How to send RMB payments to China: The best options
Last updated: 27 Nov 2025
If you’re a business looking to make cross-border payments in renminbi (RMB), the first thing you need to know is that there are two official currencies in China: CNY and CNH.
Both currencies are known as RMB. CNY, or onshore renminbi, is traded within China, while CNH is traded in the offshore market. That means that, as a Singaporean business, you’re traditionally limited to holding and paying in CNH.
However, this puts you at a disadvantage, as many Chinese suppliers prefer to be paid in CNY, their local currency. Some even offer large discounts or better terms to buyers who can pay in their preferred currency, as it reduces their FX costs and processing time.
WorldFirst is one of the only payment platforms that allows you to send funds to Mainland China in CNY, CNH and the US dollar. Our World Account has helped over one million businesses make fast, low-cost payments worldwide.
To help you simplify your process of sending and receiving RMB payments, this guide will cover:
- What’s the difference between CNH and CNY?
- When should you use CNY?
- When should you use CNH?
- How WorldFirst helps you make RMB payments and save on transaction costs
To simplify your RMB payments to China, open your World Account for free today.
What’s the difference between CNH and CNY?
The main difference between the two Renminbi is the way they’re regulated:
- CNY is China’s onshore currency. It’s used within Mainland China and managed by the People’s Bank of China (PBOC) which essentially controls the value of currency. That means if the PBOC was to print and release money into the markets, it would use CNY to do so.
- On the other hand, CNH is the offshore version of the renminbi, and it’s regulated by the Hong Kong Monetary Authority. It’s freely traded outside China in global financial centres like Singapore and London.
Here’s a more detailed look at the differences between the two:
| CNY | CNH | |
|---|---|---|
| Stands for | Chinese Yuan (Onshore RMB) | Chinese Yuan (Offshore RMB) |
| Market | Mainland China | Hong Kong, Singapore, London, New York and other global financial centres |
| Usage | Domestic trade and payments within China | International trade, investments and FX settlements |
| Exchange rate | Controlled by the People’s Bank of China | Market-driven, more flexible and volatile |
| Hedging capabilities | Fewer, mainly domestic financial products | Wider range of FX forwards, swaps and derivatives available offshore |
The exchange rate between CNH and CNY is not consistent, even if it’s officially pegged at one:one. These currency variations (and potential conversion fees) can have an influence on your final transaction costs. This is why it’s important to be intentional about which currency you’re paying in.
When should you use CNY?
Generally, paying suppliers in CNY is the most convenient option for global businesses that make frequent payments to China. It makes sense to use CNY if you:
- Want to widen your access to Chinese suppliers: If you’re sourcing products from China, some domestic platforms (such as 1688.com) will only accept payments in CNY. If you can pay in CNY, you’ll be able to access a wider pool of suppliers that offer more competitive prices compared to international platforms like AliExpress.
You can find out more about 1688 here: WorldFirst and 1688.com: All you need for wholesale sourcing in Singapore - Hold a registered entity in Mainland China: CNY is the standard currency for all domestic transactions in Mainland China, so paying in CNY ensures that you comply with local settlement rules.1
- Want to save on costs when importing from Chinese suppliers: Imagine you purchase stock from a Mainland Chinese supplier who wants to charge CN¥100,000 for your order. If they issue the quote in CNH or USD, they might inflate the price to protect against conversion fees and FX risk. However, if you can pay directly in CNY, you’ll likely benefit from lower sourcing costs.
When should you use CNH?
It makes more sense to pay in CNH if your business is outside of Mainland China and you:
- Need RMB payments to settle quickly: Paying in CNH allows you to move funds more easily across borders, without needing to deal with complex onshore regulations or restrictions on currency conversion. It’s a great option for companies that need to make fast business payments to China.
- Want to invest in RMB: Using CNH is ideal if you want to hold renminbi balances or invest in RMB-denominated products outside China. CNH can also be traded as a deliverable forward currency, which means you can enter into forward contracts to hedge against currency risk, or potentially gain from favourable forward rates.
- Want to save on costs with bulk transfers: If you convert a lot of SGD into CNH, you’ll likely save money from bulk transfer discounts, compared to sending lots of smaller CNY transactions. You can do this because CNH is freely traded, meaning you can buy and hold as much as you’d like.
Although it could be slightly more expensive to pay in CNH than CNY, it’s still a cheaper alternative to paying suppliers in other currencies like USD or SGD.
Read more: How to send money to China: A guide for international businesses
How WorldFirst helps you make RMB payments and save on transaction costs
WorldFirst is a global payments solution that helps Singapore businesses send international payments in CNH, CNY and 100+ other currencies.
With our multi-currency World Account, you can pay suppliers, partners and staff like a local, all while managing your transactions from one central platform. It’s free to hold and receive funds in 20+ local currencies (including CNH), and you’ll benefit from reduced FX costs as you can convert currency only when you need to.
We’re regulated by the Monetary Authority of Singapore (MAS) and we partner with leading financial institutions and global banks like Barclays, HSBC and J.P. Morgan, to ensure that every transaction is secure.
Here’s how WorldFirst helps you send and receive RMB payments:
Pay in CNY and widen your access to Chinese suppliers
With WorldFirst, you can make real-time payments directly in CNY to your suppliers in China.
