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 9. 7 Tips for sending money in China.

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If you want to transfer money to China, you will notice that there are several ways to do so. While only a few are safe, quick, and economical.

According to the World Bank, China is one of the top remittances receiving countries.

Here, the seven most useful tips to get the most economical ways of money transfer China are given:

1. Use An Online Money Transfer Service

Whenever you are going to send money to China, find the specialists for online money transfer. Because their cost is low, they can offer better exchange rates and cheaper fees as compared to the ban or High Street-based money senders.

It is very safe and straightforward to send money online. The only thing you will need is an account so that you can get a live quote and make the payment by credit or debit card; in some cases, you can pay via cash voucher or local bank transfer.

2. Check The Chinese Currency Rules

You are well familiar with restrictions related to money receiving in China. Before you transfer the money, you need to ask your recipient present in China that in which currency he or she can accept the transfers. For more about restrictions in China, you can contact China.

3. Compare The Exchange Rates As Well As The Transfer Fees

You can also look for a service that will offer you competitive exchange rates. Because the exchange rate is going to affect the final amount of money your recipient is going to receive in China.

Always keep in mind that sending a large amount of money can offer you better exchange rates. The cash transfer operators still generate revenue on money transfers.In many cases, the fee and profit margin is fixed on the exchange rate. While in only a few cases, the profit margin varies between 10 to 15%.

4. Pay By Local Bank Transfer Or Use The Cheapest Payment Method

There can be some additional costs too, depending on the method of money transfer you choose.

· For instance, if you make a payment via credit card, you will receive a commission of 1.5to 3%. But if you use the UK debit card as the payment method, you can cut these additional costs.

But the best way to send money to China is via local bank transfer. Well, before money transfer, you need to make sure that option is available in your home country.

5. Go to the bank to send money to China

Bank transfers are easy but make sure that you follow all the regulations for sending funds. If you use a bank to wire money to China, here are some tips:

Always check your tax records before using the bank for transfers. Keep a copy of these records with yourself.

The banks would need tax information of the funds.

You need a bank card, tax records, passport to visit the bank for such transactions.

When using public internet connections for bank transfers, use VPNs for security.

6. Use A Registered Payments Institution

To ensure the safest money transfer, always use an institution that is registered as the Payment institution. Well, as in the United Kingdom, they are registered with the FCA. It means their registration applies all over Europe.

7. Look For Refund Policy For Unexpected Expenses

Well, whine you will send money to China, there are few intermediary banks which may charge some additional cash.

You need to ensure that the institution is not going to cost you any type of unexpected expenses. One of the safest money transfer companies is Xendpay; it is straightforward and affordable.

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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 9. Confirm payment terms before place the order.

Home > How to import from China > Step 9

Before reaching an agreement with your supplier, there are many important details you should pay attention to.

Proforma Invoice

Non-Disclosure Agreement

Lead time and delivery time

Solutions for defective products.

Payment terms and methods

One of the most important is the payment. The right payment term can help you keep a continuous cash flow. Let’s take a look at the international payments and terms.

4 Common payment methods

Wire Transfer

Western Union

PayPal

Letter of Credit (L/C)

4 Common payment terms

30% Deposit, 70% Balance Before Exporting.

30% Deposit, 70% Balance Against Bill of Lading.

No Deposit, Whole Balance Against Bill of Lading.

O/A payment.

Chinese suppliers usually adopt such a payment clause: 30% deposit before manufacturing, 70% balance before shipping out from China. But it varies from different suppliers and industries.

For example, for product categories usually with low profit but large-value orders like steel, to obtain more orders, suppliers may accept a 30% deposit, 70% balance before arrival at the port.

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