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- CIPS (Cross-Border Interbank Payment System) is an international payment system established in 2015 with the approval of the People’s Bank of China. It enables prompt, reliable, and secure yuan (CNY)-denominated cross-border payments, investments, and other types of transactions.
- As a Direct Participant in the CIPS system, our bank is able to execute yuan transactions directly—without the use of intermediary banks. This means shortened transaction timelines, reduced costs, and enhanced reliability.
- Yes. Previously, international yuan payments routed through correspondent banks incurred extra charges. When making transfers via CIPS, such intermediary charges are eliminated. (Final charges may still depend on the type and amount of transaction.)
- Using our bank to send yuan transfers via CIPS means no intermediary fees. Depending on the destination country and transaction amount, this can result in savings of approximately MNT 30,000 to 155,000 per transaction compared to other commercial banks in the market.
- All types of international yuan (CNY) payments can be executed via CIPS for destinations in China and over 120 other countries swiftly and reliably.
- No. If you already have a yuan (CNY) current account with us, you can initiate cross-border yuan transfers directly using that account.
- Transactions sent via CIPS usually arrive within 2-4 hours. In some cases, depending on the recipient bank, it may arrive the next business day.
- Yes. CIPS is an international interbank system dedicated to conducting cross-border payments in yuan (CNY) only.
- You may send your international yuan transfer through our mobile app, online banking website, or by visiting one of our branches.
- Traditional SWIFT-based yuan transfers often require intermediate banks and may take 1–3 days. With CIPS, yuan transactions are processed more rapidly and at lower cost, arriving in the recipient’s account in a much shorter time.