In January-February 2016, NAFA will allow our Chinese customers to pay for their auction purchases in RMB under the following terms and conditions:
If you intend to pay for your auction purchases or deposit requirements by Prompt Day, NAFA will ask you to designate the invoices that you intend to pay in RMB, and commit to paying this amount by Prompt Day prior to the last day of the auction (February 4th). NAFA will then declare an RMB/US dollar exchange rate that it will guarantee to be valid for all purchases paid in RMB before Prompt Day.
After Prompt Day, you may still pay for your auction purchases in RMB but these payment receipts will be exchanged by NAFA at the prevailing RMB/US dollar exchange rate which may work in your favor or not. Please note that you will be responsible for paying any balance still owing on your account after the RMB funds have been exchanged by NAFA before your goods will be released from our warehouse for shipment.
How to make payment to NAFA:
- NAFA will publish a comprehensive instruction sheet that will be available on our website and at the Buyer Services counter during the auction with all relevant bank transfer details.
- Please be aware that payment normally takes 2-3 bank days to reach our account.
What are the advantages of making the payment in RMB?
- For our Chinese customers, it is convenient to make payments in RMB, because there is no need to purchase foreign currencies in advance.
- Chinese customers have no exchange risk when making payment with their own currency.
- There will not be any exchange risk in tariff and VAT calculation, so it simplifies accounting calculation in terms of cost and tax. It is a resource and time saving for our Chinese customers.
source : www.nafa.ca