Providing CNY Inbound Declarant information

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 declaration?

Airwallex accepts your business' legal representative or ultimate beneficial owner (UBO) as the declarant for CNY inbound declaration. 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.

If the individual you wish to file as the declarant is not in the drop-down list, or if you wish to declare your SAFE Category A mainland China business rather than an individual, 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:

  1. The declarant’s ID information and scanned copy of ID (auto-filled if already provided during the onboarding process)
  2. 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.