Repatriation of sales receipts from China
I have been informed that it can be difficult when selling over the internet into China to receive ones payment as the locals can only purchase in their local currency (Rmb).
Can anyone explain to me please if their is a legal way that this problem can be solved.
If they registered with Paypal, it won’t be a problem, otherwise, yes.
Traditionally the process for Chinese consumers to pay for products overseas has been fairly restricted but there are new opportunities which many businesses are still unaware of.
The Chinese authorities have recently taken steps to internationalise the renminbi, and international payments providers now have solutions to facilitate incoming as well as outgoing renminbi payments.
The problem may not necessarily be of legal concern, but rather educational or logistical.
The best next step would be to seek advice from one of our foreign exchange specialists who may be able to advise on a suitable solution.
Please call me on 0207-426-4443 to discuss further.
This is an interesting one and something we are going through ourselves at the moment as we develop an Internet sales channel to China.
Although the RMB has been a closed currency, things are opening up. China buyers generally can all pay with a Union Pay debit card to your e-commerce site. It would convert to your currency at your bank, however, banks need to be set up to receive RMB payments to them. This is more easily arranged with clearing companies and banks in Hong Kong.
I am currently in Hong Kong and investigating all the exact processes so that we can start to carry out our own e-commerce sales to China.
How do you get to your market in China?
This is something we have developed as a speciality service and have set up the necessary Internet and social media strategies within China itself which you really need to do.
Please get in touch if you wish to discuss more. You will find us on the OTE site here.