Learn how to receive export payments via WISE to your company account.Ensure compliance with forex regulations and smooth transactions for your business.

I.Under Foreign Exchange Management RegulationsPrinciples

According to the Regulations of the Peoples Republic of China on Foreign Exchange Management and related laws and regulations,the foreign exchange collection for the export of goods trade should follow the following principles:

• WhoExports,WhoCollectsForeignExchange:Thecustomsdeclarationentityfortheexportofgoodsshouldbeconsistentwiththeforeignexchangecollectionentitytoensurecomplianceinforeignexchangeverificationandtaxdeclaration.
• ComplianceofPaymentChannels:Usually,therearenottoomanyrestrictionsonthepaymentchannelsofoverseascustomers,aslongasthesourceoffundsislegalanddoesnotinvolveillegalactivitiessuchasmoneylaunderingandundergroundbanks.

Therefore,if the company is the entity for customs declaration and export,the companys corporate account (including the public account of self - employed households) can fully accept foreign exchange payments from overseas customers through WISE accounts.

II.Characteristics and Limitations of WISE Accounts

Characteristics of Payments from Customers WISE Accounts

Output:

• WISEaccountssupportfastmulti-currencypaymentsonaninternationalscale,withlowerfeesthantraditionalbanktransfersandfastarrivaltimes.
• CompanyWISEaccountspaymoreattentiontocomplianceandsupporttransferstocorporateaccounts.

Limitations of WISE Accounts for Self - employed Households

Output:

• Self-employedhouseholdscanregisterforcommercialWISEaccounts,buttheWISEplatformusuallyonlyallowstransferstocompanyorcorporateaccounts.
• IfanoverseascustomermakesapaymentthroughthecompanysWISEaccount,ensurethatyourpublicaccountsupportscross-borderpayments.

III.Precautions in Practical Operations

Confirm Account Compatibility

Output:

When using a WISE account for cross - border payments,ensure the following points:

• ConsistentAccountName:Thepayeeinformationfilledinbythecustomerwhenmakingapaymentmustbeexactlythesameastheaccount-openingnameofthecompanysbankaccount.
• MatchedAccountNature:WhenthepayeroftheWISEaccountisacompanyaccount,itisrecommendedthatthecompanyprovideacorporatepublicaccountasthereceivingaccount.

Maintain Consistency of Documents and Transaction Records

Output:

• AssociatedDocuments:Ensurethattheorder,commercialinvoice,packinglistareconsistentwiththepaymentrecord.
• TransactionRemarks:Itisrecommendedthatthecustomerclearlynotetheinvoicenumberorcontractnumberwhenmakingapaymentforsubsequentverificationandtaxdeclaration.

Guard against the Risk of Fund Supervision

Output:

Although WISE account payments are convenient,the following risks still need to be noted:

• LegitimacyoftheSourceofFunds:Ensurethatthesourceoffundsofoverseascustomersisclearandavoidinvolvementinmoneylaunderingorillegaltransactions.
• ComplianceofForeignExchangeDeclaration:Accordingtoforeignexchangemanagementrequirements,promptlydeclareforeignexchangeincometothebankand.

Communicate with the Bank

Output:

• ConfirmwiththeopeningbankinadvancewhetheritacceptsfundstransferredfromaWISEaccount.
• Ifthebankrequiresastatementofthesourceoffunds,anexportcontract,invoice,andWISEpaymentrecordcanbesubmitted.

IV.Summary and Suggestions

In the export of goods transactions,it is feasible for overseas customers to transfer funds from their company WISE accounts to the companys public account,as long as the basic principles of foreign exchange management are followed and the compliance of transaction information and capital flow is ensured.In practical operations,it is recommended to:

• Ensurethecompatibilitybetweenthecustomerspaymentaccountandthecompanysreceivingaccount.
• Improvetransactiondocumentsandrecordstoavoidproblemsinsubsequentdeclarationorwrite-offprocesses.
• Regularlycommunicatewithbanksandcustomerstoensurethesmoothprogressofthepaymentprocess.

Through adequate preparation and standardized operations,enterprises can effectively utilize the payment advantages of WISE accounts while ensuring their own financial compliance and the smooth progress of international trade.