You can find relevant information here that you can use for payment instructions to China.
|Name of country:||China|
|Currency:||CNY (Chinese Yuan Renminbi).|
|Account number designated as:||Not known.|
|Structure of the account number:||No standard account number structure is available for China.|
Banks in China check strictly that the information about the payee, which you have included in your payment to China, exactly matches the information the Chinese bank has registered. So copy the payee’s name exactly from the invoice and do not abbreviate any terms. For example: do not abbreviate 'Limited' to 'Ltd'. The opposite also applies: if the invoice contains the abbreviation 'Ltd', copy it like this and do not expand it. If you have too little space, then use the field 'Extra line in name of'.
For payments in CNY currency to a Chinese bank account (excluding Hong Kong), it is mandatory to indicate a ‘Purpose of Payment’ in the payment. Enter the ‘Purpose of Payment’ as a ‘description’ in your payment. After the code, you may add your own extra text to the ‘description’ field. In the chart below is shown which ‘Purpose of Payment’ code you should use for your payment. Choose the code that is appropriate to your trading transaction. This instruction does not apply to currencies other than CNY.
|Purpose of Payment code|
(to be entered in the 'description' field)
|/BUSINESS/GOODS TRADE||Cross border Goods Trade|
Cross border settlement conducted for trade in goods, including individual retail consumptions, general merchandise, goods for processing, goods required for repairing, goods procured in ports by carriers, transactions to be settled by letter of credit, bills for collection, payment of import equipment and advanced payment, etc.
|/BUSINESS/SERVICE TRADE||Cross border Service Trade|
Cross border settlement conducted for trade in services, including individual bill payments, services or fees relating to transportation; travel; communications; construction services; installation projects and their subcontract services; insurance; financial services; computer and information services; royalties and license fees; sports and entertainment; water, electricity and gas bills to be paid by corporations or financial institutions; rent; audit fees; hotel accommodation fees; legal fees; advertising and promotion fees; copyright and design fees; research and development fees; company registration fees; medical expenses; government services not mentioned above and other commercial services, etc.
|/BUSINESS/CAPITAL TRF||Cross border Capital Transfer|
Capital account transactions (capital transfers and acquisition/disposal of non-productive or non-financial assets), capital injection, capital reduction, capital payment, direct investments, securities investments, other investments, shareholder’s loan/repayment, other capital payments as approved by relevant regulatory authorities, fund transfers for foreign direct investment (“FDI”) by enterprises and RMB Qualified Foreign Institutional Investor (“RQFII”) projects by enterprises, bonds, fund transfer between enterprises, individual investments, etc
When you transfer a transaction in euros of more than €250.00 to China with costs option SHA or BEN, processing costs are withheld from the transaction sum by the correspondent bank. These costs are €3.50. For transactions over €2,500.00, the costs are €10.50. Besides this, the payee’s bank may impose charges on the recipient. Do you want to be sure that the payee receives a particular amount? Then choose the costs option OUR. You then pay all the costs, and the payee receives the sum with no costs deducted.
In order to allow your payment abroad to be processed correctly, it is important that you fully complete your payment instruction. This means that, if it is known, a valid BIC/SWIFT code for the payee’s bank should be entered. Besides this, the payee’s details must be complete, and include the account number, full name, address and town or city, to prevent delays abroad. So check your invoice and payment instruction, and request any missing details from your payee.