Sending business payments from the US to China
A US company pays a supplier in China by SWIFT wire in US dollars to the supplier's company account in mainland China or Hong Kong, or in yuan through a provider that pays out over CNAPS, China's national interbank payment system. Pay from your company's own account to the company named on the invoice, because Chinese banks check that the payer and the payee are the parties to the contract. This guide covers the details to collect, the rules the supplier's bank applies, the routes and timings, the documents behind a payment and the fees.
- As summarized by PNC Bank, a Chinese company must be on SAFE's list of companies with goods trade foreign exchange business, and banks cannot handle foreign exchange for companies that are not on it.
- The supplier's bank checks each receipt against documents such as the contract, invoice and customs declaration, and the remitter and the beneficiary must be the parties to the contract.
- Alibaba.com states that international wires for goods take 3 to 7 days on average, while Swift reported in 2023 that 89% of payments on its network reached the recipient's bank within an hour.
- Helm pays out to China over CNAPS as well as by international wire, and shows the fee for each route before you confirm.
- The People's Bank of China reaffirmed in November 2025 that virtual currency business activities are illegal in mainland China, as reported by The Block, so pay mainland suppliers by bank transfer.
Details to collect from your recipient in China
Collect the payment details once, in writing, from the supplier's proforma invoice or a letter from its bank, and check that the account holder is the company you contracted with. Many Chinese factories sell through a Hong Kong trading company and give a Hong Kong bank account; others give a mainland account in US dollars or yuan. SWIFT is the network banks use to send cross-border payment instructions, and each bank on it has an 8 or 11 character SWIFT code.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Beneficiary name | The supplier's registered company name, exactly as its bank holds it in English | A payee that differs from the contract party can be held by the supplier's bank |
| Beneficiary address | The company's registered address | Required on SWIFT wires |
| Account number and currency | The account that receives US dollars from abroad, or the yuan account for a yuan payout | A dollar wire to a yuan-only account may be converted, held or returned |
| Bank name, branch and SWIFT code | 8 or 11 characters, copied from the supplier's bank letter | Routes the wire to the right bank |
| Bank location | Mainland China or Hong Kong | For a Hong Kong account, the Hong Kong company should be the seller on the invoice |
| Branch details for a yuan payout | The branch name and the identifiers the supplier's bank prints for domestic transfers; Helm's account manager confirms what a CNAPS payout needs | Domestic yuan payments are routed to the branch |
| Reference | The proforma invoice or contract number | Lets the supplier's bank match the receipt to the trade |
Field list compiled by the Helm Editorial Team; contract-party rule as summarized by PNC Bank. As published on 29 October 2026.
USD or yuan: what China's rules mean for your payment
China manages foreign exchange through the State Administration of Foreign Exchange (SAFE). The rules apply to the supplier, but they decide whether your payment is credited quickly. Most Chinese exporters invoice foreign buyers in US dollars.
Paying in yuan saves the supplier a conversion, not you, so compare a yuan quote at your provider's rate with the dollar quote. Offshore yuan (CNH) is the yuan traded outside mainland China, mainly in Hong Kong; it is the same currency as onshore yuan (CNY) but trades at a slightly different rate. The US dollar to yuan page covers the currency itself.
| Rule | What it says | What it means for your payment |
|---|---|---|
| SAFE list | A Chinese company must be on SAFE's list of companies with goods trade foreign exchange business; banks cannot handle foreign exchange for companies not on it | Pay a supplier that exports in its own name, or the trading company named on the invoice |
| Trade background checks | The supplier's bank verifies receipts using documents such as the contract, invoice and customs declaration | Quote the contract or invoice number in the payment |
| Contract parties | The remitter and the beneficiary must be the importer and the exporter on the contract | Pay from your company's account to the invoicing company, never through a third party |
| Right to export | Since 30 December 2022 a company gains the right to import and export once it holds a business license, but it needs a customs registration code to declare exports | A domestic wholesaler may ship through a trading company that then becomes the seller |
| Virtual currency | The People's Bank of China reaffirmed in November 2025 that virtual currency business activities are illegal in mainland China | Pay a mainland supplier by bank transfer, not USDT |
Sources: PNC Bank summary of China's goods trade foreign exchange rules; China Briefing on the Foreign Trade Law amendment; The Block, 29 November 2025. As published on 29 October 2026.
Hong Kong works differently. Hong Kong's monetary authority publishes no deadline for bringing export proceeds home and no rule to sell dollars, which is one reason many factories collect through a Hong Kong trading company and pay the mainland plant from there. Our guide to paying suppliers in China explains how factories invoice and why the Hong Kong account is so common.
Rails and arrival times: SWIFT, CNAPS and Hong Kong
The dollars in a SWIFT wire settle in the United States on Fedwire, the Federal Reserve's system for large-value transfers, which opens at 9:00 p.m. ET on the previous calendar day, takes customer transfers until 6:45 p.m. ET and closes at 7:00 p.m. ET, Monday to Friday. Beijing, Shanghai and Shenzhen are 12 hours ahead of New York in the US summer and 13 hours ahead in the US winter, so a wire sent on a New York afternoon reaches China outside banking hours and is credited on the next Chinese business day at the earliest.
| Route | What the recipient receives | Timing, as published | Notes |
|---|---|---|---|
| SWIFT wire in USD to a Hong Kong account | US dollars | Swift reported in August 2023 that 89% of payments on its network reached the recipient's bank within an hour; crediting then depends on the bank | The Hong Kong company should be the seller on the invoice |
| SWIFT wire in USD to a mainland account | US dollars, after the bank's trade background check | Alibaba.com states that international wires for goods take 3 to 7 days on average | Quote the contract or invoice number |
| Yuan payout over CNAPS | Yuan in the supplier's mainland account | Paid through China's domestic system once the provider pays out | Helm pays out over CNAPS |
Sources: Federal Reserve Financial Services, Fedwire operating hours; Swift, 22 August 2023; Alibaba.com buyer payment guide. As published on 29 October 2026.
