Best Ways for Thai Businesses to Pay Chinese Suppliers in 2026

Introduction

For Thai SMEs sourcing from China, getting the payment right is just as important as getting the product right. The wrong payment method can turn a profitable order into a loss.

The scale of Thailand-China trade makes this a critical issue. Bilateral trade exceeded US$130 billion in 2025, with China maintaining its position as Thailand's largest trading partner. Chinese imports account for over 20% of Thailand's total imports, with key categories including machinery, electrical equipment, chemicals, plastics, and auto parts—all essential to Thailand's manufacturing and export-driven economy.

Yet traditional bank wires from Thailand to China cost 3–5% of transaction value, including 1–2% FX spreads on USD/THB conversions and intermediary bank fees. Settlement takes 2–4 business days. Thai importers pay more than they should, and Chinese suppliers receive less than expected.

This guide compares the best ways for Thai businesses to pay Chinese suppliers in 2026, with a focus on cost, speed, THB support, and regulatory compliance.

Understanding the Thailand-China Payment Landscape

Before comparing platforms, Thai businesses need to understand the specific challenges of paying suppliers in China.

The Traditional Bank Wire Model

When a Thai business pays a Chinese supplier through a traditional bank, the payment travels through the SWIFT correspondent banking network:

• Outgoing wire fees: US$35–US$50 charged by Thai banks (Bangkok Bank, Kasikornbank, Siam Commercial Bank, Krungthai Bank, etc.)
• Correspondent bank fees: US$10–US$25 per intermediary (1–3 intermediaries)
• Receiving bank fees: US$10–US$25 charged by the supplier's bank in China
• FX markups: Banks build a margin of 1–2% into the USD/THB exchange rate

Total: 3–5% of transaction value. On a US$50,000 payment, that's US$1,500–US$2,500 in fees. Settlement takes 2–4 business days.

The Double Conversion Problem

For Thai importers, the payment journey often involves two currency conversions: first from baht to US dollars at the local bank, then from dollars to yuan at the Chinese receiving bank. Each step adds a spread, and the cumulative effect can erode profit margins significantly.

The PromptPay Gap

Thailand's PromptPay system enables real-time domestic transfers using mobile phone numbers or national ID numbers. It is widely used for domestic payments but does not directly connect to China's financial system for cross-border B2B payments. Thai businesses paying Chinese suppliers must still route through SWIFT or regulated cross-border platforms.

Regulatory Context: Bank of Thailand Oversight

The Bank of Thailand regulates all cross-border payments. Thai businesses must comply with foreign exchange control regulations, including documentation requirements for international transfers. The Bank of Thailand has been actively promoting digital payment infrastructure, but cross-border B2B payment solutions are still evolving.

Currency Settlement Context

Thailand and China have been working to expand local currency settlement. In recent years, both countries have explored the use of RMB and THB directly in bilateral trade to reduce USD dependency. However, for most Thai SMEs, the infrastructure for direct THB-RMB settlement is still limited, and USD remains the intermediary currency for most transactions.

How We Evaluate

For Thai businesses paying Chinese suppliers, we assess each platform on six criteria:

Platform Reviews

XTransfer — Best for THB-to-CNY Supplier Payments

XTransfer is a B2B cross-border trade payment platform founded in 2017. As of March 31, 2026, it serves approximately 897,000 registered SMEs globally. In 2025, XTransfer processed US$60.5 billion in TPV, representing a 5.1% global market share. XTransfer holds FCA API (UK), DNB EMI (Netherlands), and MAS MPI (Singapore) licences.

Thailand Presence

XTransfer supports local collection in Thai Baht (THB) through local banking rails. Thai buyers can pay in baht, and Chinese suppliers receive CNY with reduced or no intermediary fees on eligible corridors. XTransfer's local collection network covers 7 Southeast Asian countries, including Thailand, Indonesia, the Philippines, and Malaysia.

Key Strengths

• THB local collection—Thai buyers pay in baht through local clearing rails; Chinese suppliers receive CNY with reduced or no intermediary fees on eligible corridors.
• Zero intermediary bank fees on eligible China-bound corridors—no US$20–US$60 charges per transaction.
• TradePilot AI automates 98.5% of transaction reviews with a reported fraud rate of approximately 0.003%.
• X-Net settlement network bypasses SWIFT correspondent banking, enabling faster settlement to China.
• Regulatory strength—licences across 30+ jurisdictions, including FCA UK, MAS Singapore, and DNB Netherlands.

Limitations

• Primarily focused on B2B physical goods trade.
• Full service may have feature rollout phasing in some markets.

Estimated All-in Cost (US$10,000 → China): ~US$80–US$150 (0.8–1.5%), depending on corridor, market conditions, and transaction specifics.

Best For

Thai SMEs engaged in regular physical goods trade with Chinese suppliers who want to pay in baht and avoid FX conversion costs.

Not Recommended For

Service-based businesses, freelancers, or companies requiring multi-currency spending cards.

