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16 Jan 2017

China wakes up to cross-border e-commerce

If you’re an online seller, you’re probably already aware that China is the go-to destination for those looking to reach new customers and expand their business. The demographics present an unrivalled opportunity for savvy etailers who can carve out a niche in the region.

Nevertheless, even seasoned online sellers have been reticent about selling to China due to the fact that registering for a Chinese marketplace was once a daunting prospect and repatriating any income earned in Chinese Yuan (CNY) was almost impossible.

World First’s new Chinese Yuan repatriation service for Amazon China

World First’s new CNY repatriation service for Amazon China has been launched to help online sellers overcome these barriers and focus on growing their business. In the same way World First facilitates collecting and repatriating funds from the USA, Europe, the UK and Japan, they now fully support merchants wishing to sell into, and repatriate funds from, China.

Sellers who register for World First’s new service will be connected with an Amazon.cn account manager to help them get set up and upload their product listings. Sellers will also be provided with their own unique CNY receiving account details to upload to their Amazon China seller account removing the hassle of trying to open a yuan bank account.

This makes it easy to bring any income earned on Amazon.cn back to your home account. Once funds are sent by Amazon in CNY, they will be automatically routed to the merchant’s home account in a currency of their choosing while sellers will also be able to take advantage of World First’s great rates and award winning service.

The service is compatible with sellers trading on Amazon.cn, the marketplace solution designed specifically for selling into China. Eligibility for the service is pretty simple- merchant’s needs to be authorised sellers of any brands or products they sell and should already generate at least £250,000 in cross border sales outside their domestic market. Best of all, there are no initial or ongoing costs associated with the CNY repatriation service.

If you are already selling on Amazon.cn or looking to make your first online foray into the Chinese domestic market, why not speak to one of World First’s account managers to find out more about how we can support you to sell into China?