As one of the mainstream platforms for cross-border e-commerce, Amazon has sites in countries around the world. So the question is, how can Chinese sellers convert the foreign currencies such as US dollars, British pounds, and euros they earn into RMB to make their capital turnover smoother? What is the best way to collect payment? Currently, Airwallex, Payoneer, and Pingpong are the three safer and faster ones. Let’s take a look with the editor below!
Airwallex
In actual cross-border transactions, small and medium-sized enterprises face a series of payment difficulties, such as high fees, slow payment, and lack of transparency... In response to these pain points, the global cross-border payment platform Airwallex launched an integrated cross-border payment solution specifically for small and medium-sized enterprise customers in the first quarter of this year. By integrating global collection, currency exchange, and international payment services on the same platform, it helps customers reduce costs and obtain a better cross-border payment experience. Relying on technological upgrades, Airwallex has waived four basic fees (account opening fee, collection fee, currency exchange rate and withdrawal fee) for customers who make cross-border cash withdrawals to mainland China, allowing more customers to enjoy the benefits brought by financial technology.
In response to the global payment needs of local companies, the global cross-border payment platform Airwallex provides companies with real-name multi-currency accounts. The advantage is that it facilitates reconciliation and financial control, simplifies fund management, and helps companies quickly enter new markets. At the same time, the company's customers can freely choose currency and payment methods, avoiding unnecessary cross-border transaction fees.
Among them, currency exchange business is one of the core businesses of Airwallex. By cooperating with foreign exchange service providers, Airwallex can, on the one hand, connect to the international foreign exchange market in real time, instantly lock in exchange rates, obtain the world's best real-time quotes, and seek competitive exchange rates for companies; on the other hand, it can ensure a stable trading environment in all time zones, allowing companies to obtain more cost-effective currency exchange and payment services.
P Card
That is Payoneer. Payoneer is a foreign exchange company established in the United States in 2005. It is one of the payment accounts officially recommended by Amazon Global Store. The nature of a P card is a physical card + virtual account. The physical card has the functions of withdrawing cash and spending; the virtual account is used to accept funds and has the function of collecting payments. Payoneer accounts can only receive payments from cross-border e-commerce platforms and European and American companies, and do not directly accept payments from individuals or personal bank accounts. P card has five major advantages. The virtual accounts of P card that have been opened include US dollar accounts, euro accounts, British pound accounts and Japanese yen accounts, and can receive funds from US companies, European companies and Japanese companies online. It has the characteristics of convenient operation, high security and fast arrival. The physical P card bears the Master mark and can be used for payment at ATMs and POS machines with the Master mark. The daily maximum limit for withdrawing RMB from domestic ATMs is US$2,500.
PingPong
PingPong Finance is the first cross-border payment platform in China, focusing on providing payment services for Amazon's cross-border e-commerce in China. In June 2015, it established its headquarters in the Hangzhou Cross-border E-commerce Comprehensive Pilot Zone and opened a branch in the United States at the same time. Registered in both China and New York, it is the only payment platform subject to bilateral supervision by China and the United States. PingPong Card charging standards and arrival time PingPing Card can be applied for free, with no deposit fees or account management fees. Handling fees will only be incurred when customers withdraw money to domestic bank accounts. A fee of 1% of the withdrawal amount is charged for each transaction, with no exchange losses or other hidden fees. It usually takes 2-3 working days to transfer money from an Amazon account to a PingPong account, while it usually takes 1-3 working days to withdraw money from a PingPong account to a domestic bank account. PingPong currently only supports opening US dollar accounts, and the accounts can only receive sales payments from the Amazon platform. Only applications for account opening in the name of a company are supported. It is not possible to open a PingPong account in an individual's name, but it is said to be in the internal testing stage.
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