When you send money to your supplier via UnionPay using REasy the funds are delivered directly in CNY to the supplier’s personal bank account linked to their UnionPay card
This is a reliable method for suppliers who prefer to receive payments directly to their bank in China
How the process works
- You complete the payment through REasy
- REasy converts your XAF to CNY and sends the funds to the supplier’s UnionPay card
- The supplier receives an SMS from their bank
- The money is automatically credited to their CNY bank account linked to their UnionPay card
- The supplier does not need to take any additional action after you send the money
First time receiving
If this is the first time your supplier is receiving international funds through UnionPay their bank may request additional verification
The supplier may need to present their Chinese ID or other supporting documents if required by the bank
Constraints and limitations from China side
- Only Mainland Chinese Citizens can receive CNY through UnionPay personal bank accounts
- The supplier must provide their Mainland China ID card number
- Maximum 35,000 CNY per transfer
- Maximum 400,000 CNY per year per recipient
- Only personal bank accounts linked to UnionPay are supported
- Business accounts are not supported via this method
- If daily or yearly limits are exceeded the payment will fail and be refunded
Timing
- In most cases funds are received on the same working day
- If the supplier reaches their daily receiving limit the funds may arrive the next working day
- If verification is required by the bank it may take additional time
Important notes
- The supplier’s name must match exactly the name on their UnionPay card and CNY bank account
- The UnionPay card must be linked to a valid CNY bank account that supports receiving international payments
- If the wrong card number or ID is entered the payment will fail and be refunded