Importing from China to Singapore: How to keep costs low and suppliers happy
Last update: 13 Jun 2025
If your business is looking to import from China, there are a number of challenges you’ll need to overcome. You’re in the right place if:
- You’re not sure how to find the right suppliers for your business
- You’re looking to keep imports from China as affordable as possible
- You want to ensure fast payments to suppliers, so you can foster strong working relationships and enable your business to move on opportunities quickly
In this article we break down the best ways to import from China to Singapore, covering everything you need to know.
Read on to learn:
- What you need to do to successfully import from China to Singapore
- How WorldFirst makes it easier to import from China to Singapore
- What else you can do with a World Account
- How Party BestBuy grew internationally through WorldFirst’s integration with 1688.com
Looking to get started ASAP? Click here to sign up for a World Account and start paying Chinese suppliers more easily.
What you need to do to successfully import from China to Singapore
If you want to import from China but you’re not sure where to start, here’s a breakdown of how to do it in the most efficient way possible.
1. Set up a multi-currency account to pay suppliers affordably and on time
If you use a Singaporean business bank account to pay Chinese suppliers, your bank is likely to charge you a percentage fee for every transaction when converting SGD to RMB. But as the exchange rate fluctuates constantly, you may find that your supplier payments vary from month to month too. So, not only will you be paying additional fees for currency exchange, but you’ll also find it’s difficult to forecast your costs.
Unfortunately, additional costs aren’t the only problem with international payments. Typically, these take much longer than domestic transactions, as they use the SWIFT network, which can take up to six days for funds to settle. This can cause delays to your imports.
Using a multi-currency account can help you overcome both of these challenges, by keeping the costs of supplier payments low and settlement speeds fast. Such an account lets you hold funds in CNH, so your business can save on fees and settle funds faster when paying Chinese suppliers. Plus, you won’t need to open a bank account in China to benefit.
Fast payments are critical for fostering positive relationships with your suppliers. Suppliers will always favour customers who pay them promptly. Paying out quickly is one of the best ways to keep your preferred suppliers working with you, and a multi-currency account is the best way to do that.
You can find out more about WorldFirst’s multi-currency solution below.
2. Find a reliable supplier who can ensure quality
In a time when customers can simply click a button to return an item with any kind of defect, getting the right supplier is crucial. After all, it’s your responsibility to manage product returns, investigate the claim and potentially send out a replacement. All of this is both costly and time-consuming.
It can also be difficult to establish supplier relationships when there are language and cultural differences at play. You don’t want to find yourself not getting the product or service that you were expecting.
So what do you do? Carry out a thorough search and compare suppliers to find the best option for your business.
Supplier marketplaces, such as 1688.com and TaoWorld, give businesses access to thousands, if not millions, of manufacturers, suppliers and bulk-buying options. They act as a one-stop solution for sourcing products, making payments and arranging delivery.
3. Ensure you meet regulatory requirements for import/export
If it’s your first time importing from China, there are some logistics you’ll need to sort out, including business registration, permits, tax duty and more. Here’s a checklist of what you’ll need to have covered.
1. Register your business with the ACRA
Firstly, you’ll need to register your business with the Accounting and Corporate Regulatory Authority (ACRA) to be allowed to import into Singapore. This guide produced by the ACRA walks you through the process, including helpful videos.
Once your business is registered, you’ll be given a Unique Entity Number (UEN), which acts as your business identification number. You’ll need to quote this number whenever dealing with Customs.
Finally, you then need to activate your Customs account, which you can do here. This acts as your hub for managing anything relating to Customs, such as permit applications and paying duties.
Once you’ve done that, step one is complete!
2. Check if your goods are controlled
If the items you’re importing are classified as “controlled goods”, you’ll need a specific licence to import them.
This predominantly applies to goods which can carry risk to health and safety. There are 33 categories of controlled goods in total, which include air coolers, lamps, lighting fixtures, washing machines, fireworks and more.
