Bridging Payments Gap Between Europe and China

30 July 2020

China is not only the second-largest and fast-growing economy, but also an important trading partner of the European Union: the EU is China's largest trading partner, while China is the EU's second largest trade partner after the United States. Major Chinese banks have opened their branches in the European countries, focusing on providing international trade finance services to corporations involved in trading with China. However, payment needs of over 2,3 million people of Chinese origin living in Europe and small- and medium- Chinese enterprises are mainly addressed by electronic money institutions (EMIs). Several European EMIs offering accounts in Chinese Yuan (CNY), transfers to China and foreign exchange services are covered in details below.

EMI Accounts in CNY Cards in CNY Transfers to China ForEx CNY Acquiring in CNY
Yes No Yes Yes Yes Open Account
Yes No Yes Yes No Open Account
Yes Yes Yes Yes No Open Account
No No Yes Yes No Make Transfer
No No Yes Yes No Make Transfer
No No Yes Yes No Make Transfer

IBS Lithuania

UAB IBS Lithuania Logo

UAB IBS Lithuania is an electronic money institution focused on digital banking services between Europe and China. UAB IBS Lithuania offers virtual personal IBAN accounts, virtual business IBAN accounts, merchant accounts with IBAN, physical prepaid cards (coming soon), virtual prepaid cards (coming soon), SEPA transfers, SWIFT transfers, international payments, currency exchange, customer payments processing, Alipay, WeChat Pay and UnionPay international acquiring solutions to private individuals, international businesses, financial institutions, merchants. In 2019 UAB IBS Lithuania had total customer funds to be safeguarded of 3.08 mln EUR, UAB IBS Lithuania generated gross profit of 224,000.00 EUR. Incorporated in Lithuania, UAB IBS Lithuania is authorized and regulated by the Bank of Lithuania.

IBS Lithuania IBAN Accounts

Available to Chinese citizens
Available to Chinese companies

Account Currencies

Accounts offered by IBS Lithuania are multi-currency accounts, allowing account holders to keep their funds in EUR, USD, GBP, HKD, CNY, RUB, DKK, PLN, CZK, NOK, SEK, AUD, CHF, JPY, AED, CAD, HUF, RON, BGN, TRY, KZT, NZD, INR, ILS, MXN, ZAR, SGD, BYN, THB.

Transfers to China

IBS Lithuania allows to perform SWIFT transfers to China.

Payments Acquiring

IBS Lithuania provides a solution for European E-commerce platforms allowing Chinese customers to pay using their local payment means, for example e-wallets and UnionPay payment cards.

Open Account

SatchelPay

Satchelpay UAB Logo

Satchelpay UAB is an electronic money institution focused on facilitating global payment transactions. Satchelpay UAB offers virtual personal IBAN accounts, virtual business IBAN accounts, merchant accounts with IBAN, physical prepaid cards, virtual prepaid cards to private individuals, international businesses, financial institutions. In 2019 Satchelpay UAB had total customer funds to be safeguarded of 2.42 mln EUR, Satchelpay UAB generated gross profit of 633,000.00 EUR. Incorporated in Lithuania, Satchelpay UAB is authorized and regulated by the Bank of Lithuania.

SatchelPay IBAN Accounts

Available to Chinese citizens
Available to Chinese companies

Account Currencies

Accounts offered by SatchelPay are multi-currency accounts, allowing account holders to keep their funds in EUR, GBP, CHF, CNY, JPY, AED, TRY, ILS, PLN, HUF, DKK, SEK, NOK, RON, HRK, CZK, AUD, NZD, CAD, MXN, HKD, SGD, RUB, ZAR, SAR.

SatchelPay Payment Cards

Available to Chinese citizens
Available to Chinese companies

Card Providers

Transfers to China

SatchelPay allows to perform SWIFT transfers to China.

Open Account

TransferWise

Transferwise Ltd Logo

Transferwise Ltd is an electronic money institution focused on international money transfers. Transferwise Ltd offers prepaid cards, international money transfers, virtual accounts with IBAN to individuals, businesses. In 2019 Transferwise Ltd had total assets of 1,108.80 mln GBP, Transferwise Ltd generated net income of 10.30 mln GBP. Incorporated in the United Kingdom, Transferwise Ltd is authorized and regulated by the Financial Conduct Authority.

TransferWise IBAN Accounts

Available to Chinese citizens
Available to Chinese companies

Account Currencies

Accounts offered by TransferWise are multi-currency accounts, allowing account holders to keep their funds in EUR, GBP, AUD, AED, ARS, BDT, BGN, CHF, CLP, CNY, CZK, DKK, EGP, GEL, HKD, HRK, HUF, CAD, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, USD, PEN, PHP, PLN, PKR, RON, RUB, SEK, SGD, THB, TRY, UAH, VND, ZAR.

TransferWise Payment Cards

Available to Chinese citizens
Available to Chinese companies

Card Providers

Transfers to China

TransferWise supports the following sending methods when transferring money to China:

Bank Transfer
Debit Card
Credit Card
PISP (Payment Initiation Service Provider)

Foreign Exchange Rates

Transferwise ensures that its customers get mid-market rate — it’s the one banks use to trade between themselves.

Open Account

WorldRemit

WorldRemit Ltd Logo

WorldRemit Ltd is an electronic money institution focused on international money transfers. WorldRemit Ltd offers international payments, digital wallets to individuals. In 2018 WorldRemit Ltd had total assets of 85.17 mln GBP, WorldRemit Ltd generated net income of -44,762,031.00 GBP. Incorporated in the United Kingdom, WorldRemit Ltd is authorized and regulated by the Financial Conduct Authority.

Transfers to China

WorldRemit supports the following receiving methods when transferring money to China:

Alipay accounts
Payment cards
Airtime topup

Foreign Exchange Rates

Exchange rate is displayed upfront.

Make Transfer

TorFX

Tor Currency Exchange Limited Logo

Tor Currency Exchange Limited is an electronic money institution focused on international money transfers. Tor Currency Exchange Limited offers money transfers, regular payments, repatriation of funds, virtual accounts to individuals, businesses. In 2019 Tor Currency Exchange Limited had total assets of 108.42 mln GBP, Tor Currency Exchange Limited generated net income of 7.59 mln GBP. Incorporated in the United Kingdom, Tor Currency Exchange Limited is authorized and regulated by the Financial Conduct Authority. Tor Currency Exchange Limited is doing business as TorFX.

Transfers to China

TorFX supports sending money to bank accounts in China.

Foreign Exchange Rates

TorFX secures a highly competitive exchange rate.

FX Risk Management Options

spot contracts
forward contracts
market orders
limit orders
stop-loss orders

Make Transfer

UKForex

UKForex Ltd Logo

UKForex Ltd is an electronic money institution focused on foreign exchange and international payments. UKForex Ltd offers international money transfers, foreign exchange, e-wallet accounts to individuals, small- and medium-sized businesses, online sellers. In 2019 UKForex Ltd had total assets of 19.86 mln GBP, UKForex Ltd generated net income of 997,869.00 GBP. Incorporated in the United Kingdom, UKForex Ltd is authorized and regulated by the Financial Conduct Authority. UKForex Ltd is doing business as OFX.

Transfers to China

UKForex supports sending money to bank accounts in China.

Foreign Exchange Rates

OFX delivers competitive exchange rates, so you can save up to 75% on the exchange rate margin and keep more of your money.

FX Risk Management Options

forward exchange contracts
target rate orders

Make Transfer

See Also