Supported Countries: China
Payments to China in CNY are only possible for a few defined reasons and can only be made to businesses (not to individuals).
Goods Trade - including; sale and purchase of goods, Letters of Credit, procurement of goods, etc.
Service Trade - including; rent, legal fees, advertising and promotion fees, insurance, financial services, patent and licence fees, etc.
Other - including; remittance of profits, dividend payments, tax payments, scholarships, salaries, etc.
Goods Trade should be marked as ‘Purchase of Goods’ when making a transfer via the API or Verto Platform.
Service Trade should be marked as ‘Purchase of Professional Services’ or ‘Professional Fee’ when making a transfer via the API or Verto Platform.
For other purposes, please reach out to the Verto support team prior to making a payment at firstname.lastname@example.org. As a general rule, other purposes, such as payments to individuals, are not supported with this currency.
Should a use case not be supported for payments in CNY, payments can be made as a cross-border USD payment to China instead.