General

Common payment methods for foreign trade

1.T/T。 Telegraphic transfer, a foreign trade payment method, is commonly known as bank transfer, which receives payment for goods through bank transfer. Our goods are basically thousands of dollars per order, so this payment method is most used. Generally, it is 100% advance payment, and the goods will be produced and shipped after receiving the payment. In the past, when making machines, we used 30% prepayment and 70% payment before delivery. This payment method can be paid on the same day at the earliest, such as Singapore, Japan and other countries. Normally, it takes 2-5 working days.

2.L/C。 Payment by letter of credit is an old method of payment for foreign trade. I haven't used it in foreign trade for eight years. It is said that the peers who make large machinery are still using it. "Letter of credit refers to a written document issued by the bank to the exporter (seller) at the request of the importer (buyer) to guarantee the liability for payment of goods. In the letter of credit, the bank authorizes the exporter to draw a bill of exchange with the bank or its designated bank as the drawee, which shall not exceed the specified amount, and attach the shipping documents as required, and collect the goods at the designated place on schedule." This is an explanation of a certain degree.

3. PayPal. We also use it more often. We can register PayPal with an email address. PayPal has the advantage of fast receipt and can generally achieve instant receipt. The disadvantage is that the handling fee is high. According to our years of collection experience, the handling fee is generally 4.4%.

4. Western Union remittance. This foreign trade payment method is also very fast. Basically, after opening an account in the bank, you can collect money with the phone number and name of the payee. After payment, the buyer will send the seller a collection code, and according to the collection code, directly call Western Union to receive the payment.

5. Alipay. collects money through Alibaba Sinosure orders. Generally, buyers or sellers need to build a product payment link and pay directly in the Alibaba background. This payment method is very friendly to buyers and is guaranteed by Ali. It is a bit like Alipay.

These are our usual payment methods for foreign trade.