If your goods are controlled, you’ll need to contact the relevant competent authority for approval, for example the HSA for healthcare goods or the IMDA for telecoms equipment. The authority will then give you your importing permit.
The full list of controlled goods can be found here, along with the required safety standard for each category.
3. Set up an Inter-Bank GIRO
An Inter-Bank GIRO (IBG) is what enables you to pay tax and duties (as well any potential fines or penalties) to Singaporean Customs. Unless you’re using a declaring agent to pay taxes and duties on your behalf, you’re required to apply for an IBG.
The approval process usually takes 3–4 weeks. Here is a link to the application form.
4. Apply for security for your transactions through Singapore Customs
You’ll need to apply for security for transactions involving dutiable goods. This is basically an agreement between your business and Singaporean Customs to ensure that you’ll fulfill your required duties as an importer, including paying required import taxes.
The most common forms of security are banker’s guarantees and insurance bonds. You can furnish security here.
5. Obtain required import permits through a declaring agent or via TradeNet
All businesses need to obtain a permit to import from any country. That applies even if the goods are for personal or temporary items – with the only exception being goods of value lower than SGD $400.
To obtain a permit you’ll need to either appoint a declaring agent, or do it yourself through a service like TradeNet, where you’ll have to register as a declaring agent yourself. You’ll then need to provide some information such as a commercial invoice and packing list, and pay a small fee.
More info can be found here.
6. Prepare documentation for cargo clearance
Ensure you have the following documents so that your goods can be imported smoothly. If you’re importing by air, you’ll need printed copies of these documents to show to import officers:
- Commercial Invoice
- Packing List
- Bill of Lading or Air Waybill
- Certificate of Origin
- Certificate of Insurance
- Import License (if applicable)
More information can be found here.
7. Arrange shipping
International shipping options will most likely be provided by your supplier. However, in situations where you need to arrange consignment yourself – for instance if you’re purchasing goods from much smaller suppliers – there are various options you can choose.
The faster the delivery, the higher the shipping costs will be, so you’ll need to evaluate how important it is to get your purchase within a specific time frame, or whether you can plan your deliveries a little further in advance. Here are estimates on average timelines for various shipping methods from China to Singapore:
- Air freight: 3–5 days
- Sea freight: 10–12 days
- Express shipping (e.g., DHL, FedEx): 3–5 days
8. Understand taxes and duties
Don’t forget that there are taxes to pay on imported goods over a certain value. Goods and Services Tax (GST) is 9% on imports valued over SG$400.
You may also need to pay customs duties. These don’t apply to the majority of goods, but are applicable to specific goods like alcohol, tobacco, and motor vehicles. Each item has its own rate.
You can find a full list of items that incur customs duties, and their rates, on this page.
- 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
How WorldFirst makes it easier to import from China to Singapore
If you’re looking to pay suppliers in China – or anywhere else across the world – WorldFirst can help. We’ve been operating for over 20 years, and we’ve helped more than a million e-commerce businesses across the globe make and receive over $300 billion in payments.
Our World Account is a multi-currency account for businesses expanding globally, designed to make international trade simple. It gives you local payment details in 20+ currencies, including CNH. This way, you can pay your Chinese suppliers easily, quickly and affordably, taking many of the complications out of importing.
Below are some of the ways a World Account helps to make importing from China easier.
Save costs and make payments in real-time with WorldFirst’s multi-currency account
Whether you’re making a payment on a supplier marketplaces or dealing with suppliers directly, it helps to pay them in their local currency.
With a World Account, you can hold CNH (along with 20+ other currencies if you need them) and pay your suppliers with local account details in China. This brings two key benefits to your business:
- Save on international transactions with zero fees for cross-border payments. Simply transfer funds from SGD to your CNH account, and then you can make payments to suppliers like a local.
- Pay your international suppliers quickly with local account details. With a World Account, you can send and receive funds using local details, so funds are settled more quickly. Supplier payments from a World Account often arrive on the same day – compared to up to six days with SWIFT – as they use local payment networks.
