Paying Factories in China
Managing your money is critical when traveling to China. While large factory orders are usually paid via Bank Telegraphic Transfer (T/T) in USD, wholesale markets in Guangzhou operate heavily on local currency (RMB) and digital payments.
Financial Best Practices
- Bringing Cash: You can bring USD cash, but you must declare amounts over $5,000 at Chinese customs.
- Where to Exchange: Exchange money at official banks (Bank of China) or authorized currency exchange desks. Never exchange with individuals on the street to avoid counterfeit notes.
- Paying Suppliers: Market stalls prefer WeChat Pay or Alipay, or domestic RMB bank transfers. Rehoboth offers currency assistance and secure supplier payment services. You can pay us in USD/MWK locally, and our China office will settle your supplier bills in RMB instantly.
