All our customers are permitted to make CNY or USD SWIFT transfers into mainland China without restriction, but the mainland China beneficiary must do their own declarations to receive funds.
With respect to local CNY payouts, due to regulatory restrictions, customers whose registered business is not in CN cannot use this method unless:
- They are an e-commerce / Retail seller with a CN (Chinese National) legal rep or UBO, exporting goods from mainland China and
- They are purchasing supplies from an e-commerce seller or small-ticket B2B seller (with an online presence) in mainland China
Please arrange to send your legal representative or UBO's Chinese National identification to your account manager or the support team here to enable this for you.
If these conditions are not met, we are unfortunately unable to enable your account with LOCAL transfers into mainland China.
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?
Airwallex accepts an individual entity, either your business' legal representative or ultimate beneficial owner (UBO), as the declarant. We will provide a list of eligible individuals based on the information you provided Airwallex during the onboarding process. Please note that your declarant must be a citizen of the People's Republic of China. You may also elect to declare your business' entity if it is registered in mainland China with a SAFE Category A status.
If the individual 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.