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When sending money to pay suppliers in China, the right exchange rate can increase your profit margins and save you thousands of dollars.
China is packed with numerous manufacturing hubs making it an integral part of the global supply chain and digital economy. In fact, many shipping containers regularly make their way from Chinese ports to Canadian shores as companies restock their inventory. According to Global EDGE, China is number two on Canada’s list of Top 10 import countries.
So, as goods are imported into Canada from China, it naturally follows that many Canadian companies need to send money to Chinese suppliers. Given the large-scale and long-term nature of these transactions, finding the best exchange rates is key to profitability.
Transferring money from Canada to China can be done through various methods, such as online transfer services or banks. To guide you through the process, we've outlined the following steps:
The optimal way to send money to China depends on various factors such as speed, security, and cost. However, some of the most common and reliable ways to wire money to China are:
If you’re looking for the fastest, safest, and cheapest way to send money to China, your best bet is with a specialist money transfer service. It's essential to compare the rates, fees, and processing times of each method before making a decision.
Most supplier payments from Canada to China are made in US dollars, so the USD/CAD exchange comes into play with each transaction. However, the local currency, the yuan (¥), is increasingly becoming popular, so the CNY/CAD also matters.
Securing the best available exchange rate means your money is worth more in USD or Yuan. China has been dubbed the “World’s Factory,” so it’s no surprise that many Canadian companies want a piece of the pie.
These companies can save thousands of dollars individually and millions collectively each year by reducing the cost of large-amount FX exchange conversions.
Here’s a quick example and eye-opener: If you purchase a shipment of goods worth $50,000 USD from China, an exchange rate that’s 5% better than traditional banks saves you $2,500 and gives you more purchasing power.
Ready to send money to China from Canada to pay suppliers? Take a quick peek at the USD/CAD or CNY/CAD current trend to discover the most favorable currency pair at the time of payment.
If you’re tired of settling for the high transfer fees and slow payment processing offered by conventional banks, a foreign exchange specialist like MTFX can help you keep more of your revenue. More specifically, a currency specialist like MTFX offers the benefits:
When sending money to China from Canada, you will need:
There’s an easy and hard way to pay suppliers in China. Banks are notoriously expensive, so that leaves foreign exchange specialists like MTFX to cushion you from wild currency exchange rate fluctuations and high currency conversion costs.
Register for an MTFX business online account today and start paying your vendors in China the easy way.
Yes, you can easily send money online to a bank account in China to settle your outstanding invoice using MTFX's secure online platform. Once you have registered for a business account, you can access it anytime, anywhere, 24/7. Additionally, you can automate your payments, freeing up time to focus on core business matters. MTFX specialists are also available to offer expert guidance should you need it.
Many Canadian companies make business transfers to pay suppliers in China. According to Research Gate, Canada’s top imports from China include:
This is just the tip of the iceberg, as many Canadian companies use MTFX to send money to China to purchase a wide range of goods.
With MTFX, it takes only 24-48 hours to transfer funds to China. This fast turnaround time is essential for maintaining punctuality in business, as it helps you establish a professional image and build trust with your overseas suppliers. With MTFX's speedy services, you can ensure that your suppliers receive their payments within an acceptable timeframe.
Yes, you can transfer money abroad safely with MTFX. Our secure online platform is available 24/7 from any location, ensuring that your payments are sent on time, every time. You can rest assured that your money is safe and secure with MTFX.
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