How Will the Exchange Rate Be Determined in the Payment in Your Cross-border Epayment Service Process?
The exchange rate used in the Cross-border Epayment Service is the spot exchange selling price of foreign currencies against RMB at a certain time-point on the transaction day provided by the settlement bank (presently China Construction Bank or Bank of China). When a buyer purchases a product from international websites, this exchange rate will be used to convert the foreign currency into RMB and the converted RMB amount will then be deducted from the buyer’s account.
