back Back

Wise enables business to business transfers to China from 8 currencies

By Leandra Monteiro

December 10, 2021

  • APAC
  • B2B transfers
  • China
Share

WiseWise, the global technology company building the best way to move money around the world, has 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 a presence in China have, 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. 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.”

Previous Article

December 10, 2021

Algo360 crosses 60m lending decisions, promotes financial inclusion

Read More
Next Article

December 10, 2021

Westmark Credit Union selects Symitar’s hosted core

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

APAC

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 17, 2024

Confida and illimity create new capillary proximity network, Pehi

Read More

May 17, 2024

dLocal expands partnership with Deel to 12 new countries

Read More

May 17, 2024

Dwolla & Visa to enhance Pay by Bank experience for businesses

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023