About China Remittance
China Speed Remittance “CNY remittance 2.0”
The CNY remittance 2.0 service can be easily done online anytime. The CNY remittance 2.0 service will automatically convert JPY into CNY when money arrives at the bank. Please use the CNY remittance 2.0 for sending living expenses for your family, paying for your overseas shopping, and more!
Requirements for the bank account of the beneficiary (remittee)
The CNY remittance 2.0 services enable you to remit money only to accounts that meet the following three conditions. Please confirm in advance whether it is an account that can use this service.
Condition 1: A bank account (Chinese national individual)
A bank account of an individual with Chinese nationality
A bank account of the beneficiary (remittee) which is coverd by this service is only a bank account belonging to an individual with Chinese nationality. Also please check “list of receiving banks
“, to see whether it is a bank which can correspond to our services.
Condition 2: Mobile number contracted in China
Mobile number contracted in China
Beneficiary has to have a mobile number contracted in China in order to receive an SMS message.
Condition 3: A bank account with cash card
A bank account with cash card
Beneficiary has to have a bank account with cash card.
- ※ a bank accout for receiving pension is not able to use our services.
How to use PayForex
STEP1: Open an account with PayForex
User registration from”“Sign Up
” and open an account with PayForex.
STEP2: Register a beneficiary bank account・Submit the beneficiary’s personal identification documents
(1)After depositing the planned remittance amount in myPay account, register beneficiary information below to myPay [Bank Accounts]-[CNY Remittance 2.0]. Before registering bank account information, please have the beneficiary’s information ready.
* Beneficiary account name – Chinese Characters and Pinyin.
* Beneficiary Address
* Beneficiary mobile No. registered at the beneficiary bank in China
* Beneficiary bank name and account number
(2)Submit beneficiary’s personal identification documents
【In case beneficiary submits personal identification documents】
An SMS message will be sent to the beneficiary’ mobile phone, and beneficiary needs to click the link in the message to submit personal identification documents. Please inform the beneficiary of the detailed operating method “QBC= Beneficiary Operation Guide
【In case sender assists beneficiary in submitting personal identification documents】
Sender prepares the beneficiary’s personal identification documents and uploads them to myPay.
STEP3: Remittance instruction from myPay at PayForex
[Remittance]-[CNY remittance 2.0] Please give remittance instruction. CNY remittance 2.0 service will automatically change currency into CNY. (No exchange is needed )
STEP4: Deposit the money into the beneficiary bank account
Funds will be deposited into beneficiary bank account after completing all procedures.
- ※ In principle, funds will be arrived on the day of the transfer requested or the next business day.（Except for weekends and national holidays）.
FAQ – CNY remittance 2.0
Q.Can I remit money to multiple recipients?
A.Yes, you can, but you can’t use the same mobile number. Each beneficiary needs to register a separate individual mobile number.
Q.Will it be possible to issue a remittance certificate (for dependency deduction )?
A.Yes. You can download it on myPay from around 18:30 on business days after remittance is credited into the receiver’s account.
※ For remittance certificate executed before December 31, 2016, please request by phone or inquiry page. Free of charge for issuing a certificate via e-mail. (If you wish to receive by mail, the fee of 800 yen will be charged.)
Q.Is it necessary to change currencies?
A.No exchange is needed. It will automatiocally be exchanged and sent in CNY.
China Speed Remittance “CNY remittance 2.0”
||Must open an individual PayForex account.(Individual service)
||Only individuals with Chinese nationalities.
※Beneficiary has to have a mobile number contracted in China.
||Please check “Remittance fee for (CNY) today” on this page.
||Between JPY 1 and JPY 300,000 per transaction.
※Money transfer amounts are limited to the equivalent of $50,000 within a year in China. If the requested transfer would reach the total amount for the year over the limit, it will not be deposited into the beneficiary’s account and will be returned instead.
|Limitation on the number of remittances
||The maximum number of remittance to the same beneficiary is limited to twice a day.
||Chinese Renminbi (CNY)
※After funds are deposited in Japanese yen, currency will be exchanged to Renminbi automatically at the transfer request .
||Individual bank account in China. (Hong Kong is not included in this service)
|Days needed for funds to arrive
||Funds arrive on the day of the transfer request or the next business day.
||The conditions of use above are subject to change without notification due to revision of Chinese laws, change of rules of affiliated banks, revision of PayForex Terms and Conditions etc.
China Standard Remittance
||Individual and Corporate
||Bank account holder in China (Corporate only)
※If you remit with currency that differs from the beneficiary bank account currency, the beneficiary bank may refund it or will exchange sent currency into beneficiary bank account currency automatically. Please confirm with the beneficiary in advance.
|Estimated time of arrival
||1-3 business days
||Please check “List of transfer fees” .
|Other bank charges
||There might be other bank charges (Intermediary bank, beneficiary bank) involved. Please check “About fees” for details.
|Pay Other Bank Charges service
||When remitting CNY, please make sure the beneficiary (Corporate) has taken regular procedure to receive the CNY remitted from abroad. When sending remittance request, CNAPS Code (12 digits) of Beneficiary’s account is required.
What are CNY remittance 2.0 services?
The services are offered in partnership with China’s the Bank of Shanghai.