What is Xinyin Zhihui? Xinyin Zhihui Review, Features

CITIC Bank Zhihui is the first domestic cross-border e-commerce global collection and settlement product officially launched by CITIC Bank in January 2020 under the guidance of the State Administration of Foreign Exchange's "Regulations on the Administration of Foreign Exchange Business of Payment Institutions" (Huifa [2019] No. 13). It can provide cross-border e-commerce sellers with one-stop online "account opening, collection, settlement, financing" cross-border collection services.

About CITIC Bank

Thanks to the design of a fully enclosed cross-border bank funding chain and the bank's diversified service capabilities, domestic and overseas fund withdrawals of CITIC Bank Zhihui products can be instantly credited to accounts, and small and medium-sized enterprise financing can be applied for online. It has the significant advantages of "safety, efficiency, and inclusiveness", and has solved many pain points and difficulties that have long plagued export e-commerce sellers. The launch of CITIC Bank Zhihui also marks that the development of the domestic cross-border e-commerce industry has entered a new era and started a new journey.

Serve

1. Overseas receiving accounts

With one set of information, you can easily register an overseas payment account, which can be directly used by Amazon platform merchants to receive overseas payments.

2. Instant foreign exchange settlement and withdrawal

China CITIC Bank official website offers preferential quotes, instant foreign exchange settlement for withdrawals, only 2,000 yuan in handling fees, and T+0 quick arrival in the account.

3. Store fund management

Merchants can log in to the platform at any time to view the merchant's balance, store status, withdrawal progress, bill amount and other information at a glance.

4. Domestic RMB clearing

Support various funding needs of individual and corporate sellers, clear directly from banks, and ensure the security of merchant funds.

Business Process

Advantages

1. The first cross-border bank-to-bank cooperation funding chain

China CITIC Bank has launched a closed funding chain with global correspondent banks, which is more secure.

2. Lower costs

The withdrawal fee rate of 2% is 1,000 yuan, which saves more than 80% of the withdrawal cost compared to the 1% fee of other platforms.

3. Quick arrival

Amazon directly clears to CITIC platform account, cash withdrawal at any time, automatic exchange, T0 instant arrival.

4. Open Platform

Support all funding needs of individual and corporate sellers.

5. Transparent exchange rate

The quotes on the official website of China CITIC Bank are open, transparent and offer the best exchange rates.

Service Target

News Events

In order to support the development of the domestic cross-border e-commerce industry and help cross-border e-commerce SMEs resume work and production, on March 13, CITIC Bank took the lead in launching an industry-friendly policy of "full exemption of cross-border cash withdrawal fees for CITIC Bank Zhihui users nationwide during the epidemic period". The original intention and vision of helping SMEs fight the epidemic and reducing corporate operating costs have been put into practice.

This fee reduction policy is a special support policy formulated by CITIC Bank under the guidance of the State Administration of Foreign Exchange to target the pain points of the cross-border e-commerce industry during the epidemic. It is also a practical action taken by CITIC Bank to support the full resumption of work and production of small and medium-sized enterprises. The nationwide full fee reduction policy further reflects CITIC Bank's "warm" service to the cross-border e-commerce industry.

FAQ

Q: When is the deadline for free withdrawals?

A: In order to help Amazon sellers survive the epidemic, CITIC Bank will not charge Amazon merchants any withdrawal fees during the fight against the epidemic before June 30, and will handle overseas US dollar accounts free of charge. After June 30, the withdrawal fee rate will return to the normal 2%,000 yuan.

Q: Can I apply for CITIC Bank Zhihui with a personal account?

A: CITIC Bank Zhihui can apply using corporate or personal information. After real-name authentication, each entity can be bound to multiple stores, and each store will generate an independent overseas US dollar account.

Q: Can I bind a withdrawal account with a wrong name?

A: No. Wrong name binding: the bound RMB withdrawal account information must be consistent with the real-name authentication information.

Q: Is there a limit on cash withdrawals using CITIC Bank Zhihui?

A: According to the relevant regulations of the State Administration of Foreign Exchange, a single cross-border e-commerce order amount of more than US$50,000 cannot be collected or settled through the platform. In addition, the single withdrawal amount should be less than or equal to US$200,000.

Q：When is the exchange rate used for cash withdrawals?

A: When withdrawing cash on the CITIC Bank Zhihui platform, the platform automatically converts the exchange rate into RMB. The reference exchange rate is the foreign exchange quoted price on the official website of CITIC Bank when the user initiates the withdrawal application.

Q: How do I apply if I have multiple Amazon stores? Will this cause Amazon stores to be linked?

A: Each store in CITIC Bank Zhihui will generate a separate USD account information, which will not affect the user's multiple Amazon stores.

Q: Can the US dollar account generated by CITIC Bank Zhihui be used normally for overseas fund transfer?

A: The overseas account generated by CITIC Bank Zhihui can only be used for Amazon store liquidation and foreign exchange withdrawal, and cannot be used for other purposes.