This FAQ covers common questions about CNY Settlement, including supported currencies, settlement quotas, exchange rates, delivery times, recipient accounts, and payer names. Use this guide to understand key CNY Settlement features and requirements.
Features and Supported Scenarios
Which currencies does CNY Settlement support?
CNY Settlement allows merchants to convert foreign currency balances held in a Global Account into Chinese Yuan (CNY).
Major currencies such as USD, EUR, and GBP are currently supported. Available settlement currencies are based on the options displayed on the CNY Settlement page.
What is the difference between CNY Settlement and Global Account?
CNY Settlement is used to convert foreign currency held in a Global Account into CNY and transfer the funds to a mainland China CNY bank account. The process involves settlement quota management and foreign exchange declaration.
A Global Account is used to hold and manage foreign currency balances. CNY Settlement uses funds from a Global Account and provides the additional settlement process required to transfer those funds into mainland China in CNY.
Settlement Quota
Where does the settlement quota come from? Do I need to apply manually?
No manual application is required for orders that can be synchronized automatically.
After a store is authorized, the system automatically synchronizes eligible paid and fulfilled orders from the past 340 days and submits them for review. Once an order is approved, the corresponding amount is added to the Available Quota.
For independent websites or platforms that do not support automatic order synchronization, you can upload an Excel order file to apply for additional settlement quota.
Can I authorize multiple stores? Can they share the settlement quota?
Yes.
You can authorize multiple stores. Approved settlement quotas from all authorized stores are combined into a single Available Quota that can be used to create CNY Settlement orders. You do not need to manage a separate quota for each store.
Why is my Available Quota insufficient?
The Available Quota includes only amounts from orders that have passed review.
Your Available Quota may be insufficient for the following reasons:
- Store authorization has not been completed.
- Orders have not yet been synchronized or are still under review.
- Submitted orders did not pass review.
- The CNY Settlement amount exceeds your remaining Available Quota.
Wait for pending reviews to be completed or submit additional eligible orders to increase your Available Quota.
Exchange Rates and Delivery Times
How long does a CNY Settlement transfer take?
CNY Settlement transfers are processed through mainland China's local clearing network.
Under normal conditions, funds are expected to arrive within approximately 2 minutes to 2 hours. Actual delivery times depend on the recipient bank's processing time.
How is the exchange rate calculated? Can it change after I submit the order?
CNY Settlement uses real-time market exchange rates provided by the settlement provider.
When you reach the confirmation page, the system locks the displayed exchange rate for 45 seconds. Complete the submission within this period to use the locked rate. If the rate expires before you submit the order, return to the confirmation step to receive a new exchange rate.
Recipients
What are the requirements for recipient accounts?
CNY Settlement supports mainland China CNY bank accounts only.
The following recipient account types are supported:
- Business bank accounts
- Individual bank accounts
The recipient account must meet applicable mainland China banking requirements and pass the required review before it can be used for CNY Settlement.
What payer name will the recipient see?
By default, the payer name displayed to the recipient is the name of the licensed payment partner processing the transfer. The exact payer name may vary depending on the payment partner.
To send the payment using your registered business name, select Same-name Payment (POBO).
The first Same-name Payment to a recipient requires review, which typically takes 1–2 business days. Once approved, subsequent Same-name Payments to the same recipient do not require another review.
Transaction Limits
Is there a maximum amount for a single CNY Settlement order?
Yes.
The maximum amount for a single CNY Settlement order is CNY 10,000,000.
Order Processing
Why does my CNY Settlement order show Required?
A Required status means additional information or documents are needed to process the order.
Open the order details and provide the requested information or documents as prompted. Once submitted, the order will re-enter the review process.