneon]

My business is co-working with some‌ of reliable partners in China and think can aid in your type of transaction,

 

[justsomeguy]

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.

 

[justsomeguy]

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]

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.