Wise (LON:WISE), the global technology company building the best way to move money around the world, has today enabled B2B transfers to China in Chinese yuan (CNY) from 8 currencies, with plans to later expand this to other currencies supported by Wise.
Wise Business customers in all supported markets have already been able to pay local businesses in China in USD, however, the additional capability of making payments in CNY at the mid-market rate to their Chinese suppliers, improves price transparency for businesses on the mainland who prefer to settle in local currency.
A YouGov survey commissioned by Wise of 4800+ micro, small and medium businesses (MSMBs) across 10 countries (UK, US, Canada, France, Germany, Spain, Australia, New Zealand, Singapore and Japan) revealed that China is a key market in Asia that companies want to expand their reach to. However, of those MSMBs who already have a presence in China, only 25% currently hold CNY. Additionally, over three quarters (76%) of these businesses didn’t know that there is an upfront transaction fee and a markup on the exchange rate when dealing with foreign currency.
Wise Business customers will be able to make a transfer of up to the 850,000 CNY equivalent amount.
To give an example of how Wise compares to traditional banks and other providers, customers transferring £4000 to CNY can expect their recipients to receive up to 669 CNY more with Wise.
Abhishek Choudhari, Wise’s APAC Product Director, said:
“Sending cross-border payments to China comes with its own set of challenges which can be hard to navigate for any business. With the ability to send USD and CNY to China with no exchange rate markups, we’re happy to do our bit to make it a more transparent, cheap and fast process for our Wise Business customers around the world.”