Compared to a traditional corporate bank account in Singapore, using a multi-currency account may mean faster supply chain operations, lower transaction costs and ultimately happier suppliers.
Easily find suppliers through WorldFirst’s direct integrations with 1688.com and other Chinese marketplaces
We‘ve highlighted how using wholesale marketplaces is the most convenient way to source your goods. With a World Account, you have a direct integration with marketplaces such as 1688.com and TaoWorld – so you can easily find and pay suppliers.
WorldFirst is the only account provider with a direct integration with 1688.com. While the integration makes things easy for you as a buyer, it also provides a better supplier experience, as they receive their payment almost instantly.
All you need to do is set up an account on 1688 and link your World Account to it. Find out how to do this here: How to link my World Account to 1688.com.
Make payments in over 100+ currencies
Your World Account also enables you to benefit from more affordable, and more predictable, currency conversion in 100+ currencies.
For one thing, WorldFirst enables you to lock in favourable rates using forward contracts, which can be fixed for up to 24 months. Converting currency in this way means you always know how much you’re paying, regardless of fluctuations in the market.
Alternatively, you can instruct WorldFirst to make a conversion whenever your target exchange rate is met. This ensures you’re getting the deal you want without having to continuously monitor the market. You can even be alerted when your desired rate becomes available and make a decision on the spot.
What else you can do with a World Account
Now that you’ve sorted out how to pay suppliers in China, what else can you do with your WorldFirst account?
Sell on marketplaces all over the world
WorldFirst lets you easily connect with 130+ marketplaces and payment gateways all over the world, such as Shopee, Carousell, or Amazon.
If you want to sell on international marketplaces, you often need a local account in the country where you’re selling. With WorldFirst, simply create a currency account and you’ll be able to receive your sales revenue there.
In the same way that your World Account gives you local details in CNH, you can also receive payments in 20+ currencies, before converting them to SGD at a time and rate that suits you.
Manage your entire business finances in one place, online
With WorldFirst, you’ll never need to go into a branch to perform any service with us.
Instead, whether you need to move money between currencies, make payments to suppliers overseas or access a virtual card for payments, it’s all possible through a single online platform. You can also connect all of your financial operations to accounting service providers like Xero and NetSuite, helping you to manage your finances with a well-established tool.
If you ever need to speak to us, we have local support teams based in Singapore, as well as in 30+ other offices around the world.
Save on operational costs with no maintenance fees
There’s no fee to open a WorldFirst account, and we don’t charge a monthly account fee, or any fees for converting your funds. You’re also not required to keep a minimum monthly balance.
Get account details in 20+ currencies at no cost. And if your business needs a virtual card to make card payments, you can apply for a World Card for free. These cards charge 0% FX fees in 15 currencies and even earn you cashback with every purchase you make.
How Party Bestbuy grew through WorldFirst’s integration with 1688.com
Party Bestbuy is a company specialising in party supplies, from wedding and birthday decorations to supplies for other events.
Rocky Yan, founder of Bestbuy, was sourcing from 1688.com because it offers access to the highest number of sellers in China and the best prices for the products his business needs. However, he was having to wait days for his payments to suppliers to clear, which meant delays in his stock being delivered.
He turned to WorldFirst to streamline supplier payments. With a World Account, Party Bestbuy can pay Chinese suppliers on 1688.com instantly. Rocky knows where his funds are and feels confident that the transaction is secure.
WorldFirst has sped up procurement, reduced cash flow gaps and ensured faster delivery of goods.
View the full case study here:
Take your business to the next level with easy importing from China, through WorldFirst
There’s lots to think about before you start importing from China. Once you’ve done that, you don’t want the ongoing challenges of high transaction costs and slow settlement speeds.
A World Account enables you to sidestep these challenges, with the ability to pay suppliers quickly, easily and affordably. As you grow, you’re then prepared to expand into new areas with one account to manage all business operations.
Ready to get started? Sign up for your World Account today and get approved within 24 hours.
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