# How to pay suppliers in China: SWIFT, CNY, Alibaba and agents

Pay the currency on the contract, into the account of the company on the contract: USD by SWIFT, or CNY through a bank or provider that sends it. Align pays USD and doesn't offer CNY. Don't use informal agents, and don't pay mainland suppliers in stablecoins.

By Pavel Skalin, Founder & CEO, Align · Updated 6 November 2026 · 7 min read · https://alignlabs.dev/guides/pay-suppliers-in-china

## Key takeaways

1. Pay the currency on the contract, into the bank account of the company on the contract. Wise's guidance for business payments to China is that a USD invoice should be paid in USD.
2. Align pays USD by SWIFT to banks in China. It doesn't offer CNY accounts or CNY payouts, so if your contract is in CNY, use a bank or a provider that sends CNY.
3. On Alibaba.com, protection depends on paying through the platform. Alibaba says never to pay outside it, and bank wires are covered only to the official bank details it gives you.
4. Don't pay a mainland supplier in USDT or USDC. China's February 2026 notice bars converting virtual currency to fiat inside China, and prosecutors have treated USDT conversion between foreign currency and RMB as illegal foreign exchange trading.

## The short answer

Most businesses pay a Chinese supplier by bank transfer to the supplier's company account, in the currency on the contract. For USD that's a SWIFT wire. For CNY it's a bank or a provider that sends CNY to mainland China.

Align can do the first and not the second. It pays USD by SWIFT to banks in China from an account in your company's name, and it doesn't offer CNY.

This guide is for companies paying invoices. If you're sending money to family in China, a consumer transfer service is the right tool, and Align doesn't serve individuals.

## Your options compared

As of November 2026:

| Route | What the supplier receives | What you need | Watch for |
|---|---|---|---|
| USD wire by SWIFT | USD in its company account | Exact account name, account number, SWIFT code | Intermediary deductions under SHA; the supplier's bank may ask for the contract and invoice |
| CNY through a provider | CNY in a mainland CNY business account | Depends on the provider, see below | Name mismatches get rejected, and the contract should be in CNY |
| Alibaba.com checkout or wire | Paid through the platform | An order on Alibaba.com | Protection ends if you pay outside the platform |
| A third-party agent | Money from someone else's account | Nothing you can rely on | Compliance risk on both sides |
| USDT or USDC | Tokens in a wallet | A wallet address | Not advised for mainland suppliers |

## USD or CNY: follow the contract

Wise, which sends both, gives the clearest rule. For a business payment in CNY, it says the recipient's bank may ask for a business contract and invoice, and that if your invoice and contract are in USD you should send USD instead. A supplier's bank has to make sense of the payment against the paperwork, so a mismatch makes trouble for your supplier.

If you can still choose the currency, ask for both prices and compare them. Airwallex warns that foreign-currency invoices can include a markup. Here's the sum, with made-up rates:

| Supplier quotes CNY 700,000 or USD 100,000 | Cost of the CNY price in USD | Better choice |
|---|---|---|
| Your provider gives 6.95 CNY per USD | $100,719 | USD, by $719 |
| Your provider gives 7.10 CNY per USD | $98,592 | CNY, by $1,408 |

The break-even here is 7.00: the supplier's CNY price divided by its USD price. If your provider's all-in rate is better than that, pay CNY. Then add the fixed costs: a wire's sending fee, and any intermediary deduction, which Wise estimates at 15 to 50 USD under SHA. On a six-figure invoice the rate decides it. On a small one, fixed fees can.

Airwallex says deposit and balance terms, such as 30% then 70%, are common in manufacturing. Each instalment is a separate conversion, so if you're paying in a currency you don't hold, the rate can move between them. Use the [FX cost calculator](https://alignlabs.dev/tools/fx-cost-calculator) to see what a past payment really cost.

