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Currently, generally speaking, every bank transfer in Russia must be manually reviewed. Sensitive products cannot be entered into the account, and the queuing time for entry into the account is also relatively long. The details will vary in each bank and each region (it is reported that the Kunlun account) It has been unable to be collected for a few days).
Only RMB payment is supported, and it is almost impossible to open a new account at present.(threaded rods / din975)
Bank of China: It is still the main interface for payment collection, but the payment collection policy is also increasingly tightened. Many customers will encounter situations where the receiving bank has notified the account of the payment. When submitting documents for account review, the receiving bank will If the item (product) is sensitive or the documents are non-compliant, the money will be refunded if the order is returned.
In addition, among the three major agency banks currently handling cross-border RMB payments from Russia to China, China Construction Bank and ICBC have stopped their agency banking business. Therefore, all agency banking business is currently undertaken by Bank of China, which is the slowest among all UK and Chinese banks. Almost all are stuck at the head office pending review.
CCB currently only accepts existing customers, and it is almost impossible to open a new account(stud bolt)
China Construction Bank: CCB has completely stopped its agency banking business and only operates CCB as the receiving bank. Since it has completely stopped its agency banking business, according to actual feedback, CCB’s payment speed is currently the fastest. However, regarding the accounting process, China Construction Bank’s review is also relatively strict. Some areas no longer support prepayment business at all, and export customs declaration forms must be submitted.
ICBC: Like China Construction Bank, it has completely stopped its agency banking business. It has extremely high compliance requirements and the narrowest opening. It only deals with existing large customers. It also basically notifies all existing small customers that it will no longer handle related business.
Other national banks: such as Agricultural Bank of China, Bank of Communications, CITIC Bank, etc. If you are a large existing customer of these banks, many of them can still accept RMB remitted from Russia. The agent bank is currently Bank of China.
These banks currently report that the crediting efficiency is relatively faster than that of Bank of China, but the difficulty of verifying the account entry has increased significantly. Risk control is often triggered, resulting in chargebacks and refunds after the funds arrive.
Other local banks: such as Tailong Bank, Mintai Bank and other rural commercial banks. Because these banks have a greater demand for customers, it is said that some places can also accept new account openings. Since they are small in size and do not have much foreign-related business, for these rural commercial banks, as long as the agent bank does not refund the account, it is necessary to review the accounts. However, it is much easier to enter the account than a national bank.
Only rubles payment is supported, and new accounts can be opened currently.(B7 rods)
Hunchun Rural Commercial Bank: You need to go to the counter of Hunchun head office or Changchun branch for an interview. Fill out the account opening pre-review form in the early stage, and the pre-review will probably be completed within 1-2 working days.
In the due diligence stage after passing the pre-examination, the bank will cooperate with SF Express, place orders through SF Express’s Fengchuang platform, and entrust SF Express personnel to go to the company’s location to record videos and take photos with legal persons.
After the due diligence is completed, the bank will notify the enterprise and make an appointment for a specific counter to open an account. It is currently expected that the queue will take about 2 months.
Hunchun Bank will open RMB and ruble accounts for enterprises at the same time, but there is no online banking for ruble accounts. The settlement and sale of foreign exchange will be handled by manual presentation. Paper scanned electronic documents will be provided for the settlement and sale of foreign exchange and the remittance and remittance of funds.
The latest notice is that starting from March 25, 2024, cross-border remittances will be charged a remittance fee of 3‰ of the remitted amount, with a minimum of 50 yuan per transaction. Normal corporate account opening does not require an intermediary. You can directly contact the International Department of Hunchun Rural Commercial Bank to open an account for free.
Suifenhe Rural Commercial Bank: You can go to the counter of Suifenhe Head Office for an interview, and it also supports remote witness account opening after remote due diligence.(concrete screw)
After the account is successfully opened, the account information and online banking USB shield will be sent to the company. There is also no online banking for ruble accounts, but the foreign exchange settlement rate is based on the Bank of China’s price. There is currently no handling fee for cross-border payment, and it is unknown whether it will be charged in the future.
In addition, since there is no online banking for ruble accounts, the actual user experience is actually not good, and companies need to consider it carefully before opening an account.
Supporting ruble and RMB collection, it is extremely difficult to open an account.(photovoltaic bracket )
Kunlun Bank: Currently it only refers to the physical accounts of Kunlun Bank. The previously rumored electronic accounts have stopped collecting payments one after another. Kunlun Bank’s physical account opening requirements are currently unknown. It is rumored that a deposit of tens of millions and a turnover of over 100 million are required to be eligible. Bank account opening adopts a reservation system, and entry will be refused without a reservation.
VTB Shanghai Branch: It is the bank that has been asked the most recently. VTB can use offshore companies to open NRA accounts at the same time, and it can also use domestic companies to open domestic accounts.
However, if an offshore company opens an NRA account at VTB Shanghai Branch, due to the impact of sanctions, remittances to domestic banks through this account may be rejected by the receiving bank, so it is still recommended to open an account through a domestic company.
Currently, accounts opened through VTB Shanghai Branch are temporarily unable to pay to overseas banks other than Russia and Belarus. For cross-border RMB settlement between China and Russia, both payers and payees need to have VTB accounts and conduct cross-border settlement through VTB’s internal system. And ruble settlement supports all Russian banks.
It should be noted that the speed of VTB account opening depends on the ability of Russian customers to promote it. If you apply through a domestic intermediary, in addition to paying high channel fees, you will also need to wait for at least 2 months or even longer.
Paypal: For cross-border e-commerce small-amount U.S. dollar payments, Russian customers can remit U.S. dollars through Paypal and then settle in RMB.(solar bracket & solar fixing)
Electronic wallets: Russian electronic wallets such as Qiwi, Webmoney, Yandex.Money, etc. are common payment methods among Russians.
Perhaps asking customers to open a local Chinese account for remittance is a faster way.
Finally, it is recommended that you wait until the order payment is received before shipping, and remember to protect your own rights and interests.
Post time: Apr-03-2024