Start by asking your supplier how they want to be paid. The usual choices are US dollars to their bank by international wire, yuan (CNY) to their bank, or a stablecoin like USDT. Each one has a different cost, a different wait and different checks. With Bancoli, you get paid in USD and pay suppliers in the currencies they use. CNY is one of the payout currencies Bancoli supports, where a route is available for your account. A Smart USD Wallet is where the money you collect lands first.
In short
- Ask your supplier which currency and method they want, in writing.
- Many international USD wires go over SWIFT. They often take 1 to 5 business days, and banks along the way may take fees.
- A yuan payout means your supplier gets CNY in their own bank. Check the route and the quote in your dashboard first.
- USDT only works if your supplier wants it and can use it. Use the exact coin and network they confirm.
- Whatever you choose, check the bank or wallet details by phone before the first payment.
Start with what your supplier can accept
Some importers know the feeling. Find dollars, change them to yuan and hope the payment lands. Most of that worry goes away when you ask the right questions before you pay:
- Which currency is on the invoice, USD or CNY?
- What is the exact name on the receiving account?
- Can their bank receive US dollars from abroad, or do they want yuan?
- Would they take a stablecoin? If so, which coin and which network?
Get the answers on the invoice or in a signed message. Then call the supplier on a number you already know to confirm the details. Do this every time the details change.
Option 1: An international USD wire
Some suppliers ask for US dollars this way. Many international wires go over the SWIFT network. They often take 1 to 5 business days, and banks along the way may take fees, so your supplier can receive less than you sent.
If your supplier asks for a USD wire, ask them two things. Does their bank charge to receive it? Will they still treat the invoice as paid in full if a fee is taken along the way?
Option 2: A yuan (CNY) payout to their bank
Here your supplier receives yuan in their own bank account. They do not need to change dollars into yuan themselves.
With Bancoli, CNY is a supported payout currency. Not every route is open to every account. It depends on your account type, location, plan, the destination, the recipient and a compliance review. To check:
- Go to Accounts or Transfers in your dashboard.
- Pick your supplier as the recipient.
- Choose China as the country and CNY as the currency.
- Review the payout methods shown for your account.
If you do not see a CNY option, that route is not available for your account right now.
Before you approve, look at the quote. Check the rate and any fee shown for that payout, and the amount your supplier will receive. Don’t assume a cost you have not seen.
For timing, allow extra days. Time zones, weekends, bank holidays and currency conversion can all push the arrival date back. Don’t promise your supplier a date until you know how long your first payment took.
The bank details must be exact. If the name or account number is wrong, the receiving bank can reject the payout. It then has to come back before you can try again.
Option 3: USDT or another stablecoin
Some importers pay suppliers in China with USDT. They say the cross-border bank step is the slowest part, and a stablecoin skips it. That can work, but only if your supplier wants it.
Check these first:
- Your supplier confirms the exact coin and the exact network, in writing.
- Your supplier knows how they will use it or change it into yuan where they are.
- Rules for stablecoins are different from country to country. Ask your supplier, and your own adviser, if this works for them.
- In mainland China, a 2021 notice from the People’s Bank of China and other agencies says virtual currencies, USDT included, are not legal tender, and treats services that exchange them for yuan as illegal financial activity.
- Send a small test amount first. Wait for your supplier to confirm it arrived before you send the rest.
A stablecoin payment cannot be pulled back once it is sent. If you send to the wrong address or the wrong network, the money can be lost.
With Bancoli, USDT is one of the eligible stablecoins in your Smart USD balance, along with USDC and USDi. Only send a coin and network that your account shows.
How the three options compare
| International USD wire | Yuan (CNY) payout | USDT | |
|---|---|---|---|
| What your supplier gets | US dollars in their bank | Yuan in their bank | USDT in their wallet |
| Who changes it to yuan | Your supplier or their bank | It arrives as yuan | Your supplier |
| What to check first | Fees along the way, the exact account name | The route and quote in your dashboard, exact bank details | The coin, the network, the address and a test payment |
There is no single best choice. Pick the one your supplier asks for, that you can check before you pay, and that shows you the full cost up front.
Get paid in USD first
Paying suppliers is easier when collecting money is easy. With Bancoli, your named USD account details are in your business’s legal name. Solopreneurs can have them in their personal name. They are available on every plan, including Free. Customers pay you by ACH, RTP, US domestic wire and stablecoins, and the money lands in your Smart USD Wallet. From there, you pay suppliers in the currencies they use, where a route is available for your account.
A few things to know:
- Bancoli is a chartered bank and a fintech in one.
- You control your funds. Bancoli does not own or control them.
- Your Smart USD balance is your eligible USDC, USDi and USDT, all fully backed, shown as one dollar balance.
- Smart USD is not a deposit and is not FDIC-insured.
- Required legal, sanctions, identity and destination checks must pass before a payment goes out.
FAQ
Can I pay a supplier in China in yuan with Bancoli?
CNY is a supported payout currency. Not every route is open to every account. Pick China and CNY in your dashboard and review the payout methods shown for your account.
How much does a CNY payout cost?
Check the quote in your dashboard before you approve. Look at the rate, any fee and the amount your supplier will receive. Costs can depend on your plan and the currency. See the pricing page for current FX pricing.
How long does a payout to China take?
It depends on the route, the receiving bank and any review. Time zones, weekends, holidays and currency conversion can add time. Don’t promise a date until you have seen your first payment arrive.
Should I pay my supplier in USDT?
Only if your supplier asks for it and can use it where they are. Confirm the exact coin and network in writing and send a small test first. A stablecoin payment cannot be pulled back once sent.
Is an international USD wire a bad idea?
It is familiar, but it often takes 1 to 5 business days and banks along the way may take fees. Ask your supplier if a yuan payout works for them instead.
Is my Smart USD balance FDIC-insured?
No. Smart USD is not a deposit and is not FDIC-insured. You control your funds. Bancoli does not own or control them.
One last thing
Before your next order, ask your supplier one question: “How do you want to be paid, and to which exact account?” Get the answer in writing and confirm it by phone.
Ready to see how it works? Take a look at the Smart USD Wallet.