Procedure of preparing payment orders in CNY
Chinese renminbi yuan
CNY payments mandatory requirements:
- Beneficiary bank name, address and branch name
Example: BANK OF CHINA, NO.1 FUXINGMEINEI ST. XICHEN DISTRICT, BEIJING
- Beneficiary bank (branch) BIC (SWIFT code).
Example: SWIFT BKCHCNBJ
- Beneficiary full name and address
- Payment details: Short Codes for Payment Type (you can choose from attached link) and payment details.
Example: /GOD/ payment for boots, invoice nr. 1/55, contract no.12/78.
If the mandatory details are missing the payment will be rejected.
Client has an obligation to provide, upon Citadele bank request, the export-import documents or other trade documentation to Citadele bank.
Procedure of non-cash CNY exchange
Non-cash CNY exchange – only for Citadele bank’s Clients that are legal entities. The Client must have an opened CNY Current Account in the Citadele bank.
A non-cash CNY exchange is possible if:
- the only purpose of CNY sale/ purchase is the settlement of payments from import/export operations or converting funds earned from them;
- the CNY payment receiver/ CNY payer participating in settlements with the Client is an enterprise;
- the Client has submitted to the Bank:
— copies of export-import documents or other trade documentation (e.g., invoice for goods, contract with a Chinese company, etc.),
— an Order for CNY Currency Exchange Transaction execution (via Citadele online banking or in client service centre of the Citadele bank),
— a CNY Payment Order (in case of buying CNY);
- the necessary funds are available on the current account for the financial collateral, in the amount determined by Citadele bank