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.

Example of Payment order in CNY currency

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