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    1. Tracy01 is offline

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      #1

      How do I pay for my imported goods from China?

      Hi everyone. I am planning to buy some goods from China. Can anyone tell me the best payment methods available?
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    2. SellerTom is offline

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      #2
      Here are few types of payment methods available:

      First is bank transfer and this method is highly recommended for individual based business or companies in China.
      Next method is you can pay by check and the check should contain exact Chinese business or individual name written on it.
      Third and a well known payment option is by credit card and you can use PayPal gateway to do online payments.

      PayPal is the largest and best online payment solution provider and payments by credit cards can be made through PayPal without crediting any amount in the account.

      If you choose PayPal, you can use Master Card, Visa, and Amex, and the clearing currency is in US dollars.
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    3. Tracy01 is offline

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      #3
      Thanks for this great information. I have another question you might can answer for me. If I wish to pay through PayPal, then do I have to open an account in PayPal?

    4. SellerTom is offline

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      #4
      You don’t have to open an account to do a payment, but PayPal requires certain information in order to process your request to ensure security of your transfer.

      Once you have finished this transfer, you will be invited to join PayPal, but there is no obligation to join, it is always your choice to join or not.

    5. Tracy01 is offline

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      #5
      Thank you very much for explaining very clearly.

    6. SEOboy is offline

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      #6
      Hi, I hear a lot of T/T and L/C. What are these options, can you explain this to me?

    7. SellerTom is offline

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      #7
      Sure, I would be glad too.

      T/T stands for telegraphic transfer
      L/C stands for Letter of Credit

      T/T also known as the telegraphic transfer or wire transfer method. This is the simplest option available. You can do this direct wire transfer after seeing the sample and small sized shipments that are transported through air. The supplier needs to be very honest if you are importing goods through T/T.

      L/C also known as the Letter of Credit is a formal payment option that provides a lot of protection to both parties. This is simply a letter from the importer bank to the supplier stating that amount will be credited to their account, if they provide concrete documents related to shipments.

      This Letter of Credit normally includes:

      • Importer
      • Beneficiary
      • Opening bank
      • Negotiating bank
      • Specification of the goods
      • Amount to transfer
      • Starting and destination port
      • Shipment date
      • L/C validity date
      • Terms and conditions agreed by both parties
      • Documents required by the applicant or importer

    8. SEOboy is offline

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      #8
      Thx for this detailed info. What is the procedure involved in this L/C payment option?

    9. SellerTom is offline

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      #9
      The procedure is as follows:

      • As an importer, you have to open the L/C to the supplier through a bank that is eligible to open L/C in your country.
      • The bank will then notify the bank in China.
      • The bank in China then notifies the supplier about the L/C.
      • The supplier then verifies the terms and conditions and if they agree with that they will arrange for the shipment within the date specified in the L/C.
      • After loading the goods without any damage, the supplier will be provided with the clean bill of landing.
      • The supplier submits this bill along with the relevant document to the bank for clearing their payment.
      • The bank in China will then send all these documents to your bank.
      • You can collect all these documents from the bank and can claim your goods by showing those documents.

      Remember, L/C is used for large quantity of goods and it takes normally 14 to 21 days to complete the transaction.

    10. SEOboy is offline

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      #10
      Wonderful info. Thx for your gr8 help.

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