Send Money to China

It’s easy to send money to China with Rutland FX. Businesses and individuals can sign up for an account for free, as long as you meet the criteria listed on our application guidelines page. Once you’re all set up, you can make currency conversions and money transfers directly on the platform or by speaking to your account executive.

To send money to China in CNY with Rutland FX, the only available payment rail is SWIFT. For a SWIFT transfer to China in CNY, you will need:

• CNAPS Number: The recipient’s unique bank identification number in China.
• SWIFT/BIC Code: This code identifies the recipient’s bank internationally.
• Account Number: The recipient’s unique bank account number.
• Recipient’s Name and Address: The name and address of the recipient.

You can easily validate and save these account details on the platform for future use.

The fastest way to send money to China is via SWIFT GPI. This method is highly efficient, with 40% of payments arriving in less than 5 minutes and most payments arriving within 24 hours. In some cases, you can even make an instant international payment to China in CNY. SWIFT GPI also provides easy tracking of your payments through the SWIFT network, ensuring transparency for your international bank transfers. You can monitor your payment directly on our platform.

To make a payment via SWIFT GPI with Rutland FX, simply select ‘Priority Payment.’ If SWIFT GPI is available for your transaction, it will be enabled automatically, allowing you to make a quick international money transfer at no additional fee.

Rutland FX offers UK-based CNY multi-currency accounts in your name or your business’s name, designed to simplify managing your CNY transactions. Whether you’re a business handling Chinese transactions or an individual with financial interests in China, our accounts provide a convenient solution. You can hold and manage CNY balances, simplifying cash management and reconciliation. Receiving funds from China into your Rutland FX account is easy, and you can convert them back to GBP as needed. For outbound payments, you can hold CNY in your account until you’re ready to send it out.

FAQs: Sending Money to China

What is a CNAPS Number for Payments in CNY?

When sending money to China, the CNAPS Number is required. This code helps identify the recipient’s bank and specific branch in China, ensuring the money is directed correctly.

CNAPS Number: Identifies the recipient’s bank within China. CNAPS stands for China National Advanced Payment System. A CNAPS Number is a 12-digit code that uniquely identifies a specific bank branch in China. For example, a CNAPS Number could be “102100099996”. This number is structured as follows:

• The first 3 digits represent the bank code (e.g., “102” for the Industrial and Commercial Bank of China).
• The next 4 digits represent the city code (e.g., “1000” for Beijing).
• The final 5 digits represent the branch code (e.g., “99996” for a specific branch in that city).

How Are CNY Payments Processed into China?

CNY payments into China are processed through Currencycloud’s banking partner, which is part of the CIPS (Cross-Border Inter-Bank Payments System). This system ensures that CNH (offshore yuan) is converted to CNY (onshore yuan) at a 1:1 exchange rate when it arrives in mainland China, avoiding a second FX conversion.

How are my Funds Protected?

As an Electronic Money Institution (EMI), Currency Cloud is obligated to maintain adequate capital reserves and ensure the proper safeguarding of customer funds. All funds received in relation to electronic money will be safeguarded in tier-one credit institutions such as Barclays Bank PLC. This ensures that in the unlikely event of our insolvency, administrators would reimburse your funds from the safeguarded funds.

Can I Receive Funds from China?

Yes, Rutland FX can provide you with a UK-based CNY account that supports SWIFT transfers. This is particularly useful if you are selling a property or assets in China and need to repatriate funds at a better exchange rate. However, we can only onboard you as a customer if you are a citizen or have a residence in, or if your business is registered in, one of the supported countries.

Can I Send Money to China Using Other Currencies Besides CNY?

Yes, you can. For example, it is common for businesses and individuals in China to hold multi-currency accounts. You can send USD to China if the recipient holds a USD account in China that supports SWIFT payments.

Are There Any Limits on the Amount of Money I Can Transfer to China?

There are currently no transfer limits on SWIFT payments to China with Rutland FX. This means you can settle large invoices or move substantial amounts of money with ease using Rutland FX.

How Do I Track the Status of My Transfer to China?

Our CNY transfers are sent using SWIFT GPI by default, meaning they will be trackable, traceable, and recallable. You can track your payment directly on the platform or by contacting your account executive. You will be able to see the full journey of the transfer along the SWIFT network, detailing how long it took to arrive and any deductions taken by correspondent banks, if any.

How Do I Cancel or Amend a Transfer to China After It Has Been Initiated?

You should always double-check bank details and ensure you want to dispatch a payment before sending funds internationally to avoid delays. However, on some occasions, you may want to cancel a payment. If a payment has been instructed on your account but has not yet been dispatched, you can cancel it on the platform or by contacting support.

If the payment has already been dispatched and the funds have gone to a trusted recipient, the fastest way to get the funds back would be to ask the recipient to send it back to your CNY account with Rutland FX. If not, we can action a recall on the funds; however, this is not guaranteed and may require consent from the recipient if the funds have credited their account.

How Can I Contact Rutland FX Support?

Rutland FX offers live support via telephone and email. Email support is available 24 hours a day, ensuring you can get assistance at any time. Telephone support is available during UK business hours, from 8:30 AM to 5:30 PM.