In 90% of cases — missing documents. Bank of China and ICBC require an English invoice, contract, and customs-declaration copy. Ask your supplier to submit them to their FX-control desk.
International Transfers to and from China: SWIFT, Wise, CIPS in 2026
Cross-border payments to China are governed by SAFE — the State Administration of Foreign Exchange. Individuals are capped at USD 50,000 per year for FX conversion; corporates have no cap but need a paper trail (invoice, contract, customs declaration). Below are the real-world rails and when to use each.
SWIFT — the B2B classic
The default rail for paying a Chinese supplier.
- Beneficiary details: receiving bank (usually ICBC, BoC, CCB), SWIFT BIC, 16–19-digit account.
- Currencies: USD, EUR, CNH (offshore yuan), HKD.
- Fee: USD 25–50 sender + 0.1–0.3% receiving bank.
- Speed: 1–3 business days.
- Required in China: invoice, contract, packing list.
- Caveat: US sanctions can block some banks — Bank of China Shanghai is the safest hop.
Wise (TransferWise) — for small payments
Best for paying freelancers or sub-USD-5,000 orders.
- Supports CNY as receiving currency.
- Mid-market FX rate, no markup.
- Fee: 0.5–1% (5–10× cheaper than SWIFT).
- Speed: 1–24 hours.
- Per-transaction cap: USD 50,000.
- Limitation: recipient needs a Chinese personal bank card; does not credit corporate CNY accounts.
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CIPS — the SWIFT alternative
Cross-Border Interbank Payment System — China's own messaging network, growing fast since 2022.
- Direct CNY rail, no USD leg.
- Fee: USD 10–20 + 0.05% (far cheaper than SWIFT).
- Speed: up to 3 hours in business hours.
- Connected banks: nearly all major Chinese banks + 1,300+ overseas.
- In Ukraine: PrivatBank and Ukrsibbank via Bank of China partnership.
Crypto — the grey rail
Crypto is banned in mainland China, but USDT OTC in Hong Kong is licensed and widely used.
- Flow: USDT (TRC-20) → HK OTC → CNH.
- Total fee: 0.5–1.5%.
- Speed: hours.
- Legal risk: use only licensed OTC desks (HashKey, OSL).
- Not suitable for formal imports — no invoice for customs.
Repatriating revenue from China (for exporters)
If you sell on Taobao / Tmall / Alibaba and earn CNY:
- WFOE (foreign-owned company in China): pay 10% dividend tax → SWIFT out.
- Without WFOE: only via an agent (Yiwu, ZF Group) converting to HKD/USD.
- Individual outbound cap: USD 50,000/year.
- SAFE paperwork: contract, invoice, services-rendered act.
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Unlimited number of conversions, but the annual cap is USD 50,000 equivalent. SAFE tracks it by passport/ID.
CIPS if your bank is connected (PrivatBank in UA is). It's 2–3× cheaper than Wise, 10× cheaper than SWIFT, and avoids the double FX leg.