What Are the Advantages of Buying Products from China

Import from China Guide

For beginners who don’t know what to buy & sell, have 0 experience about importing from China, you can get all questions answered in this tutorial. (10 video courses included)

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Step 8.How To Send Money To China.

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Sending money to China suppliers became more accessible because of online banking! If you’re looking to pay for goods, try out different payment options for sending money to China.

You can send money instantly, while some methods may take 1 to 4 business days. You can use your bank account or a credit/debit card, mobile phone, or WeChat account to transfer currency quickly to your business partners.

You all want to save time and money. As an experienced import company, we can help you get what you need without spending hours looking through catalogs or waiting on hold with customer service representatives.

Let’s get straight to how businesses can send payments to China. These methods are safe and quick.

Before Your Money Sends To China, You Need To Know:

You need to weigh the cost and fee against the Convenience and want to learn how to compare money transfer providers who send to china to meet your needs.

· Exchange Rates

The USD or CNY both remain stable while there can be few occasional ups and downs. You can either exchange the currency in advance; lock in prices, both of these will help you to prepare these shifts.

· Transfer Fees

The transfer of money across the border will always charge you some extras payment. And these charges can be hidden in the exchange rate.

In the case of sending a large amount of money, the exchange rate will be automatically reduced.

2·Transfer Limits

How much money you can transfer varies with the country. And the different amounts will attract either higher or lower fees. So, you can search for the best deal on the amount of Chinese Yuan you are searching for.

· Turnaround

Money transfer through the local bank may take more than a week or longer. If you want quick delivery, you can search for a digital specialist who can offer instant transfers to China.

· Maximum Limits

When the exchange rates are favorable, sending money can save your money for the future. And if you want to send a large amount of money to China, you will need to get a provider that will not mark limits for you.

10 Ways To Send Money To China

PayPal

PayPal is the fastest and most reliable money transfer service among other services. The friendly user experience and worldwide network make it the best choice. You can transfer funds to families overseas or businesses. You can check your transfer history when using PayPal.

You need the mobile number or the email address. Then select the amount you want to send to complete the transaction. You will get notified after the success of the transfer. PayPal charges a minimal fee for transferring funds.

Bank or Wire Transfers (via SWIFT)

You can also use banks to send payments to a business account in China. Wire transfer or bank transfer using SWIFT is also reliable for sending funds. The transfer fees are between $35 to $45.

Wise

Wise is also a reliable money transfer company for funds transfer with a few taps. They don’t charge any hidden fees. They use a peer-to-peer system. Wise is also known for offering the best exchange rate for transfers. The transfer fee is 2.95 USD plus 1.19% of the total amount. Remember, they deduct extra charges for credit or debit card transfers.

WorldRemit

Companies use electronic money institutions like WorldRemit to send money online to China. It does not charge any fee, but the transfer limit is $5000. It uses spreads, so the exchange rate varies.

Remitly

he cheapest funds transfer company is Remitly. It requires an Alipay account or WeChat account to process transactions. Use Remitly for the fast deposit and timely delivery of funds. There are no charges for the first transfer. They charge $3 for every $1000 afterward.

Credit Card

You can use a credit card for funds transfer to a business partner in China. Use your bank debit card or credit card to send funds using your mobile account or visit the nearest branch. The fee is usually high for credit card transfers.

Xendpay

International money transfers with Xendpay are secure. Your Chinese Yuan account will receive the funds within 2 to 3 business days. Secure online money transfers are possible using a mobile application. The website of Xendpay as well facilitates transfers.

Letter of credit

The best money transfer method to send money overseas is a letter of credit. Use it when selling or buying services or products. A letter of credit is a document where the bank guarantees payment. Letter of credit offers protection to both sellers and buyers. You get payments from the bank in your bank accounts when the other party fails to do so. A letter of credit is like escrow services. They are third parties guaranteeing the funds transfer. The banks are bound to release the funds. Use the letter of credit for local payment as well.

Western Union

Western Union account is also a reliable method. Use it for electronic money transfer to banks in China. You will get funds into your Chinese bank account in almost four days. You need to pay a higher transfer fee for quick china online money transfer. Western Union has an easy-to-use website. You can send or receive money overseas with it. It also has a cap of USD 7000 transfer; you need to select other services for large transaction.

TT Payment

Wire fund transfer or telegraphic transfer is also secure for transactions to China. It requires two business days. SWIFT also facilitates TT payments. Cost depends on the amount, timing, location, regulations, etc. It is secure, but the fee is a bit high.

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Import from China Guide

For beginners who don’t know what to buy & sell, have 0 experience about importing from China, you can get all questions answered in this tutorial. (10 video courses included)

Start learning

Step 8. Choose the best supplier via price, sample, communication, service.

Home > How to import from China > Step 8

After evaluating suppliers’ backgrounds,

there are 5 other essential factors that will determine which supplier you end up working with.

The Lowest prices might come with pitfalls

Although the price is a key aspect you should consider when you select suppliers, you may be risky of buying bad quality products. Perhaps the production quality is not as good as others such as thinner material, smaller actual product size.

Get samples to evaluate mass production quality

All suppliers promise to say the product quality would be good, you can’t just take their words. You should ask for a sample in hand to assess if they can produce products according to your requirements, or if their existing goods are exactly what you want.

Good communication

If you have repeated your requirements over and over, but your supplier still didn’t make products as you requested. You have to spend huge efforts to argue with them to reproduce the product or refund the money. Especially when you meet Chinese suppliers who are not fluent in English. That will drive you even more crazy.

Good communication should have two features,

Always understand what you need.

Professional enough in his industry.

Compare the lead time

Lead time means how long it takes to produce and get all products ready to ship after you place the order. If you have several supplier’s options and their prices are similar, then it’s better to choose the one that has a shorter lead time.

Consider shipping solution & shipping cost

If you don’t have a trusted freight forwarder, and you prefer suppliers to help you handle logistics, then you have to compare not only product prices, but also logistics costs and solutions.

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