How to receive USD and Pay Factory in RMB ?

As we all know, China is a country with Foreign Exchange Control, foreign currency trading is restricted. In recent years, as the economic situation in China and oversea has changed, China crackdown more and more underground Banks for money laundering, put more restrictions on Hong Kong accounts and offshore accounts.

Under this circumstance, how can trading companies receive foreign currency and exchange into RMB legally?

Today, SOLUTIONS will show you the process step by step.

Step 1 

Get the Import and Export License for your Chinese company.

Before the application of Import and Export License, make sure that your company are allowed to do “Import and export of goods” and “Import and export of technology” business. If you are not sure, you can contact us for more information. 

0 1What do you need:

1. Business license.

2. Company stamp.

3. Basic information of company account.

0 2What are the steps:

1. Register at the Business Bureau.

2. Register at the Customs.

3. Register at the E-port system.

4. Register at the Administration of Foreign Exchange.

Step 2 

Apply for the foreign currency account (USD / EUR).

Now, we can take the Import and Export License and other required documents to the bank and apply for the foreign currency account. If you register your company with SOLUTIONS, we will take care of all this process for you.

Once we got the account and start receiving payment from overseas, how to exchange to RMB and pay our factories ?

Step 3 

Exchange to RMB

0 1What are the requirements for money exchange?

1. Company who has the Import and Export License.

2. Company didn’t break any regulations of the money exchange policy.

3. Company manager has received proper training from the Foreign Exchange Office.

4. Other requirements from the Foreign Exchange Office.

0 2What documents do I need to bring to the bank for the money exchange?

1. Company stamps.

2. Payment related contract.

3. Payment related invoice.

Important notes:

- The receiving amount and the amount on the contract and invoice have to be the same. 

- Once the bank has all of the required documents, they would exchange the payment into RMB for you in 2 working days.

With the right process, international money exchange could be easy and fast.If you want to know more information, please contact SOLUTIONS.