Requirements for CNY settlement
If you use the CNY withdrawal/transfer function, the arrival time is usually one working day, the fastest 1 minute.
Requirements for CNY exchange settlement:
Compliance requirements:
In order to meet the management requirements of relevant regulations on the authenticity of cross-border transactions, when you withdraw/transfer CNY, you need to provide the order contract and logistics corresponding to the recorded funds as the real trade basis for the exchange settlement of the order.
Declaration of foreign exchange settlement:
The domestic cooperative licensee will remit CNY to you or your designated bank account/Alipay account in Mainland China after you declare your entry to the bank. You no longer need to submit materials to the bank for exchange settlement or declaration.
Other steps to be completed before exchange settlement:
Where your business is registered | Other steps (only be completed at first CNY settlement) |
Registered in Mainland China | If the amount of your single exchange settlement order is higher than the equivalent of 5000 US dollars, you need to complete the restoration of declaration information confirmation. |
Registered in overseas (Like Hong Kong) | You need to first add an affiliate company registered in Mainland China. At the same time, if the amount of your single exchange settlement order is higher than the equivalent of 5,000 US dollars, you need to complete the restoration of declaration information confirmation. |