As the world’s second-largest economy and most populated country, there’s no doubt that China is one of the biggest players in the international market. A remarkable 28% of all global manufacturing occurs within the country, which has completely revolutionised how products are sourced, made and sold. To put it simply, if you’re not buying and selling in China, you’re missing out.
In the middle of an economic downturn, cutting costs whilst preserving service levels isn’t just beneficial: it’s vital. With a huge variety of cost-effective materials and suppliers, China should always be the first country you look towards.
Given China’s place on the global economic stage, it isn’t a surprise that many international businesses are taking up this advice. However, many organisations struggle to operate smoothly with Chinese businesses, with long processing times and currency exchange among the issues.
Is doing business in China easy?
The short answer? No. Despite China being so economically powerful, conducting business there can be exceptionally complicated, strenuous and, to put it bluntly, difficult. There are myriad reasons for this, and we’ve outlined the main ones below.
China prefers its own independent payment methods, such as UnionPay, WeChat Pay UK and Alipay, which can add another layer of difficulty to the payment process.
There are significantly more import and export costs than when buying from the US or Europe. Many businesses aren’t willing to pay the extra costs, despite the potential benefits of Chinese collaborations.
Unpredictable exchange rate fluctuations between the Yuan and respective local currencies can make doing business in China additionally daunting.
Global supply chains and currency conversion can make trade more complex, as there are international checkpoints at every stage of the shipping process. E.g., goods are shipped from China (Yuan) via the Suez Canal (Egyptian Pound), and then into Europe (EUR). An extra step is then added when trading with the UK, as goods move from China (Yuan) to Europe (EUR) and finally to the UK (GBP).
When combined, these issues can prove obstructive to forming logistical partnerships in the region. Thankfully, there are ways to make the process a lot smoother, ensuring your business doesn’t miss out on the potential opportunities available in China.
How can I make doing business in China easier?
Turning to truly innovative digital banking solutions is one of the best ways to overcome the challenges of operating in China. With Electronic Money Institutions (EMIs), such as 3S Money, you can achieve peace of mind when making high-value payments to Chinese suppliers and global distributors.
Online accounts at traditional banks and China’s own WeChat Business are seen as the go-to options for those looking to trade at all levels with the country. However, most businesses are tired of complicated processes, unnecessary wait times and lack of technological innovation hampering their ability to succeed internationally.
In our eyes, these services offer 20th-century solutions to digital age problems – that, in a nutshell, is why 3S Money was created.
Can a 3S Money International Business Account help my business?
3S Money, as an EMI, is specifically designed to make international transactions easier. While we can’t provide Yuan International Bank Account Numbers (IBANs) or Chinese business accounts, you can send, receive, and exchange Yuan payments through your International Business Account.
This makes conducting business with China so much easier, doing away with archaic platforms or restrictive local banking alternatives.
A speedier service
Elongated processing times are a huge negative when using conventional banking. When it comes to China, whether that’s with traditional banks or WeChat Business, this issue is exacerbated. In fact, opening a WeChat Business account can take an astonishing 90 days – frustratingly long if you’re an agile business.
Thankfully, 3S Money provides you with a solution. We allow you to sign up and send money to China from the UK in a matter of days with an online International Business Account. No more costly waiting times, no more processing delays – just international transactions done quickly.
A wide range of international payments
When you’re an international company, you don’t want to compromise on who or where you do business. Our network of correspondent banking partners enables us to process payments in over 190 different countries and 65+ currencies.
With a 3S Money International Business Account, you can amalgamate your payments with businesses in various countries into one handy space, making it far more straightforward to sell and buy from China.
Fair and sustainable foreign exchange
Currency exchange can be a sticky subject, especially when exchanging with China’s own currency. Our fair and sustainable currency exchange bucks that trend by consistently providing the best rates on the market (which can be up to five times lower than traditional banks).
In fact, we’ve even created a pricing calculator to make exchanging that bit clearer. Whether you want to convert Yuan to GBP, or need a yuan to euro converter, we’ve got you covered. Also, we never hide our fees. Maintaining transparency that enables our clients to get the best deals possible is important to us.
Dedicated Client Managers
Complications within the world of business are inevitable, especially if you’re operating internationally. When working with Chinese companies, that extra bit of help can go a long way.
Each of our clients is allocated a dedicated Client Manager with quick response times to help them throughout their journey with 3S Money. Our experienced Client Managers aren’t AI bots – they’re real humans with international payment expertise who are always on hand to advise you on the best route forward, with a focus on saving you money.
It’s not just the short term our Client Managers focus on either – as a forward-looking company, we’re always on the lookout for new opportunities we can recommend to you.
Remote account access for multiple global account users
A truly international business often requires access to accounts from various corners of the globe. For that reason, we’ve ensured that our systems support remote account access for multiple users wherever they are in the world.
This not only solves immediate logistical challenges, but prepares the ground for future growth, offering you the flexibility to survive and thrive in competitive marketplaces, including China.
It's time to scale new markets
China should always be on the table if your business is searching for new markets. As we’ve discussed above, 3S Money can make that entire process much easier by removing unnecessary complications to allow every business to trade with one of the world's biggest marketplaces.
Ready to get started with 3S Money?