## Sending CNY: what providers ask for

If the contract is in CNY, these are published requirements from two providers:

- **Wise Business** sends CNY only to a business account based in mainland China and held in CNY, and only to CIPS member banks. Hong Kong, Taiwan and Macau accounts don't qualify. It lists a recipient name that doesn't fully match the account as a reason for rejection.
- **Airwallex** supports SWIFT payouts to China, and local CNY payouts that need a 12-digit CNAPS code and the account name in Chinese characters. It says local payouts must be supported by declarant and order information, and it limits them to set use cases.

Either may fit better than Align if your supplier insists on CNY. Check your own country's eligibility with them.

## Getting the bank details right

Mainland accounts are paid with an account number and a SWIFT code, not an IBAN. Three checks prevent most problems:

1. **The name on the account matches the contract.** Get it exactly, from the supplier, in writing.
2. **The details are confirmed on a second channel.** Call a number you already have. See [how to check changed supplier bank details](https://alignlabs.dev/guides/supplier-bank-details-change-fraud).
3. **The invoice number goes in the reference.** It helps the supplier and its bank match the payment.

For a wire where the full amount must arrive, use OUR. [OUR, SHA and BEN explained](https://alignlabs.dev/guides/wire-fees-our-sha-ben) covers who pays what, and [why payments get returned](https://alignlabs.dev/guides/why-international-payments-get-returned) covers the common failures.

If the factory asks you to pay a Hong Kong company, treat it as a different counterparty. Ask why, and make sure that company is the one named on the contract and invoice before you pay.

## Paying through Alibaba.com

Alibaba's Trade Assurance page says: "To protect your payment, never pay outside of the platform." It accepts cards, digital wallets and bank transfers, with a fee on each transaction, and it offers bank-to-bank wires with escrow protection "using the official bank information provided by Alibaba.com."

So a wire can be protected, but only to the details Alibaba gives you for that order. A supplier who asks you to pay its own account directly after you've agreed the order on the platform is asking you to give that up. Check the current terms and fee table for your order before you pay.

## Third-party agents

You'll meet two different things under this name.

**A trading company or export agent named on the paperwork.** Some factories export through an agent. China's foreign exchange rules recognise this: a 2023 notice from the State Administration of Foreign Exchange (SAFE) refers to agents handling trade receipts and payments for the companies they act for. If the commercial invoice and contract name the agent, paying it can be normal. Keep the documents.

**An informal payment agent.** Someone offers to take your dollars, dirhams or USDT abroad and pay your supplier in RMB from a Chinese account, usually at a good rate. Don't use this. The payment to your supplier comes from a stranger, and you can't show who paid or why. FINTRAC lists unexplained third-party payments among its money laundering indicators for money services businesses, and China prosecutes these schemes. In a case published in December 2023 by the Supreme People's Procuratorate and SAFE, a group that took dirhams in Dubai, paid out RMB in China and used USDT to close the loop was convicted of illegal business operations. Its leader was sentenced to seven years.

## Do stablecoins work for paying China?

For a mainland supplier, no. On 6 February 2026, eight Chinese agencies including the People's Bank of China and SAFE issued a joint notice on virtual currency risks. As of November 2026 it says:

- Stablecoins pegged to fiat currency effectively perform some functions of fiat money.
- Exchange between fiat and virtual currency inside China is strictly prohibited.
- Banks and non-bank payment firms may not provide account opening, fund transfers or clearing for virtual currency business.
- Overseas entities may not illegally provide virtual currency services to parties in China.

The notice doesn't address trade invoices as such. But on our reading, a mainland supplier paid in USDT can't lawfully convert it inside China, and the 2023 case above treated USDT as a route around foreign exchange controls. A supplier who asks for USDT is taking a risk, and may be passing it to you.

Holding stablecoins yourself is a different matter, if you may lawfully do so where you're based. You can convert USDC or USDT to USD and pay the supplier by wire from your company's account, with the contract and invoice to support it. Hong Kong has its own regime: see [stablecoin regulation by country](https://alignlabs.dev/guides/stablecoin-regulation-by-country).

