International Payments Global Payment

Seamless Business Payments made into China with SUNRATE

SUNRATE

2023/07/19

Seamless-Payments-made-into-China-with-SUNRATE

 

Business payments to your Chinese suppliers.

When it comes to making international payments, businesses seek swiftness, simplicity, and affordability. This is especially crucial for transactions involving China, as businesses frequently encounter various obstacles like 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 effortlessly and efficiently execute direct payments to their Chinese suppliers.

 

 

Differentiating between CNH and CNY

The distinction between CNY and CNH arose due to the Chinese government's efforts to internationalize 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, you can effortlessly and promptly pay your suppliers in China 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.

 

 

About SUNRATE

SUNRATE is an intelligent global payment and treasury management platform for businesses worldwide. Since its inception in 2016, SUNRATE is recognised as a leading solution provider and has enabled companies to operate and scale both locally and globally in 150+ countries and regions with its cutting-edge proprietary platform, extensive global network, and robust APIs.

 

With its global headquarters in Singapore and offices in Hong Kong, Jakarta, London and Shanghai, SUNRATE partners with the top global financial institutions, such as Citibank, Standard Chartered, Barclays and is the principal member of both Mastercard and Visa. 

 

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

 

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