Receiving CNY Payments FAQ

Corporate Clients in China can make CNY payments by converting funds firstly to CNH* and then to Your CNH Account at a 1:1 exchange rate.

*subject to the sending bank’s policy in China.

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 received?

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 the sender’s CNY is converted to CNH at a 1:1 exchange rate within China* and send the CNH to your HUBFX account, meaning that you never need to make a second FX conversion in your HUBFX. 

*subject to the sending bank’s policy in China.

The payment process is outlined  below:

1.We collect funds in CNH coming from China.

2.The funds are funded into our CNH account.

3.Our transaction monitoring team would sometimes ask you questions about the transaction. Once it’s approved or whitelisted, you can use your CNH for paying CNH payment or convert CNH to any other currencies.

Please note that the sender of a CNY payment to China must be a company incorporated in mainland China. An individual CNY senders are usually not permitted by the local bank.

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 CNY -> CNH out of China or any other destination country. 

Useful Links

CNH Payment Guide

Making CNY Payments FAQ

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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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