How Do Hungarian Businesses Pay Chinese Suppliers in 2026?

For Hungarian importers buying electronics, machinery, components, and consumer goods from China, supplier payments often involve three currencies: HUF for local business operations, EUR for regional trade, and CNY for Chinese supplier settlement.

The key question is not simply which currency to use. It is how to move money from the buyer’s operating currency to the supplier’s agreed currency while keeping costs, settlement times, and payment visibility under control.

This guide explains the main payment options available to Hungarian businesses in 2026 and how XTransfer can support EUR-funded payments to Chinese suppliers in CNY.

Hungary uses the Hungarian forint (HUF), while EUR is widely used for international trade within Europe. For imports from China, supplier contracts and invoices may be denominated in either USD, EUR, or CNY depending on the supplier and commercial agreement.

For a Hungarian importer, the payment flow may therefore look like:

HUF → EUR → CNY

or, where the business already holds EUR:

EUR → CNY → Chinese supplier

This makes FX conversion and payment routing important parts of supplier-payment management.

The scale of EU-China trade also makes efficient payment infrastructure increasingly relevant. In 2025, EU imports from China reached €559.4 billion, up 6.4% from 2024. Electrical machinery and related equipment accounted for €164.9 billion, or 29.5% of EU imports from China.

1. Bank Transfer / T/T

Traditional bank transfer remains a common option for larger supplier payments.

A typical flow is:

Hungarian business → bank → correspondent bank(s) → Chinese supplier

Advantages

• Familiar to finance teams

• Suitable for large-value transactions

• Easy to integrate into existing corporate banking processes

Challenges

• Multiple intermediary banks may be involved

• FX rates and fees can vary by bank and payment route

• Settlement times can depend on correspondent banks and cut-off times

• Payment tracking and reconciliation may require additional work

For businesses making frequent payments to multiple Chinese suppliers, these factors can become operational rather than one-off costs.

2. Multi-Currency Business Account

A multi-currency account allows a business to hold and manage different currencies from one platform rather than opening separate bank accounts for every market.

For a Hungarian importer, this can be useful when:

• Revenue is received in EUR or HUF

• Suppliers invoice in CNY

• Multiple suppliers are paid regularly

• Treasury teams need clearer visibility of FX and payment flows

The main benefit is currency flexibility: businesses can decide when to convert and which currency to use for each supplier payment.

3. Letter of Credit (L/C)

A Letter of Credit can provide additional payment security for larger or higher-risk international transactions.

The issuing bank makes payment subject to the supplier presenting the required documents and meeting the terms of the L/C.

L/Cs can be useful when:

• The transaction value is high

• The buyer and supplier have limited trading history

• Documentary compliance is important

• Both parties require additional payment protection

However, L/Cs generally involve more documentation, bank charges, and administrative work than a standard supplier transfer.

4. Trade-Focused B2B Payment Platforms

A B2B payment platform can simplify recurring cross-border supplier payments by combining:

• Multi-currency funding

• FX conversion

• Supplier payments

• Payment tracking

• Digital transaction records

For Hungarian importers purchasing repeatedly from China, this can reduce the need to manage every supplier payment through separate banking channels.

The right option depends on transaction size, supplier requirements, payment frequency, FX exposure, and compliance needs.

XTransfer provides three relevant payment solutions for Hungarian importers:

1. EUR Local Account

For Hungarian businesses, XTransfer provides an EUR Local Account, allowing businesses to manage EUR payments through a local-account structure.

This can be useful for importers that:

• Collect or hold EUR for international trade

• Need to fund supplier payments from EUR

• Work with European customers or business partners

• Want to separate operating currencies from supplier settlement currencies

XTransfer's Local Account model is designed to use local payment infrastructure to help reduce intermediary-bank friction and simplify cross-border collections and payments.

Typical flow:

EUR → XTransfer EUR Local Account → CNY → Chinese supplier

This is particularly relevant when a Hungarian buyer agrees to pay a Chinese supplier in CNY but does not want to maintain a separate CNY bank account.

2. Global Accounts for Multi-Currency Payments

XTransfer Global Account is designed for businesses that need to manage multiple currencies and international payments from one account.

The Global Account supports 20+ currencies and payments across 200+ countries and regions, giving businesses a centralized way to manage international funds and supplier payments.

For a Hungarian importer, this can be useful when the business works with:

• Chinese manufacturers

• European distributors

• Global suppliers

• Customers in different currencies

Instead of maintaining separate payment workflows for each market, the business can manage its international payment activity from one platform.

Best suited for: businesses with multiple currencies and international suppliers.

3. X2X for XTransfer-to-XTransfer Payments

When both the buyer and recipient use XTransfer, businesses can use X2X for XTransfer-to-XTransfer payments. X2X payments can be made near-instantly, 24/7, with zero transaction fees.

This can be particularly useful for businesses that have recurring payments with trading partners already using XTransfer.

