International payments specialist, Travelex Global Business Payments, now provides a service enabling business customers to trade in Chinese renminbi (RMB) through Travelex’s unique GEO Global Clearing Network.
Travelex is the first non-bank Payments Specialist to offer business transfers in renminbi, the official currency of the People’s Republic of China.
Previously, transfers had to be made using US dollars.
Customers of Travelex will now be able to trade directly with authorised Chinese companies, which will help to strengthen trade relationships with Chinese suppliers and allow businesses to mitigate against foreign exchange risks.
For many businesses, the ability to price, settle and invoice in renminbi will encourage a faster, cheaper and more transparent supply chain.
Travelex will be leveraging its GEO Global Clearing Network to send renminbi payments.
Its unique GEO Network is made up of Travelex owned bank accounts in more than 70 countries around the world – of which China is a new addition.
The GEO Network enables Travelex to avoid sending payments through high-cost banking networks, which can be unreliable, slow and expensive.
Visit www.travelexbusiness.com for more information.
Ph: 02 8080 0060