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 globalEDGE, 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.
Why the USD/CAD or CNY/CAD exchange rate matter?
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 from Canada to pay suppliers in China? Take a quick peek at the USD/CAD or CNY/CAD current trend to discover the most favourable currency pair at the time of payment.
What is the current CNY/CAD excahnge rate?
What is the best way to send money to China?
If you’re tired of settling for the high transfer fees and slow payments 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:
Better rates. MTFX has rates that are 3-5% better than banks, so you get the best value for money than with any other transfer option.
Lower fees. Forget about high transfer fees and additional bank charges. With MTFX, you get competitive transfer fees and no nasty surprises.
Secure and convenient online platform. Get ready to streamline your supplier payments, which goes a long way towards improving your relationship with your suppliers.
Fast processing payments. Your Chinese suppliers can receive funds within 28-48 hours. Do you know that paying your dues quickly and efficiently gives you more negotiating power to improve payment terms?
What bank details are needed to transfer money to China?
When sending money to China from Canada, you will need:
Beneficiary account number
Bank Swift code
Reason for transfer
Can I send money to a bank account online?
Yes, you can send money to a bank account in China to make good on your outstanding invoice. Once you have registered your MTFX business account, you can now access it 24/7, anytime, anywhere. In addition, you can automate your payments, which leaves you with more time to focus on core matters. Should you need help, MTFX specialists are always on standby to offer expert guidance.
Who uses MTFX to send money to China?
Many Canadian companies make business transfers to pay suppliers in China. According to Research gate, Canada’s top imports from China include:
Electrical or electronic machinery and equipment
Clothing, apparel, and footwear
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.
Send money to China today
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.
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Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.