Open a CNY Virtual Bank Account

The Woalet "CNY" account holds and settles in offshore renminbi (CNH), held through our Hong Kong banking infrastructure. CNH is what foreign businesses can practically transact in - it floats more freely, settles via SWIFT and CIPS, and doesn't require SAFE approvals on every transaction. Onshore CNY is restricted by capital controls and accessible only to mainland-incorporated entities. We label it "CNY" for clarity because that's what most users search for, but the technical and regulatory reality is CNH.

Mainland-based payers can remit RMB cross-border to your CNH account through cross-border-licensed Chinese banks (the major state banks and many joint-stock banks). Funds leaving China are converted from onshore CNY to offshore CNH at parity at the cross-border boundary, then arrive in your Woalet account. Smaller Chinese suppliers without cross-border experience may need guidance from their bank; we provide payer instructions you can forward.

Cross-border RMB settlement runs through CIPS (Cross-Border Interbank Payment System) and SWIFT-CIPS hybrid routes. CHATS in Hong Kong handles HKD-CNH same-day settlement. Within Hong Kong's offshore market, CNH transfers between banks settle real-time during banking hours. There's no equivalent of FedNow or FPS for retail CNH instant transfers - settlement is bank-to-bank, not consumer-style.

No. The whole point of the CNH market is that foreign businesses can hold and settle RMB without going through the WFOE incorporation, foreign exchange registration, and SAFE filings required for onshore CNY. If you eventually need to pay mainland staff or rent in CNY, that requires onshore presence - for cross-border trade settlement, CNH is sufficient.

CNH and CNY trade at slightly different rates because CNH floats while CNY is managed by the PBOC against a basket. The spread is usually small - a few basis points to a quarter percent - but widens during stress periods. Woalet negotiates the conversion rate per transaction, which materially beats the fixed CNH spreads charged by Airwallex or Currencycloud for medium-volume importers.

There's no fixed limit on the offshore side. The constraint is on the mainland sender - SAFE rules govern how much CNY a Chinese entity can convert and send across the border, and this varies by business category, registered scope, and underlying trade documentation. For trade-related payments backed by invoices and contracts, large amounts move regularly. For services or non-trade flows, expect more scrutiny.

Yes - outbound CNH payments to mainland beneficiaries are routed through cross-border channels and arrive as onshore CNY on the supplier's side. The supplier needs to receive RMB on a bank account that supports cross-border inflows; most mainland exporters with any history of foreign trade have this set up. We provide the payment reference format their bank will require.

For trade payments, the sending or receiving bank typically requires the commercial invoice, contract, and sometimes a customs declaration. For services payments, a service contract and tax filing receipt are common. Your supplier or customer's bank drives this list, not us - we move the funds; the underlying documentation lives with the trade counterparty.

No setup or monthly fee. Inbound collection fee, negotiated FX spread, and per-payout cost. For importers with consistent volume, custom rates per transaction are available - this is where the negotiated model meaningfully outperforms providers with fixed published spreads.

Holding offshore CNH doesn't create a mainland Chinese tax obligation by itself. The income source - where the underlying goods or services were rendered - drives Chinese tax treatment. If you sell goods to a Chinese buyer and the goods ship from outside China, there's typically no PRC corporate income tax exposure. Withholding tax can apply to royalties, services with significant onshore performance, and certain financial flows. Confirm with a PRC tax adviser before scaling.

Alipay and WeChat Pay business accounts are mainland-licensed services governed by PBOC and SAFE - funds sit inside China's capital controls. For a foreign business, getting funds out of those wallets to a foreign bank is the hard part. A CNH account sits outside the mainland from day one, so the conversion and withdrawal friction simply doesn't exist.