You have the supplier develop sample(s) until you are confident they know exactly what you want.The most common payment method is a bank wire that works this way: What is the most common payment term requested by Chinese suppliers?
This is sometimes mentioned on the T/T payment forms of banks that work a lot with China: If the company name is too long, keep writing it in the “address 1” field.Don’t try to do your own translation job, even if your written Chinese is excellent! It has to match exactly the English name that is registered in the seller’s bank records.
You will need to write the company name in English, not in Chinese.Make sure to avoid any misspelling, which might cause the payment instruction to be held in limbo for weeks!.
#Wire transfer meaning how to#
I shot a short video that shows how to fill out a T/T payment application form:Īfter you have done this, take a screenshot, or get a digital copy, and send it to your supplier. Many buyers have been scammed by hackers who send invoices with their own bank account information… I strongly suggest you ask for that information earlier (as part of your pre-qualification of a potential supplier).
#Wire transfer meaning pro#
Your supplier will probably send you a pro forma invoice that includes their bank account information. If you do T/T payments frequently, your bank probably has an ‘internet banking’ application that will save you time. It typically takes 3-5 working days to clear, and generally costs between 25 and 50 USD, depending on your agreement with the commercial department in your bank.Ĭontact the commercial department of your bank, tell them you need to wire (for example) 25,000 USD to a company in China, and they will generally give you a form to fill out. (Technically, a T/T payment is not exactly the same as a wire transfer through the SWIFT system, but the vast majority of people think of them as the same thing.)Ī wire transfer based on SWIFT is the most common payment method in international trade with Asian countries. When a Chinese supplier asks for a T/T payment, what they really mean is they want a wire transfer. 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. A T/T payment is a common way to pay Chinese suppliers, but what is this payment type, how to make one, and what FAQs do importers have about the process? In addition, when you’re ready to pay a supplier, what kinds of payment terms might you negotiate with them?įollow this link to download these slides for yourself.
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