TransferMate has added Chinese CNH to our Global Accounts solution, allowing businesses and partners to hold, pay and receive more easily in and out of China and Hong Kong.
Chinese CNH has a 1-1 exchange rate with the Chinese yuan (CNY), and Chinese businesses and suppliers can pay and receive into a CNH account as easily as a CNY account, making the CNH Global Account a safe and quick route to move funds in and out of China.
When making payments into China, any CNH payments will arrive into the beneficiaries account in Chinese yuan automatically. This works in reverse too - when receiving funds from Chinese entities, yuan payments will arrive automatically into the Global Account as CNH.
“CNH acts as a conduit for businesses wanting to operate in and out of China” said Jonathan Church, Virtual Accounts Product Manager in TransferMate. “With the 1-1 exchange rate, you can move between Chinese Yuan and CNH, and then transfer that out into any currency you choose. It makes it easier for both the business wanting to operate in China, and for the Chinese entity they are doing business with.”
Depending on the jurisdiction your entity is based in you can also hold funds in CNH, meaning you can buy currency when the rates are advantageous.
“Our UK, US and EU clients, for example, can hold CNH indefinitely” continued Jonathan Church. “This means they can build up their CNH holdings when rates are favorable, store that value and then flexibly use that to make payments to Chinese suppliers. We also see many clients and partners operating through Hong Kong using CNH as part of bringing export receivables and overseas collections back home.”
TransferMate clients can open a CNH account within seconds by signing into the platform, selecting Global Accounts, and then selecting the CNH account. The account will be able to receive locally through our network in Hong Kong.
This infrastructure will be of significant benefit not only to direct businesses but also to TransferMate partners, from E-commerce platforms to Software Providers, as well as Banks & FIs.
“Our regulated global infrastructure will continue to expand to the benefit of our partners and their clients” said Sinead Fitzmaurice, CEO at TransferMate. “The combination of our global payments network and our Global Accounts coverage is unique in the market, and allows our partners to grow globally at scale, and do so safely.”
For more information on the Global Accounts solution, go here. To sign-up for the TransferMate Platform, which includes Global Accounts, go here.
