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Multi-Currency Accounts

Rutland FX can provide you with free access to CNY or USD multi-currency accounts in you or your company’s name that support SWIFT.
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Rated 4.5 out of 5 on Trustpilot

Rutland FX is rated Excellent on Trustpilot and has been trading for over seven years, powered by a Visa solution, “Currency Cloud”.
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Competitive Exchange Rates

Rutland FX will offer the most competitive exchange rate possible based on the amount you are converting.
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To send money to China from the UK with Rutland FX, you will need to register for an account. If you already have an account, you can log in and get a quote. If you are happy with the quote, you can then book the conversion directly on the platform or by contacting your account executive, who can assist you with making the transfer. Once the conversion is booked and settled, you can then instruct a payment to China via SWIFT.

For USD Transfers:

  • Recipient’s Name: The full legal name of the person or business receiving the funds. This ensures that the money is credited to the correct individual or entity.
  • Account Number: The recipient’s bank account number where the funds will be deposited.
  • BIC/SWIFT Code of the Recipient’s Bank: The Bank Identifier Code (BIC) or SWIFT code is an essential 8 or 11-character code that uniquely identifies the recipient’s bank. This code helps route the payment to the correct bank, ensuring it reaches the intended account.

For CNY Transfers:

  • Recipient’s Name: The full legal name of the person or business receiving the funds. This is crucial to ensure that the money is credited to the correct individual or entity.
  • CNAPS Number/Code: The China National Advanced Payment System (CNAPS) code is a unique 12-digit number that identifies the recipient’s bank branch in China. This code is used in the interbank settlement process within China and is essential for CNY transfers.
  • Account Number: The recipient’s bank account number where the funds will be deposited.
  • BIC/SWIFT Code of the Recipient’s Bank: The Bank Identifier Code (BIC) or SWIFT code is an essential 8 or 11-character code that uniquely identifies the recipient’s bank. This code helps route the payment to the correct bank, ensuring it reaches the intended account.

The fastest way to send money to China is by sending US Dollars or CNY via SWIFT. Rutland FX provides same-day USD and CNY transfers to China via SWIFT at no additional cost. To guarantee a same-day transfer, book and settle your conversion before the 15:30 UK cut-off time form USD or the 08:00am cut-off time for CNY.  Although recipients usually receive the funds within a few hours, in some cases, it may take 1 to 2 business days depending on the receiving bank and corresponding banks.

A CNAPS code, short for “China National Advanced Payment System,” is a 12-digit identifier required to make payments to and within China in Renminbi (CNY). The first three digits identify the bank, the next four digits identify the branch, and the remaining five digits are used for specific processing requirements. The CNAPS code can be obtained from your recipient and should be on their bank statement or chequebook.

Example CNAPS code: 103100000026

Here’s the breakdown of each part of the code:

  1. First 3 digits (103): These digits represent the bank identifier. Each bank in China has a unique three-digit code. For instance:
    • 103 could correspond to the Industrial and Commercial Bank of China (ICBC).
  2. Next 4 digits (1000): These digits represent the location or branch identifier. This segment indicates the specific branch or location of the bank where the account is held. For example:
    • 1000 might refer to the central branch in a major city like Beijing.
  3. Last 5 digits (00026): These digits are used for specific processing and routing within the bank. This segment often represents more detailed branch-specific information or internal processing identifiers.

CNY is the currency code for the onshore Renminbi used within mainland China. CNH refers to the offshore Renminbi traded outside mainland China, primarily in Hong Kong. RMB, or Renminbi, is the official name of the Chinese currency, with “Yuan” being its primary unit. for a detailed explanation you can read this guide.

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When you convert one currency into another for immediate transfer, it’s termed a spot trade. Simply put, ‘spot’ means settling the transaction immediately or ‘on the spot’. This involves buying and selling currencies simultaneously. Normally, funds become available within three business days from when you initiate the transfer unless you specify ‘tod’ for today in the case of same-day transfers, or ‘tom’ for tomorrow.

Rutland FX does not charge any payment conversion or account fees instead we apply small mark-up to the exchange rate based on the amount of currency you need, this means the more currency you plan to convert the more competitive our exchange rates will be.

Intermediary (correspondent bank) fees are small charges, usually between £5 and £25, deducted from a small number of international payments (SWIFT) before they arrive at the beneficiary. These fees are not taken by Rutland FX, and the majority of payments will not incur an intermediary fee. However, if it does occur, the amount taken depends on the intermediary banks involved in that particular payment route.

Rutland FX can instruct SWIFT payments using one of three different methods: “OUR”, “SHA”, and “BEN”.

– “OUR” means Rutland FX will take on these charges, ensuring the correct and full amount arrives at the beneficiary without any deductions.

– “SHA” means the intermediary fees will be shared equally between Rutland FX and the beneficiary.

– “BEN” means the beneficiary will pay for the fees in full. You should note that it is not good practice to use “BEN” unless you have a prior agreement with a supplier.

All of our SWIFT payments are instructed by default to “SHA”, meaning that in the event an intermediary fee is charged on one of your payments, Rutland FX will cover half the cost of the fee at no expense to you.

Rutland FX is a UK-based financial technology company (FinTech) that has assisted businesses and individuals in reducing the cost of cross-border payments and managing currency risk for over 7 years. The Rutland FX trading platform is powered by “Currency Cloud,” a subsidiary of Visa. The Currency Cloud Limited is regulated and authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI), under the firm reference number 900199. This authorisation level is equivalent to that of PayPal. You can verify this information by searching the firm reference number on the FCA website and checking the “Firm Status”. For comprehensive information about Rutland FX’s regulatory and security details, you can visit this page.

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 held in one or more segregated client accounts with tier-1 banks, such as Barclays Bank PLC. This ensures that in the unlikely event of Currency Cloud or Rutland’s insolvency, administrators would reimburse your funds from the segregated safeguarded funds.

To open an account with Rutland FX, you will need to register online here. After submitting your application, our onboarding team will review it. If no further information is needed, your account will be enabled the same day. Multi-currency accounts will then be immediately available. At this stage, your account manager will also contact you to address any final questions and guide you through making your transfer if required.

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If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback below to discuss your requirements.