How to pay Chinese suppliers (for businesses paying into China)

Pay Chinese suppliers (and manufacturers)

To pay Chinese suppliers, businesses paying into China seek swiftness, simplicity, and affordability, as businesses frequently encounter various obstacles. The obstacles come in the form of rigorous declaration procedures, currency restrictions, regulatory compliance, foreign exchange uncertainties, exorbitant fees, and language barriers during administrative tasks.

Fortunately, SUNRATE's comprehensive capabilities and strong banking network enable businesses to make payments to their Chinese suppliers seamlessly.

Differentiating between CNH and CNY

The distinction between CNY and CNH arose due to the Chinese government's efforts to internationalise its currency and facilitate cross-border trade and investment. The introduction of CNH allows for greater flexibility and accessibility in trading the RMB internationally, enabling businesses and investors to engage in offshore RMB transactions without the same level of regulatory restrictions imposed on onshore transactions in CNY.

CNY = onshore RMB which circulates ONLY within Mainland China

CNH = offshore RMB that circulates OUTSIDE of Mainland China

Paying your chinese suppliers with SUNRATE

With SUNRATE, businesses pay China suppliers while enjoying a secure and cost-effective solution.

Key benefits include the following:

1. Competitive foreign exchange rate and fees

SUNRATE, offering a user-friendly online platform along with competitive foreign exchange rates. Compared to traditional service providers, businesses may often face high fees or unattractive exchange rates, especially for smaller transactions. With SUNRATE, we aim to offer exchange rates that are competitive, transparent and real-time.

2. Fast and secure payments

SUNRATE not only provides a secure and cost-effective solution but also ensures faster payment processing for your Chinese suppliers. Transactions (in CNH / HKD or any other preferred major currencies) may be completed within the same day or up to a single working day, with a convenient cut off time as late as 18:30 (GMT+8).

How to start paying your Chinese suppliers with SUNRATE?

Speak to our business development managers or:

• Sign up for a free SUNRATE Business Account here.
• Add on your Chinese supplier's bank account as recipient.
• In "FX & Payments", input the amount, lock your preferred CNH rate and submit the paying out instruction to the added suppliers.
• Track the end-to-end progress (real-time visibility) of your transaction on our platform.

To find out more about how you can start paying your Chinese suppliers, connect with us today.