The CNY Settlement feature in Subotiz Accounts allows merchants to convert foreign currency held in a Global Account into Chinese Yuan (CNY) and transfer the funds to a mainland China CNY bank account. The feature also supports the required foreign exchange declaration, ensuring compliance with China's foreign exchange regulations. It is designed for merchants who need to settle cross-border business revenue into mainland China corporate or personal bank accounts.
What Is CNY Settlement
CNY Settlement is the process of converting foreign currency into CNY, completing the required foreign exchange declaration, and transferring the funds to a mainland China CNY bank account.
Unlike Global Payout, CNY Settlement is designed specifically for payments sent to mainland China CNY bank accounts. Because these transactions involve foreign exchange settlement, they require foreign exchange declaration and compliance review before funds can be transferred.
Use Cases
CNY Settlement is suitable for the following scenarios:
- Transfer cross-border e-commerce revenue to a mainland China bank account.
- Convert foreign currencies, such as USD, EUR, and GBP, held in a Global Account into CNY.
- Transfer funds to a mainland China corporate bank account.
- Transfer funds to a mainland China personal bank account.
- Settle funds into mainland China in compliance with China's foreign exchange regulations.
Support Multiple Authorized Stores
CNY Settlement supports authorizing multiple stores under a single Subotiz Accounts account.
After stores are authorized, the system automatically synchronizes eligible orders from each authorized store for settlement declaration and combines approved settlement quotas into a single available settlement quota. Merchants do not need to manage settlement quotas separately for each store.
For independent websites or platforms that do not support automatic order synchronization, merchants can also upload Excel order files to apply for additional settlement quota.
Custom Payer Name
CNY Settlement allows merchants to choose the payer name displayed to the recipient based on different business and reconciliation requirements. This capability is powered by POBO (Pay on Behalf Of) and requires no additional configuration. Merchants simply select the preferred payer option when creating a CNY Settlement order.
The following payer options are available:
- No Preference (Default): The receiving bank displays the actual payer name.
- Same-name Payment: The payment is sent using the legal entity name registered when activating Subotiz Accounts. The first use requires review. Once approved, the same payer option can be selected for future settlement orders without additional review.
After Same-name Payment is selected, the system automatically uses the most recent successful same-name payment information, eliminating the need to enter the same information again.
How It Works
CNY Settlement consists of four steps:
- Add and authorize a store.
- Apply for a settlement quota.
- Add a mainland China recipient.
- Create a CNY Settlement order.
After the initial setup, future CNY Settlement orders do not require reauthorizing the store or adding recipients again.
CNY Settlement vs. Global Payout
CNY Settlement | Global Payout | |
|---|---|---|
Destination | Mainland China CNY bank accounts | Bank accounts worldwide |
Foreign exchange settlement | Required | Not required |
Settlement quota | Applicable | Not applicable |
Foreign exchange declaration | Required | Not required |
Receiving currency | CNY only | Multiple currencies supported |
If merchants only need to send funds to overseas suppliers or foreign bank accounts without converting them into CNY, use Global Payout instead.
Before Getting Started
Before using CNY Settlement, confirm that the following requirements are met:
- Subotiz Accounts has been activated.
- Global Payout has been activated.
- The Global Account contains sufficient foreign currency for settlement.
- A mainland China recipient bank account is ready.
- Store authorization has been completed to obtain a settlement quota.
CNY Settlement helps merchants securely and compliantly convert foreign currency held in a Global Account into CNY and transfer the funds to mainland China CNY bank accounts. After stores are authorized, the system automatically synchronizes eligible orders from each authorized store for settlement declaration and consolidates approved settlement quotas into a single available settlement quota.