China’s banking industry is quite different from other industrialized countries as it is in the hands of the government. However, since the late 1990s China passed a few bank reforms in order to commercialize some of the operations of the main four banks in China. Today, Chinese banks are functioning similarly to those in industrial countries and generally enjoy more autonomy. The movement of funds in and out of China is still limited and can cause delays and even cancellations in some cases.
When transferring money to China as part of a commercial transaction, the bank account holder’s name must match the name of that who issued the invoice. Moreover, all business transactions to China, regardless of the volume of the transaction, must provide matching invoices.
To complete an international transaction, with Covercy, to China, you will need the following details: