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Sending payments to China in RMB/CNY

justsomeguy

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Aug 1, 2019
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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’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?
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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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 ?
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.
 
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