From your World Account, it’s easy to make payments in CNY. As long as you hold a G10 currency – such as USD, GBP or EUR – you can easily set up a payee and transfer CNY directly to your suppliers’ account.
This gives you access to a wider range of Chinese suppliers that don’t accept foreign currency or offshore RMB. Paying in a supplier’s preferred currency might also strengthen your relationship with them, since they’re more likely to offer you discounts and deals.
You can also use your World Account to make free instant payments to other World Account holders, including the 150,000+ Chinese suppliers who already use WorldFirst. You can pay up to CN¥1.5 million per supplier per day.
Additionally, you can use our built-in integration with 1688.com, one of China’s largest domestic B2B marketplace, to pay Chinese wholesalers on the platform.
Read more: Importing from China to Singapore: How to keep costs low and suppliers happy
How to pay in CNY with WorldFirst:
To pay in CNY from Singapore, simply:
- Go to “Payments” in the WorldFirst portal and click “Pay CNY to China”, then add your supplier’s details and required documentation
- Add payee details and choose the right bank or Alipay account
- Click “Create a trade order” and submit contract details to obtain your payment quota
- Select the payee, currency and amount and enter the six digit code sent to your phone
Hold, receive and pay in CNH for stronger business relationships
Supplier quotes in USD are often inflated to cover FX fluctuations, but if your suppliers can receive offshore RMB, then paying in CNH can save you money.
With WorldFirst, you can convert from SGD to CNH instantly and make payments through local settlement routes. You’ll also benefit from same-day or next-day clearing, which improves cash flow for your suppliers and further improves their trust. With WorldFirst, 80% of payments settle on the same day, and 90% settle next-day.
Alongside CNH, you can hold and receive 20+ other currencies in your World Account, which makes it easier for you to pay suppliers worldwide.
How to hold funds in CNH with WorldFirst:
To start holding CNH in your World Account, all you need to do is:
- Go to ‘Account details’ in your World Account dashboard
- Click ‘Add a new receiving account’
- Choose ‘CNH’ and give the account a name/label
- Your account will be created in seconds, so you can convert SGD into CNH and add it to your balance immediately
- Open 20+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Benefit from low FX rates and cost certainty
While other payment providers might charge as much as 3% for currency conversion, WorldFirst helps you keep costs low by making it affordable to send and receive direct payments from China.
For China payments, FX margins are capped at 0.6% on top of the mid-market exchange rate. You can even bypass this fee entirely if you hold CNH and pay in that currency.
With WorldFirst’s forward contracts, you could also lock in an exchange rate for up to two years. This means you can secure today’s conversion rate for a payment you plan to make in the future, which helps you reduce your exposure to foreign exchange movements.
We offer both fixed contracts, where you exchange all your funds on one specific date, and flexible contracts, where you can convert smaller portions of your funds across multiple dates.
Use your World Card to pay in CNH with zero FX fees
The World Card is a virtual debit card that allows you to pay in CNH and 14 other major currencies with zero FX fees (when you pay from existing currency balances).
When you open a World Account, you can apply for up to 25 free virtual World Cards that you can use wherever Mastercard is accepted. You can use your virtual cards to segment your spending by assigning a card to a currency, vendor, marketplace or team, or by using a separate card for each type of expense – such as digital ads or supplier payments.
Additionally, you can earn up to 1.2% unlimited cashback on your eligible business expenses when you use your World Card – one of the highest cashback rates in Singapore.
Read more: How to choose a virtual debit card for international payments
Make fast RMB payments to China and save on FX fees with WorldFirst
Understanding which renminbi to use helps you avoid unnecessary FX costs and payment delays. While paying in CNH may often be quicker and more convenient, paying CNY might help you widen your access to suppliers and secure better deals.
With WorldFirst, you can pay Chinese suppliers in both currencies, giving you access to more suppliers and sourcing options across Mainland China. WorldFirst helps you make same-day payments in your supplier’s preferred currency, which strengthens your business relationships.
You’ll also pay zero FX fees when spending in CNH with your World Card, and can lock in exchange rates for up to 24 months for better FX risk management.
Open a World Account for free and start paying in RMB with ease and confidence.
FAQs:
What’s the difference between CNY and CNH?
CNY and CNH are two types of Chinese renminbi. CNY is China’s onshore currency, used for domestic payments within Mainland China, whereas CNH is the offshore currency, traded internationally in markets like Hong Kong, Macau and Singapore.
When should I pay in CNY?
Use CNY when your supplier asks for payment to a mainland Chinese bank account, or when you’re operating within China and must follow local settlement rules.
When should I pay in CNH?
Use CNH if you’re outside Mainland China and want a faster, more flexible payment process. CNH allows you to pay suppliers directly in their preferred currency without dealing with China’s onshore regulations.
How fast are RMB payments with WorldFirst?
Most RMB payments arrive within the same day or next business day, depending on when they’re submitted and whether you’re doing business in CNH or CNY.
How much does it cost to convert from SGD to CNH with WorldFirst?
WorldFirst offers competitive FX rates with conversion fees capped at 0.6% in major currencies, and you can avoid fees altogether by holding CNH balances in your World Account.
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