China
Overview
| Transfer method | Local | SWIFT |
|---|---|---|
| Supported currency(ies) | CNY | AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, SGD, THB, TRY, USD, ZAR |
| Payment scheme | UnionPay / NUCC | |
| Flight time (business days) | 0-1 | 0-3 |
| Maximum transaction limit | 4,999,999 CNY | No limit |
| Ultimate payer displayed | Yes |
Please refer to the sections below for the key required bank details and other considerations for each supported transfer method.
Local CNY payout
| Required fields | Permitted Data | Notes |
|---|---|---|
account_currency | 3-letter ISO 4217 currency code | Should be CNY |
account_name | 2-200 Chinese characters or punctuation | Account holder name of the beneficiary’s bank account (cannot be a financial institution) |
account_number | 8-34 digits | |
account_routing_type1 | cnaps only | |
account_routing_value1 | 12 digits | Should be a valid and supported CNAPS (China National Advanced Payment System) code |
bank_country_code | 2-letter ISO 3166-2 country code | Should be CN |
bank_name | Up to 200 characters |
Regulatory requirements
According to local regulations, payouts to Mainland China using the LOCAL transfer method must be supported by declarant information and relevant order information.
Currently, Airwallex supports payouts to your own business account, UBO or third-party suppliers for the following use cases:
- B2C e-commerce goods trade: Supports cross-border e-commerce sellers repatriating overseas sales proceeds into Mainland China for paying into their own accounts or to 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) or payout to third-party suppliers within China. The corresponding goods sold need to be exported from China.
See here for a step-by-step guide to fufill the regulatory requirements and create local CNY payouts.
Additional beneficiary information
For local payouts to China, you will need to provide additional beneficiary information:
| Required fields | Permitted Data | Notes |
|---|---|---|
For business beneficiaries (COMPANY) | ||
business_registration_number | Up to 30 characters | |
legal_rep_first_name_in_chinese | Up to 15 Chinese characters | |
legal_rep_last_name_in_chinese | Up to 15 Chinese characters | |
legal_rep_id_number | 15 or 18 alphanumeric characters | |
For individual beneficiaries (PERSONAL) | ||
personal_id_type | Should be CHINESE_NATIONAL_ID | |
personal_id_number | 15 or 18 alphanumeric characters |
SWIFT payout
| Required fields | Permitted Data | Notes |
|---|---|---|
account_currency | 3-letter ISO 4217 currency code | One of AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, SGD, THB, TRY, USD, ZAR |
account_name | 2-200 characters | Account holder name of the recipient’s bank account |
account_number | 8-34 alphanumeric characters | |
swift_code | 8-11 alphanumeric characters | Should be a valid and supported BIC-8 or BIC-11 code |
bank_country_code | 2-letter ISO 3166-2 country code | Should be CN |