Payment of bills (invoices) in China. How to send money to China?

The very dynamic development of Chinese companies, which offer a huge range of different goods on the world market, has naturally affected the growing popularity of working with suppliers from the Middle Kingdom in Ukraine. Today there are many functional applications through which you can order products of excellent quality at a much lower price than they are offered in our country. However, when placing such an order and its delivery there are some nuances. For example, clients have a question about how to transfer money to China to pay for goods.

Understanding the bill payment process in China

Registration of any goods through various services for the sale of goods from China has its own specifics. Considering the fact that delivery involves mandatory customs control and inspection, special invoices are issued. These are invoices, which represent a waybill, in other words, a shipping document used in the international supply system.

Invoices are issued directly by suppliers of goods. The client needs to make a payment. And in the specified currency.

Depending on whether the purchase is made by a private individual or an entrepreneur, the types of invoices differ. Accordingly, there are ways to transfer money to China. Today the following options are used:

• commercial invoices;

• invoice proformas.

Each of these documents is designed to eliminate problems during customs control. After approval of the exact amount for the goods, a method is selected for transferring money to China.

Before transferring funds using the specified details, it is important to make sure that the invoice is filled out correctly, namely:

• date of order;

• invoice number;

• unit cost if this is a wholesale order;

• KVED of goods;

• bank details for payments to China;

• full name of the product;

• serial numbers;

• parcel volume and weight.

In fact, it’s enough to figure out how to transfer money to China once, and then everything will be much simpler using the standard algorithm.

Choosing a method to transfer money to China

Not all Ukrainian banks provide the opportunity to transfer money to a bank account in China. This is what double conversion is for. Accordingly, the user needs to take into account possible additional costs. With a small quantity of goods this will not be critical, but with wholesale shipments the situation changes dramatically. Therefore, you need to find the best way, taking into account all the associated costs, how to send money to China.

Understanding the popularity of this area, many financial organizations provide their services to simplify settlements with suppliers for users of Chinese products from Ukraine. Transfer to China can be done through:

• bank transfers, if such an option is provided in the functionality of a particular service;

• various online payment systems;

• special payment services that support payments to China.

To complete a transaction, you typically need:

• register on a service that offers the most favorable conditions;

• indicate all invoice information required in the application form;

• indicate the transaction amount for transfer to China;

• make sure that you are satisfied with the commission conditions under which money is transferred to China;

• enter bank details;

• confirm the transfer of money to China using the selected verification method.

After this, you can receive a receipt for successful payment digitally. It is better to save it until you receive the goods.

Thus, the algorithm for how money transfers to China are carried out is not very different from usual transactions. The main task is to find a service that provides interaction with the supplier’s bank.

Features of taxation and regulation

Money transfers to China for various goods are subject to specific tax conditions. According to current legislative norms, which were adjusted in 2022, payment of a duty of 10% and VAT of 20% of the amount of goods is provided for the cost of a parcel over 150 euros.

Conclusion

For individuals, there are no legal problems with the profitable purchase of goods from China. To quickly find a suitable service where fast translations are carried out with security guarantees, it would be a good idea to study reviews on thematic forums about different payment systems.