Sep 25, · T/T payment stands for ‘Telegraphic Transfer.’ In other words, an international wire of funds from the buyer’s bank to the seller’s bank. GoRemit — a good pick if you have a Hong Kong company and you want to send money in local currency to suppliers in China or South-East Asia. Very easy to use. Can also be used to top up a Wechat Reviews: 24 Telegraphic transfer (T/T) in China Trade. T/T payment is a very common abbreviation, which stands for “telegraphic transfer”. The money is transferred between two bank accounts in a reasonably satisfactory speed (usually within 5 working days). T/T payment is often used in trade relations with China. According to the survey by Estimated Reading Time: 2 mins Apr 28, · blogger.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # ). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act
How to Pay Chinese Suppliers by T/T Payment (Bank Wire Transfer) - blogger.com
A wire transfer based on SWIFT is the most common payment method in international trade with Asian countries. It typically takes working days to clear, and generally costs between 25 and 50 USD, depending on your agreement with the commercial department in your bank.
Contact the commercial department of your bank, tell them you need to wire for example 25, forex tt to china, USD to a company in China, forex tt to china, and they will generally give you a form to fill out. Your supplier will probably send you a pro forma invoice that includes their bank account information.
I strongly suggest you ask for that information earlier as part of your pre-qualification of a potential supplier. Many buyers have been scammed by hackers who send invoices with their own bank account information…. After you have done this, take a screenshot, or get a digital copy, and send it to your supplier.
The most common payment method is a bank wire that works this way:. Can you negotiate this forex tt to china If you insist on it from the very start, and if your suppliers are motivated to work with you, probably yes.
If you come out as a beginner and your orders are very small, forex tt to china, probably not. There are various ways you might be able to negotiate for payment of some or all of the amount after shipment. It might be true. Yes, it does happen. If possible, get all the information about that supplier, their product price, and so on. In that case, you can usually negotiate the amount to pay at the time of that purchase.
And make sure you understand how much you will still need to pay later for the advance payment before production. At the very minimum, your supplier will send you their pro forma invoice and ask you to confirm it.
Naturally, it comes with their own terms, which is why we suggest you issue your own purchase orders POs. However, a PO is not a contract.
It is difficult to sue a rogue supplier on the basis of a PO. We are not legal specialists, but the China Law Blog covered the topic of contracts nicely in this post.
It means you appoint the freight forwarder or directly the shipping line that will handle international transport. You can find more information on this topic in this post about negotiation. If you can make payments from Hong Kong The above options are still valid, forex tt to china, but in addition:. I never heard of a transaction that got lost forever i. The whole SWIFT system is a bit clunky.
It would happen as follows:. Ask for an invoice that calls for payment to their company account. If you send money to a personal account, forex tt to china, it will be much more difficult to litigate against them if they let you down later.
Not necessarily. Forex tt to china, there might be several reasons. What can you do? If the supplier sees your project as interesting in the forex tt to china to long-term, and if the manufacturer has sufficient cash on hand to order and pay the components, yes it is generally negotiable.
If your production is forex tt to china customized and in the unfortunate event of order cancellation difficult to sell to another customer, forex tt to china, negotiating a lower deposit will be difficult.
It is a measure of risk prevention. It depends on the industry, on the business relationship, on their power on the market, and so on:. I have heard of companies in the US or in Europe who have managed to negotiate that type of deal. Here is their situation:. Get in touch with me by filling the form below and I will give you a tailored recommendation or quotation. My company Sofeast, can probably help forex tt to china. Any experiences to share with the community?
Let us know in the comments below! com offers. The drawback is that both buyer and seller must sign up with Alibaba. Any comments on them? I am an online seller forex tt to china use alibaba for some supplies. They operate on a feedback system much as ebay and has a buyer protection clause that so far has worked ok for me but is not foolproof. The sellers have no incentive to not send your goods.
Do not make the mistake I made and pay by Western Union ever. HI THERE. IM IN THE PROCESS TO BUY TIRES FROM CHINA HOW CAN I VERIFY THE COMPANY AND THE BACKROUND? Forex tt to china HOW CAN I FIND A COMPANY TO INSPECT MY TIRES BEFORE THE SHIPPED?