Best suited for: recurring B2B payments between XTransfer users.

XTransfer vs. Traditional Bank Transfer

Factor	Traditional Bank Transfer	XTransfer
Funding currencies	Depends on bank	Multi-currency
EUR payment management	Bank-dependent	EUR Local Account available
Payment to China	Available	CNY settlement available
Supplier receives CNY	Depending on route	Available
FX management	Bank-dependent	Digital FX management
XTransfer-to-XTransfer	Not applicable	X2X
Global supplier payments	Bank-dependent	200+ countries/regions
Payment visibility	Bank portal dependent	Centralized online platform

Actual fees, FX rates, processing times, and beneficiary eligibility depend on the payment route and transaction details.

Yes. XTransfer supports direct payments to eligible Chinese suppliers in local currency. A Hungarian business can fund the payment in EUR, while the Chinese supplier can receive CNY in its mainland China bank account.

The buyer does not necessarily need to hold CNY first.

The payment flow can be: EUR → XTransfer → CNY → Chinese supplier

This allows the buyer to work with EUR while the supplier receives the currency agreed in the commercial transaction.

There is no single answer for every transaction. The better payment currency depends on the commercial agreement and who takes the FX risk.

Pay in CNY when:

• The supplier prefers or requires CNY

• The supplier's pricing is based on CNY

• You want the supplier to receive a predictable CNY amount

• You want to avoid leaving the supplier responsible for converting EUR

Pay in EUR when:

• The supplier accepts EUR

• The supplier has agreed to take EUR currency risk

• Your business already holds EUR

• The commercial price is negotiated in EUR

A practical approach

Before sending the payment, compare:

1. Supplier's required settlement currency

2. Amount the supplier must actually receive

3. FX rate and conversion cost

4. Transfer and intermediary fees

5. Expected settlement time

6. Documentation and compliance requirements

The most important number is often not the fee shown by the payment provider, but the final amount received by the supplier.

XTransfer may be relevant if your business:

• Pays Chinese suppliers regularly

• Needs to fund payments in EUR but settle suppliers in CNY

• Works with suppliers across multiple countries

• Wants to manage FX and supplier payments from one platform

• Needs clearer visibility over international payment flows

• Has recurring B2B payments with other XTransfer users

For a business making only occasional high-value transactions, a traditional bank transfer or Letter of Credit may still be appropriate depending on the transaction structure.

The key is to compare the total payment cost, settlement outcome, and operational workload, rather than looking only at the headline transfer fee.

Should a Hungarian importer pay in HUF, EUR, or CNY?

Use the currency that matches the contract and the supplier's settlement account. HUF may fit treasury, EUR may fit regional invoices, and CNY may reduce the supplier's conversion step. Compare all-in cost.

Is EUR always cheaper than CNY?

No. EUR can benefit from SEPA when eligible, but EUR-to-CNY conversion can add a spread. Compare the exact CNY amount received with a direct CNY route.

Can a Hungarian company pay a Chinese supplier directly from HUF?

It depends on the bank or provider, legal entity, corridor, and compliance approval. Confirm the funding currency before changing invoice terms.

When is an LC worth the cost?

An LC is more defensible for a high-value shipment, a new counterparty, or a supplier that requires bank-backed assurance. For routine replenishment, fees may outweigh the benefit.

How can I send money to Hungary with XTransfer?

Create an XTransfer account in just a few minutes and complete verification. Then, tap Send Money on the XTransfer app homepage and choose how you’d like to pay your recipient: bank account, XTransfer account, or digital wallet. Before confirming, you’ll see the exchange rate, fees, estimated delivery time, and exact amount the recipient will receive.

How much does it cost to send money to Hungary with XTransfer?

If your recipient is an XTransfer user, you can choose X2X (XTransfer-to-XTransfer) and enjoy 0 transfer fees. You’ll also get competitive exchange rates, with any applicable fees shown upfront before you confirm your payment. For bank payments, fees may vary depending on the correspondent bank.

How long does it take for global payments to arrive with XTransfer?

If your recipient is an XTransfer user, you can choose X2X (XTransfer-to-XTransfer) for near-instant arrival. For bank payments, delivery times may vary depending on the receiving bank and payment route, but payments typically arrive within 1–3 business days.

Is XTransfer safe to use?

Yes. XTransfer operates under regulatory oversight across 8 major jurisdictions, including the FCA (UK), FinCEN (US), MAS (Singapore), and DNB (Netherlands), and safeguards client funds separately from its operational funds. XTransfer also partners with 170+ global financial institutions, including BNP PARIBAS, J.P. Morgan, VISA, BBVA, DBS, Standard Chartered and Bank of China, supporting secure and compliant cross-border payments.

This article is compiled from publicly available sources and interview content for informational purposes only and does not represent the official views of XTransfer. XTransfer accepts no liability for any damages arising from reliance on this content.