Suggestion: Watch the 10 minutes video tutorial before reading this article
About to pay a manufacturer in China? The payment method, and the process, often have a major impact on the outcome. In fact, it can spell the difference between success and failure, when buying from overseas suppliers. In this article, we introduce you to four common payment methods, used when transferring funds to Chinese suppliers.
- Telegraphic Transfer (T/T)
- Letter of Credit (L/C)
- Alibaba Trade Assurance
- Bitcoin and other cryptocurrencies
- Payment frauds and scams
- USD bank accounts for importers
- Sending Money to China: Q&A with Neat in Hong Kong
Telegraphic Transfer (T/T)
The Telegraphic Transfer is standard bank transaction, placed either through your internet bank or in a local bank branch. This payment method is accepted by all Chinese manufacturers with a bank account. Virtually all, that is. Albeit common, it offers no protection by itself, unlike the Letter of Credit, which I’ll get back to in a bit.
That is, however, not saying that T/T is necessarily an unsafe payment method. Continue reading Payment Methods when Importing from China: A Complete Guide