CNAPS, the China National Advanced Payment System, is the mainland's payment system. The HKMA states that Hong Kong's renminbi clearing bank holds a settlement account with the People's Bank of China and is a member of CNAPS, which is how yuan from Hong Kong reach mainland accounts. For orders placed on marketplaces, see how to pay Alibaba suppliers and 1688 suppliers.
Documents, screening and why payments to China are held
The supplier's bank, not yours, decides what it needs before crediting a payment from abroad. Expect it to ask the supplier for the sales contract and commercial invoice, and for the customs declaration once the goods have shipped. Put the contract or proforma invoice number on every payment and keep your copies ready.
One more check sits on your side: OFAC states that all US persons, including US-incorporated companies and their foreign branches, must comply with its sanctions, so screen the recipient, its owners and its bank against OFAC's lists before the first payment (OFAC FAQ 11).
| Problem | What happens | How to prevent it |
|---|---|---|
| Paid by a related company, a director or an agent | The supplier's bank can hold it as a payment from a party not on the contract | Pay from the company that signed the contract |
| Payee is a person or an unrelated company | Cannot be matched to the supplier's export, and is a common fraud pattern | Pay only the invoicing company; confirm any change by phone |
| Dollar wire to a yuan-only account | Converted, held or returned | Ask which account receives dollars from abroad |
| No contract or invoice reference | The bank asks the supplier for documents before crediting | Quote the reference in the payment details |
| Wire sent as SHA | A deposit arrives short and production can wait while the gap is queried | Send deposits and balances with OUR |
| Sent on a Friday afternoon in New York | Credited on the next Chinese business day | Send early in the US week |
Sources: PNC Bank summary of China's goods trade foreign exchange rules; Alibaba.com buyer and seller guidance; Helm Editorial Team. As published on 29 October 2026.
Costs: SHA, OUR and Helm's fees for payments to China
Three costs decide what a payment to China really costs: your provider's fee, any currency conversion, and deductions by intermediary banks, the banks that pass a dollar payment between the sending and receiving banks. With SHA, or shared charges, you pay your own provider and the supplier bears the rest, so a deposit can arrive short. With OUR you pay all bank charges and the full amount should arrive. A short deposit can hold up production, so OUR is often cheaper once a top-up payment is counted.
Helm does not open accounts for businesses based in mainland China. This page covers paying a Chinese supplier from an account held by a company elsewhere, such as a US importer or a trading company with US dollar income.
Helm, a financial technology company and not a bank, sends international supplier payments from your company's account by SWIFT and by local rails in the recipient's currency where available, confirmed by your account manager. The rate, fee and expected arrival are shown before you confirm. Helm's US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with funds held at Lead Bank.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
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How do I send a business payment from the US to China?
Send a SWIFT wire in US dollars to the supplier's company account in mainland China or Hong Kong, or pay yuan through a provider that pays out over CNAPS. Pay from your company's account to the company named on the invoice, and quote the contract or invoice number.
Why does my Chinese supplier want payment to a Hong Kong account?
Many mainland factories sell through a Hong Kong trading company with a Hong Kong bank account. That is common; check that the Hong Kong company is the seller on the invoice and the contract before you pay.
Why was my payment to China held?
As summarized by PNC Bank, mainland banks check each foreign exchange receipt for a genuine trade background and may ask for the contract, invoice and customs declaration. A payment from a company that is not on the contract can be held while the bank asks questions.
How long does a wire to China take?
Alibaba.com states that international wires for goods take 3 to 7 days on average. Swift reported in 2023 that 89% of payments on its network reached the recipient's bank within an hour, so most of the time is spent at the banks on either side.
Should I pay a Chinese supplier in dollars or yuan?
Most Chinese exporters invoice in US dollars. Paying in yuan saves the supplier a conversion but adds one on your side, so compare the yuan quote at your provider's rate with the dollar quote before you choose.
What does Helm charge to pay a supplier in China?
Helm pays out to China over CNAPS as well as by international wire, and shows the fee for each route before you confirm.
Can I pay a Chinese supplier in USDT?
The People's Bank of China reaffirmed in November 2025 that virtual currency business activities are illegal in mainland China, as reported by The Block. Pay mainland suppliers by bank transfer to the invoicing company.
References
- PNC Bank: Navigating China's regulations on foreign exchange for goods trade
- Alibaba.com: How to pay for goods on Alibaba.com quickly, easily, and securely
- China Briefing: China cancels foreign trade operator registration
- The Block: China's central bank reaffirms crypto ban, flags stablecoin risks (29 November 2025)
- Hong Kong Monetary Authority: Payment Systems (HKD, USD, Euro and RMB CHATS)
- Federal Reserve Financial Services: Fedwire Funds Service operating hours
- Swift: Cross-border payments on Swift exceed the G20's processing speed target (22 August 2023)
- Office of Foreign Assets Control: FAQ 11, Who must comply with OFAC sanctions?
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.