All customers can create SWIFT transfers into mainland China without restrictions, but the beneficiary must fulfil regulatory requirements and complete their own declarations in order to receive funds.
Local CNY transfers to Mainland China must be supported by declarant information and relevant order information. Currently, Airwallex supports the following use cases:
- B2C e-commerce goods trade: Supports cross-border e-commerce sellers repatriating overseas sales proceeds into Mainland China for paying to their own accounts, UBO or third-party suppliers. The corresponding goods sold need to be exported from China.
- B2B e-commerce: Supports B2B sellers repatriating small ticket size sales proceeds (sold online via platforms like alibaba.com) to their own business/UBO accounts; or to third-party suppliers within China. The corresponding goods sold need to be exported from China.
- B2B trade: Supports B2B sellers repatriating offline sales proceeds into Mainland China for paying into their own accounts, UBO or to third-party suppliers. The corresponding goods sold need to be exported from China.
Due to regulatory restrictions, only certain customers can activate CNY local transfers on the Airwallex webapp if they fall into one of the below categories:
- Customers with a registered business in mainland China and a Chinese national legal representative or UBO.
- Customers with a registered business in mainland China and a foreign legal representative or UBO who holds both a passport and a Chinese bank card.
- Customers without a registered business in mainland China, however they are e-commerce or retail sellers with a Chinese national legal representative or UBO, and is exporting goods from mainland China.
If customers fall under the following case, they need to submit a request to the support team here to enable this feature:
- The customer is purchasing goods from an e-commerce seller or small-ticket B2B seller (with an online presence) in mainland China.
How do I enable CNY local transfers?
To enable CNY local transfers, please navigate to the Transfers section on the left-hand side menu of your webapp. Then, select the "Transfer methods" tab where you can Activate CNY local transfers.
Click the Activate button and follow the instructions step by step to submit the required declaration information.
Once we receive your submitted information, we will conduct a review and inform you of the declaration results in 0-2 business days via email notification. If the declaration is successful, now you can provide order information to increase your payout limit using online B2C orders or online B2B orders.
Why do I need to provide declarant information to enable CNY local transfers?
According to regulators in China, for cross-border fund settlements and foreign exchange, the domestic funds recipient is required to provide relevant declaration information. Airwallex will assist you with declaration through our partnering payment service providers licensed in China, ensuring that you receive overseas payments in a safe, compliant, and efficient manner.
Whose information can I use for the declaration?
Customers with a registered business in mainland China and a Chinese national legal representative or UBO.
- You may use either your business' legal representative or ultimate beneficial owner (UBO), as the declarant.
- You may also elect to declare your business' entity if it is registered in mainland China with a SAFE Category A status.
Customers with a registered business in mainland China and a foreign legal representative or UBO.
- You may use either your business' legal representative or ultimate beneficial owner (UBO) who holds both a passport and a Chinese bank card, as the declarant.
- You may also elect to declare your business' entity if it is registered in mainland China with a SAFE Category A status.
Customers without a registered business in mainland China, however they are e-commerce or retail sellers with a Chinese national legal representative or ultimate beneficial owner (UBO), and are exporting goods from mainland China.
- You may use either your Chinese national legal representative or UBO, as the declarant.
We will provide a list of eligible individuals or business' entity based on the information you provided Airwallex during the onboarding process.
If the individual or business' entity that you wish to file as the declarant is not in the drop-down list, please contact our support team here and update your information.
What information should I prepare for the declaration?
When declaring an individual, you will have to provide the following information:
- The declarant’s ID information and scanned copy of ID (auto-filled if already provided during the onboarding process)
- The declarant’s bank information in mainland China (bank name and account number) and contact information
To ensure accuracy, we will perform a four-factor or six-factor authentication based on the information you provide.