Hello Sir, please i need your advicei am ordering a goods from China and they are dealing with TT payment method, how can i make sure to secure the shipment because i deal only with LC payment method, and if you know inspector company to deal with to inspect the goods before shipping.
Thank you. This is a bit off the topic but I want to find out if a chinese supplier is legit. how do I go about doing that? If the supplier says they are a manufacturer, my company can audit their factory — contact me at ra[at]sofeast. If you need to check the products before shipment, again my company can help and you should contact me.
I too want to find out if a chinese supplier is legit. the company name is Guangzhou Lifeng Printing Co. com in an economical way. Or we can audit the factory if they are the manufacturer, and not a trading company and tell you what they make, how organized they are, forex tt to china, what processes they have in house, etc.
Hiwe are planning to start the registered office in xiamen for selling the raw granite blocksyour concern support for the same. I to would like to know the answer to that question. I know I could fly over and check but that seems a bit much.
Hi, Could you please share the info with me as well? I am in the process of buying some goods from China using Alibaba and I have no clue how to do the background check. I would like to no if this company am dealing with really exist shuntong group Co limited. is JUN ZUO. D manager of no. What are some mistakes we should never make?
We have seen buyers make this mistake and deeply regret it. You will become their last priority… You should never wire the down payment before having a relatively high certainty that the factory knows what you expect of them.
Most experienced buyers issue purchase orders, then receive a sample and confirm it is very close to what they want to receive after mass productionand after that, they send the advance payment. In some cases, you might need. If you pay them by telegraphic transfer, what I wrote above in this article applies, forex tt to china.
Both are usually fine up to negotiation between you and them. This might make sense if your bank offers that possibility. I wrote here about the reasons why many companies pay their Chinese suppliers in RMB. We have seen many projects delayed that way. So, we suggest you ask a bank officer to confirm forex tt to china is something they are used to facilitating and it will work out fine.
And you will also need to make sure the supplier gave you a bank account that accepts CNY received from an international source, of course. Note: more and more companies pay their suppliers in CNY regularly. It is part of forex tt to china wider system.
Quotations are in CNY, payments are in CNY, forex tt to china, etc. I wrote about it here. But keep it separate from the deposit, and have the supplier commit to an agreed deliverable. If your bank charges you 40 USD or more, and their transfers take working days to be executed, you are working with a traditional bank that follows an antiquated system SWIFT was developed in the s. This should change in the coming years with cryptocurrencies such as XRP, but right now there are other solutions.
Some of our clients have used alternative solutions and seem happy about these services. Depending on your forex tt to china, they might offer a better deal than your traditional bank. Has become quite popular. In earlythey added the ability to send money to an Alipay account but I strongly advise against payments to personal accounts.
Payoneer — very convenient for collecting money from marketplaces such as Amazon. Sending money to another company that has its own Payoneer account is fast and inexpensive. Revolut — seems to be geared more to European consumers and companies, so far. Fantastic value for certain usage. If you can make payments from Hong Kong The above options are still valid, but in addition: GoRemit — a good pick if you have a Hong Kong company and you want to send money in local currency to suppliers in China or South-East Asia.
Food for thought: China's Food Safety - 101 East
, time: 25:56Telegraphic transfer (T/T) in China Trade - blogger.com Blog
Sep 25, · T/T payment stands for ‘Telegraphic Transfer.’ In other words, an international wire of funds from the buyer’s bank to the seller’s bank. GoRemit — a good pick if you have a Hong Kong company and you want to send money in local currency to suppliers in China or South-East Asia. Very easy to use. Can also be used to top up a Wechat Reviews: 24 Apr 28, · blogger.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # ). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act Nov 09, · The future of the Forex market in China. Fuelled by the growth of international trade in China, the Yuan is being traded in very large volumes. There are a few banks that carry out foreign exchange trading in China, as well as a number of Forex brokers. Generally, the standard of service is pretty good, and the rates offered are competitive
No comments:
Post a Comment