How Payment Is Made In Yiwu?

In Yiwu Market:

Only in Cash - Chinese Yuan, or we say Ren Ming Bi, often shorten as RMB.

A small percent of the shops (showrooms) accept bank cards, but only for bank cards inside China.

Where to exchange the USD or EUR? 

Well, for small amount like a few hundreds, you may just exchange at your hotel. The hotel offers lower rates, but it offers convenience at the same time. Makes no big difference.

If your amount is slight bigger? Say a few thousands. You can go to banks at backside of Yiwu Futian market, to exchanges with these people caring a bag of cash. They look not serious people, but they can offer you much better rates than banks.

These cashers are often hanging outside of Bank of China on Northern Chouzhou Rd. and the other Bank of China on 1st floor, F section of International Trade City D2, very close to Best Western Ocean Hotel. Fake money is very rare. But still better to be careful. A safe way would be to let someone knows Chinese money to go with you.

If your amount is even bigger, say 5000 or 10,000 EUR.

Well, i don't recommend you carry this big money to China with you. If you have a Chinese business partner. You can simply wire the money through Bank. Wire always have a much better rate than cash. Or if you don't have a someone trusty in China, you can simply wire the payment later when you're back home. 

With Yiwu Export Agents/Suppliers:

Well, this all depend on the scale of your orders and the relationship you have with your partner.

If the order is just a few thousand USD or EUR., it's better to just pay at once, at the beginning. 100% prepaid.

If your order is one container, it's usually paid at a 30% deposit in advance, the balance before order collection.

If your order is several containers and you're return customers, you may just pay a 30% deposit in advance and the balance to be paid against copy of B/L.

In one word, payment terms will be depend on what kind of grantsmanship you have with your Yiwu partner.

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