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.
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.)
“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.
Contact details
Related topics
Related news
MOIN integrates with Wise Platform to bring faster and cost-effective international payment services to its customers
This enables MOIN to offer cheaper, faster and more convenient international money transfer experience for both individual and business customers, directly from the MOIN website or app.
Wise Becomes First Non-bank in Malaysia to launch Apple Pay and Google Pay for Cardholders
Customers in Malaysia can now make contactless and fast transactions by simply adding the Wise card to Apple Pay or Google Pay on their iOS or Android devices.
IndusInd Bank partners with Wise on multi-partner Indus Fast Remit platform to offer low-cost and seamless online inw...
IndusInd Bank integrates Wise Platform to bring low-cost and quick international payments for non-resident Indians sending money to India
Moomoo Singapore Offers Users A Simple and Transparent Way To Fund Their Investment Portfolios Through Wise
With the new offering, users in Singapore can seamlessly transfer funds from their overseas bank accounts to Singapore Dollars (SGD) with no hidden fees or exchange rate mark-ups
Wise unveils new brand look; launches Wise Platform in Indonesia with Bank Mandiri as first partner
Wise, the global technology company building the best way to move and manage money around the world today announces that Wise Platform is live in Indonesia with the country’s largest bank by assets...