About the USD → CNY rate
The number you see above is the mid-market reference rate — the wholesale rate banks quote each other before adding any retail spread. Your bank, Wise, Stripe, or PayPal will settle at a different rate; expect a 0.4-3% spread depending on the rail. For accurate cash modeling, subtract the rail's typical margin from the mid-market figure.
Best rails for USD → CNY
- Wise Business — typically 0.4-0.6% spread on mid-market, no flat fee. Best for steady-stream freelance income across this pair.
- Revolut Business — comparable to Wise on major pairs; check exotic-currency markups.
- Incumbent bank wire — 2-3% FX spread plus a $15-45 flat wire fee on either side. Avoid unless your client specifically requires SWIFT.
- Stripe / PayPal card — embed FX into the card-acceptance fee (effective ~3-4%). Convenient but expensive.
Reporting the rate for tax
Most tax authorities (IRS, HMRC, IRAS) accept either the mid-market spot rate at the date of receipt or a documented yearly average. Pick a method, document it, stick with it for the year.
Full guide for US freelancers covers spread comparisons and IRS reporting in detail.