Transfers to countries/regions with capital controls
Certain countries/regions impose strict foreign exchange controls, which translate into additional regulatory requirements in order to pay into these countries/regions via local clearing systems.
We offer an integrated experience to help you comply with such regulation requirements while maintaining the same core experience of paying out funds into these countries/regions, with a few additional API endpoints to consider.
China
According to local regulations, transfers to Mainland China using LOCAL transfer method must be supported by declarant information and relevant order information.
Currently, Airwallex supports transfers 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 transfer to third-party suppliers within China. The corresponding goods sold need to be exported from China.
See China for a step-by-step guide to fufill the regulatory requirements and create local CNY transfers.
As an alternative, Airwallex can also support SWIFT transfers into China without any additional requirements, but the beneficiary will be responsible for providing its own declaration materials to their local banks in order to settle the funds in onshore CNY.