Making CNY Payments FAQ

Clients can make CNY payments by converting funds firstly to CNH and then to CNY at a 1:1 exchange rate.

What is the difference between CNY and CNH?

Renminbi is the name of the currency of the People’s Republic of China (RMB) while the currency unit is the Yuan. There are two types of Renminbi, each one covering a different trading market –  CNY is used in the domestic economy while CNH is used for international trade. These two markets differ according to regulations and each market has its own exchange rate. Read more here.

How are payments made?

China’s central banking system implemented its own international payment system in 2015 known as CIPS (Cross-Border Inter-Bank Payments System). CIPS provides clearing and settlement services for cross-border renminbi (RMB/Yuan) transactions.

CIPS became mandatory for cross border CNY on the 1st January, 2021. Our banking partner is a member of CIPS which means that CNH is converted to CNY at a 1:1 exchange rate within China, meaning that you never need to make a second FX conversion in China. 

The payment process is outlined  below:

1.We collect funds on behalf of you.

2.The funds are transferred from Your Account into our master account.

3.The funds are converted into CNH by our banking partner.

4.The CNH is sent by SWIFT to our correspondent banking partner in China as part of the CIPS scheme.

6.The correspondent bank in China converts CNH to CNY at a 1:1 ratio and then deposits the funds in the beneficiary’s bank account.

Please note that the beneficiary of a CNY payment to China must be a company incorporated in mainland China. CNY payments to individuals are not permitted. It is possible, however, to send the onshore CNY to your bank or your partner’s bank and use them to distribute the funds locally to an individual’s bank account. 

Is a Payment Purpose code required?

valid payment purpose code is required for SWIFT CNY payments into China.  A payment purpose code is not required for any other destination country. 

Useful Links

CNH Payment Guide

Receiving CNY Payments FAQ

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Business Office at 7 Bell Yard, London, WC2A 2JR, United Kingdom

HUBFX Asia  Business Office at
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For clients based in the European Economic Area, payment services for HUBFX are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701).  For clients based in the United States, payment services for HUBFX are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorised in 39 states to transmit money (MSB Registration Number: 31000206794359). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011. For clients based in the United Kingdom and rest of the world, payment services for HUBFX are provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).

Payment services for HUBFX UK and US are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) and The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011 

 

Payment services for HUBFX are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) and The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011 and CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of a electronic-money institution (Relation Number: R142701)

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