As an escort for your transportation of imported goods from China, we provide professional RMB Exchange System Services, which can help you to make payment to your China suppliers, and we can also provide you with the legal document services.
What is the Exchange System?
It is a system that you are able to convert RM to RMB directly according to the latest currency rates and we will transfer the payment in RMB to the supplier for you
What are the benefits?
【The Process of Exchange System】
STEP 1：Register Account
Please fill in your details to register an account as our member. (Please make sure you have a WeChat account)
STEP 2：Register Exchange System
After that, our team will invite you into a WeChat group that belongs to you. We will send the following information to you through WeChat as shown in the picture.
Before you sign up in our exchange system, you need to make sure that the page you click on is “Register” page instead of the “Log In” page! Then, you need to write down the “Email” and “Marking” that we provided on the WeChat group into the corresponding box. Now, you are free to set your own password.
STEP 3：Log In Exchange System
Then, you need to return to the “Log In” page to fill in the “Email” and “Password” that you have registered with. Next, click the “Log In” button to enter the system.
STEP 4：Enter (RMB) amount
After logging into your account, you will come to the following page:
When you enter on this page, please enter the final total amount of (RMB) that you want to exchange into the “Amount” option. (aka the final amount “RMB” that you want to receive).
In addition, “don’t add any punctuation marks” when you are filling in the amount option, if not the system is not able to calculate the amount.
Next, please select the option:
Please select the payment methods:
* Note: –X1 is the goods that need to provide invoice.
–X2 is the goods that no need to provide invoice.
*The exchange rate of X1 and X2 have differences, and the bank accounts used to transfer money also different.*
*X2 is temporarily closed now, only X1 can be selected.
If you use “Internet Banking Transfer” or “Cash Transfer” services, please select this option.
Please make sure that you have completed the bank in transaction before 4 p.m., then your supplier will be receiving the payment (RMB) on the next working day.
If you use a cheque to make the payment, the 3 working days process period is needed for your supplier to receive the RMB payment.
*Generally, the exchange rate will be relatively high, because the exchange rate trend will be different after 3 working days.*
If you have BA (bank acceptance) approved by the bank for your company, you can select this option.
- We will provide the invoice of the goods to you.
- You can submit the invoice to bank to get the loan, and then the bank will make transfer transaction directly to our company account.
- Lastly, we will help you transfer RMB to your supplier.
*Next, please click “Book” to proceed to the next step.*
Common Question (FAQ)
X1: We will charge an additional fee 2% of the Total Amount (RMB) as “Invoice Fee”. The exchange rate will be better than X2.
X2：We do not charge any additional fees when the transaction amount more than 10000 RMB. We will charge additional fees 20 RMB when the transaction amount less than 10000 RMB. *The exchange rate will be worse than X1.*
Most of the people think that it would be more cost-effective to charge the 2% fee after converted to RMB. In fact, the amount is the same. For example:
10000 RMB ÷ 1.653 = RM 6049.61
(means that need to pay “RM 6049.61” to our company bank account to exchange “10000 RMB”）
RM 6049.61 × 2% = RM 120.99
10000 RMB × 2% = 200 RMB (200 RMB ÷ 1.653 = RM 120.99 )
*Conclusion – (RMB) 2% charge fee = (RM) 2% charge fee
The exchange rate of X1 will be much better than the exchange rate on the market, and also much better than X2. Moreover, if you count it properly, the exchange rate of X1 after deducted by 2% charge fee, the total amount of RMB that will be obtained is not much different with X2.
STEP 5：Fill in the details of China's Suppliers
Payment for: Choose the corresponding method according to your own situation, which contains “Full payment”, “Deposit”, “Balance”, and “Others”.
Order No.: In order to make you easily check through accounts in future, this order number can request with our team in the WeChat group. . *This is Optional*
Account Name: The China Supplier’s name, it must be entered the accurate name. It cannot be posted if enter the China supplier’s pinyin name.
Both types of accounts can be accepted no matter the suppliers provide you with the “private account” or “company account”. Most of the importers will select the private account because the private account will be exempted from 16% value-added tax (VAT). So it is recommended to take the private account with your suppliers to make the payment, which will be more cost-effective for you.
Account Number: China supplier’s bank account number (*both space and no space between the numbers are accepted)
Bank Name: The name of China Bank, it must be entered the accurate Chinese name.
Branch: There are too many bank branches/sub-branches in the China, please do enter the correct branch/sub-branch.
STEP 6: Check reservation information
The system will display the details of information and the total amount need to be paid. You can check your details whether there is an input error. Based on the picture above, the case where “X1” and “Cash/Bank Transfer” were selected. Then, we will charge an additional fee of 2% of your amount.
*Billing Charge = additional fee of 2%*
RM6049.61 + RM120.99 (additional fee 2%) = RM6170.60 (the total amount need to pay)
At the end of Booking information, please check your China Supplier’s details again. Then, please click “Confirm”
STEP 7: Upload Bankslip
From the picture above, we can see that our current progress has reached the second “Payment” stage. Next, confirm the CIEF bank account number and the amount of the payment.
*Reminder: There have different bank account for X1 and X2. Please check carefully.
The time remaining below shows that you only can make payment within this 7 hours. We will suggest our customers to complete the bank in transaction and upload the bankslip before 4 p.m., then your supplier will be received the payment (RMB) on the next working day.
Upload your bankslip into the square box, and then click “Submit”.
STEP 8: Wait for our team approval
After submitting the Bankslip, your page will jump back to the page where you entered RMB at the beginning. If you are using the mobile version, you need to swipe your phone page to the left, and your screen will display what has shown in second picture. Now, you can see that you have entered the “3/7” stage. Then, you click “View Status”, you can see the third picture above on your phone screen. After that, you can enter to the next stage after getting approved from our team.
STEP 9: Complete the transfer process
After a working day, please log in the system again. Then click “Refresh” to view your payment status. At this time, you can see your status entered “4/7” stage, and then click “View Status”, your phone will display the right picture above on your phone screen.
It means you have reached the “Processing Transfer” stage. Your payment document has already get approved and now our team will proceed your payment to your China supplier’s account.
When the status changes to “5/7”, click “View Status” again, and now you can see that we have completed the exchange of RMB and paid to the bank account of your China supplier.
Congratulations, you have completed the entire exchange system process until this step! You can download the China Bank Slip (RMB bills) for your reference in future.
STEP 10: Download the RMB bill (China Bank Slip)
Please click “Download” under “China Bank Slip” to download your RMB bill. After completing this step, the next step will be recommended handled by your company’s finance department and it is easier for you to do it by using laptop.
STEP 11: Fill in the PO (Purchase Order) Form
After clicking “View Status”, fill up again your information on the system.
Marking: Using the marking name that you have used in the previous step
Buyer Company: Your company’s name (i.e. ABC Sdn Bhd)
Contact Number: Your phone’s number
Company Registration Number: The registration number of your company
Address: Your company’s address
After filling up, scroll down your screen and move to “Billing Detail” session. Now, you need to fill up your orders information such as the names of the goods, the quantities of the goods and also their prices at this step. The picture below has shown you an example.
For “Description” part, you need to write down the name or type of your goods. (Reminder: Please do not mention any brands such as Nike, Samsung, Prada and so on.)
After completing everything, the system will help you to include the “handling charges” if necessary and count the final total amount for you automatically.
STEP 12: PO get approved
You can click the “Completed” button beside the “Booking Table”. When your PO was approved, you can click the “View Status”.
STEP 13: Receive Invoice & Complete
Resume the step above, after clicking “View Status”, you will see that “Order Completed” page. Now your “Invoice, PO, and DO” are ready to download.