## How this works with Align

You can hold USD in a named account, or convert from USDC or USDT, and pay a supplier in China in USD by SWIFT. The rate and fee show before you confirm, and the supplier sees your company's name as the payer. Align may ask for the invoice behind a payment, so have it ready. [Bill pay](https://alignlabs.dev/products/bill-pay) reads supplier bills and flags changed bank details, and [Align for importers and exporters](https://alignlabs.dev/solutions/importers-exporters) has more.

Align isn't a bank and has no CNY balance or CNY payouts. Pricing is by [quote](https://alignlabs.dev/contact).

## Sources

- Wise, [How to send CNY for China businesses](https://wise.com/help/articles/5ndADC6KmFdLDyaLq5kI64/how-to-send-cny-for-china-businesses) and [Guide to CNY transfers](https://wise.com/help/articles/2955298/guide-to-cny-transfers) (November 2026)
- Wise, [What are Swift correspondent fees?](https://wise.com/help/articles/3KEJruODkhi59TZbSxO2xn/what-are-swift-correspondent-fees-when-sending-and-receiving-money)
- Airwallex, [China payout requirements](https://www.airwallex.com/docs/payouts/payout-network/bank-accounts/china) and [How to pay suppliers in China](https://www.airwallex.com/en-uk/blog/how-to-pay-suppliers-in-china) (November 2026)
- Alibaba.com, [Trade Assurance payments](https://tradeassurance.alibaba.com/lp/buyer/ta/Payment.htm) (November 2026)
- People's Bank of China and seven other agencies, [Notice on further preventing and handling risks related to virtual currencies](https://www.csrc.gov.cn/c100028/c7614318/content.shtml), Yinfa [2026] No. 42 (6 February 2026, in Chinese)
- Supreme People's Procuratorate and SAFE, [Typical cases of foreign exchange crimes](https://www.safe.gov.cn/safe/2023/1227/24289.html) (27 December 2023, in Chinese)
- SAFE, [Notice on further deepening reforms and facilitating cross-border trade and investment](https://www.safe.gov.cn/en/2023/1208/2262.html) (December 2023)
- FINTRAC, [Money laundering and terrorist financing indicators: money services businesses](https://fintrac-canafe.canada.ca/guidance-directives/transaction-operation/indicators-indicateurs/msb_mltf-eng)
- Align docs, [Countries and currencies](https://docs.alignlabs.dev/overview/countries-and-currencies)

## Common questions

### How do I wire money to a bank account in China?

For a business payment, send a SWIFT wire to the supplier's company account with the exact account name, the account number and the bank's SWIFT code, and put the invoice number in the reference. China doesn't use IBANs. Keep the contract and invoice ready, because the supplier's bank may ask for them.

### Should I pay a Chinese supplier in USD or CNY?

Pay the currency on the contract and invoice. If you can choose, compare the supplier's USD price with its CNY price converted at your provider's rate, including fees. Foreign-currency prices can include a markup, but a CNY route isn't always cheaper.

### Can I pay a supplier in China with USDT?

We advise against it for mainland suppliers. China's notice of 6 February 2026 strictly prohibits exchanging fiat and virtual currency inside China and bars banks and payment firms from serving that activity, so on our reading a mainland supplier has no lawful way to convert it there. Pay by bank instead.

### Does Align support CNY payments?

No. Align's account currencies are USD, EUR, GBP and AED. You can pay a supplier in China in USD by SWIFT from your named account. If the contract is in CNY, use a bank or a provider that supports CNY.

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This guide is general information, not legal, tax or financial advice. Rules and providers' terms change; check the sources linked above and take advice on your own situation.

## Related guides

- [How to pay overseas suppliers from USDT or USDC](https://alignlabs.dev/guides/pay-overseas-suppliers-with-usdt-usdc)
- [Supplier says its bank details have changed? How to check before you pay](https://alignlabs.dev/guides/supplier-bank-details-change-fraud)
- [International wire fees explained: OUR, SHA and BEN](https://alignlabs.dev/guides/wire-fees-our-sha-ben)
- [Letter of credit alternatives: what to use instead](https://alignlabs.dev/guides/letter-of-credit-alternatives)