How to organize ruble payments to China
Posted: Wed Jan 08, 2025 4:17 am
Approximate algorithm:
Check with your bank to see if it allows ruble transfers to China.
Negotiate with your Chinese partner to open an account in a suitable bank and accept payment in rubles.
Draw up an additional agreement for foreign economic activity in rubles.
Here is an approximate list of Russian banks that participate in this program: Sber, Alfa-Bank, Rosbank, MKB, BBR, Dom.RF and First Investment Bank.
For now, the most effective payment method for nigeria whatsapp phone number importers is considered to be transfers to suppliers' ruble accounts opened in one of China's regional banks. As a rule, their names have the prefix "Rural".
There are six Chinese regional banks that, according to official data, work stably with rubles:
Heilongjiang Suifenhe Rural Commercial Bank Company Limited;
Suifenhe Rural Commercial Bank;
Zhejiang Chouzhou Commercial Bank;
Jilin Hunchun Rural Commercial Bank (Swift code: Hcrrcnbh Xxx);
Heilongjiang Dongning Rural Commercial Bank (Swift code: Drcbcnbj);
Kunlun Bank.
The cost of accepting payments in rubles there is from 3% to 7% of the invoice amount for conversion into Chinese yuan. As a rule, transactions are carried out from 2 to 7 business days.
According to market participants, from time to time Chinese regional banks limit the acceptance of rubles if the incoming volume of Russian currency exceeds the bank’s needs.
Important! In China, ruble payments undergo compliance in the same way as yuan payments. Specific crediting times are sometimes difficult to predict, and the risk factor of non-acceptance of payments from Russian banks remains.
On the topic. Business is wary of paying China in cryptocurrency — AUREC co-chairman
What are the prospects for settlements through China's regional banks?
It is important to understand that the demand for regional bank services is likely to increase. Now a small bank can receive as many requests as a large one. As a result, the financial institution risks being unprepared for the influx of new clients. Our advice: if you have found a regional bank that is comfortable to work with, keep it for yourself and do not recommend it to colleagues from Russia.
Check with your bank to see if it allows ruble transfers to China.
Negotiate with your Chinese partner to open an account in a suitable bank and accept payment in rubles.
Draw up an additional agreement for foreign economic activity in rubles.
Here is an approximate list of Russian banks that participate in this program: Sber, Alfa-Bank, Rosbank, MKB, BBR, Dom.RF and First Investment Bank.
For now, the most effective payment method for nigeria whatsapp phone number importers is considered to be transfers to suppliers' ruble accounts opened in one of China's regional banks. As a rule, their names have the prefix "Rural".
There are six Chinese regional banks that, according to official data, work stably with rubles:
Heilongjiang Suifenhe Rural Commercial Bank Company Limited;
Suifenhe Rural Commercial Bank;
Zhejiang Chouzhou Commercial Bank;
Jilin Hunchun Rural Commercial Bank (Swift code: Hcrrcnbh Xxx);
Heilongjiang Dongning Rural Commercial Bank (Swift code: Drcbcnbj);
Kunlun Bank.
The cost of accepting payments in rubles there is from 3% to 7% of the invoice amount for conversion into Chinese yuan. As a rule, transactions are carried out from 2 to 7 business days.
According to market participants, from time to time Chinese regional banks limit the acceptance of rubles if the incoming volume of Russian currency exceeds the bank’s needs.
Important! In China, ruble payments undergo compliance in the same way as yuan payments. Specific crediting times are sometimes difficult to predict, and the risk factor of non-acceptance of payments from Russian banks remains.
On the topic. Business is wary of paying China in cryptocurrency — AUREC co-chairman
What are the prospects for settlements through China's regional banks?
It is important to understand that the demand for regional bank services is likely to increase. Now a small bank can receive as many requests as a large one. As a result, the financial institution risks being unprepared for the influx of new clients. Our advice: if you have found a regional bank that is comfortable to work with, keep it for yourself and do not recommend it to colleagues from Russia.