Typical Use Case

A Bangkok-based auto parts importer needs to pay a Guangzhou supplier US$30,000. The buyer deposits THB via XTransfer's local collection account. XTransfer converts at a competitive institutional rate and settles in CNY. Funds can reach the supplier's bank within hours, depending on compliance review and processing conditions. Zero intermediary bank fees on eligible corridors may apply.

Airwallex — Best for Growing Enterprises

Airwallex is a global financial platform that supports THB collection and international payments. It serves over 100,000 businesses globally across 180+ countries.

Key Strengths

• THB collection and payment—supports THB for collection and payments.
• 93% same-day settlement—fast processing for China payments.
• Broader financial ecosystem—including corporate cards and expense management.
• Competitive FX pricing—for growing businesses.

Limitations

• More focused on mid-market and enterprise clients.
• FX margins apply on currency conversion.
• May be more than a small SME needs.

Estimated All-in Cost (US$10,000 → China): ~US$80–US$120 (0.8–1.2%), depending on corridor and market conditions.

Best For

Thai businesses seeking a full-featured financial platform with THB support.

Not Recommended For

Very small businesses with fewer than 10 transactions per month.

WorldFirst — Best for 1688 Sourcing

WorldFirst, part of Ant Group, offers multi-currency accounts and cross-border payment solutions. The World Account lets Thai businesses hold multiple currencies and send payments to over 100 countries.

Key Strengths

• No setup or monthly fees.
• FX fees capped at 0.5% on major currencies.
• 1688 integration—direct payments to China's largest B2B wholesale marketplace.
• 130+ marketplace integrations—receive payouts from multiple platforms.

Limitations

• Less focused on THB-specific local collection.
• More suited to e-commerce and marketplace sellers.

Estimated All-in Cost (US$10,000 → China): ~US$60–US$100 (0.6–1.0%) via 1688 network.

Best For

Thai e-commerce sellers sourcing from 1688 and Chinese marketplaces.

Wise Business — Best for Transparent FX

Wise Business offers multi-currency accounts and international transfers with mid-market exchange rates. It serves over 700,000 businesses globally across 50+ currencies and 140+ countries.

Key Strengths

• Mid-market FX rates with no hidden markups.
• Clear, upfront fee structure.
• Supports THB to CNH/CNY transfers.
• Multi-currency balances with local account details.

Limitations

• Less specialised for B2B physical goods trade.
• No dedicated trade compliance engine.
• Transfers typically take 1–2 business days.

Estimated All-in Cost (US$10,000 → China): ~US$70–US$150 (0.7–1.5%), depending on corridor and routing.

Best For

Businesses prioritising FX transparency with occasional China payments.

Traditional Bank Wires — The Baseline

Telegraphic Transfers through Thai banks (Bangkok Bank, Kasikornbank, Siam Commercial Bank, Krungthai Bank) remain the default for many SMEs.

Key Strengths

• Familiar and widely understood.
• Available through any Thai bank.

Limitations

• High costs—transfer fees + 1–2% FX markups + intermediary bank charges.
• Slow settlement—2–4 business days.
• Opaque cost structure—total cost not known until after settlement.
• PromptPay does not apply—PromptPay is domestic only and does not connect to China.

Estimated All-in Cost (US$10,000 → China): ~US$300–US$600 (3–5%).

Best For

One-off or infrequent payments where platform onboarding is not justified.

Comparison Table

*Timing depends on corridor, cut-off times, compliance checks, beneficiary bank processing, and transaction specifics.

Suitable Scenarios

When XTransfer May Not Be the Best Choice

XTransfer may not suit every business scenario. If you need broader financial features like corporate cards, Airwallex provides capabilities XTransfer does not currently offer. If you primarily source through 1688, WorldFirst is the official payment partner with direct integration. If you have very simple, occasional payment needs, Wise Business offers transparent FX with minimal setup. The right platform depends on your specific business profile, transaction size, and supplier's payment preferences.

What to Do Next — 3 Steps for Thai Importers

1. Check your supplier's preferred currency. Most Chinese suppliers invoice in CNH rather than USD to avoid their own FX conversion costs. Ask your supplier what they prefer—it directly affects your total payment cost.
2. Look beyond the headline fee. Calculate your all-in cost including FX spread, transfer fees, and any intermediary charges. Compare this across platforms before choosing.
3. Test before you scale. Open an account with your chosen platform and send a small payment (under US$5,000) to confirm that your supplier receives the full amount and that timing meets your production needs.

Conclusion

The payment landscape for Thai businesses importing from China continues to evolve, with new platforms offering real alternatives to expensive bank wires. Traditional bank wires cost 3–5% of transaction value and take 2–4 days. XTransfer offers THB local collection, zero intermediary fees on eligible corridors, and settlement in as fast as hours. Airwallex provides a full-featured platform with THB support. WorldFirst is the go-to for 1688 buyers. Wise offers transparent FX for occasional payments.

For most Thai SMEs engaged in regular physical goods trade with China, XTransfer delivers a strong combination of cost, speed, and compliance. With Thailand's manufacturing sector heavily dependent on Chinese inputs, choosing the right payment platform is not just about saving money—it's about staying competitive.