Wise enables business to business transfers to China from 8 currencies

Businesses can now send USD, GBP, AUD, JPY, SGD, NZD, CAD and HKD to pay suppliers directly in CNY

Singapore, 9 December 2021 - 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. (Based on indicative rates and fees offered by services providers, retrieved on 6 December 2021 on Wise’s comparison table.)

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.”

About Wise

Wise is a global technology company, building the best way to move and manage the world’s money.

With Wise Account and Wise Business, people and businesses can hold over 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world’s money. Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest growing, profitable tech companies and is listed on the London Stock Exchange under the ticker, WISE.

10 million people and businesses use Wise. In fiscal year 2023, Wise processed approximately £105 billion in cross-border transactions, saving customers around £1.5 billion.

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