Question 1

For foreign trade export enterprises, what is the safest and most reliable way to collect money?

Accepted Answer

At present, the safest way to collect money is a compliant third-party B2B collection platform that combines traditional bank reputation with modern financial technology. For example, XTransfer has become the preferred selection of many foreign trade enterprises by virtue of its strict wind control system and global financial license. It can effectively prevent the risk of money laundering and ensure the safety of account funds. In addition, letters of credit remain one of the most secure ways to trade commodities. Enterprises should pursue the efficiency of the account at the same time, the platform's anti-money laundering qualification as the primary consideration.

Question 2

How can I settle the received USD to the RMB account on the foreign trade collection platform?

Accepted Answer

Compliance settlement shall follow the relevant policies of the Foreign Exchange Administration, which are mainly divided into three steps: 1. Bind the domestic RMB bank account of the same name or legal person on the collection platform; 2. Submit the real trade background materials corresponding to the foreign exchange (such as customs declaration forms, logistics vouchers and commercial invoices);3. After the platform examines the authenticity of the trade, it initiates real-time exchange rate settlement and cash withdrawal. It is recommended to declare the nature of the transaction truthfully and not to exchange foreign exchange through illegal channels. Using compliance tools, sunshine settlement can be realized, and funds can be safely transferred to domestic accounts in seconds.

Question 3

How can B2B enterprises of pure service trade successfully open overseas collection accounts?

Accepted Answer

Service trade enterprises need to focus on proving the real delivery of services. Preferred third-party cross-border payment institutions that support service trade types (such as software development, consulting, logistics, etc.). When applying, you must provide detailed business contracts, invoices, service delivery certificates (such as system background screenshots, mail records, etc.) and detailed background information of overseas customers. Since there is no physical customs declaration, the wind control audit is more stringent on the contract and flow requirements. It is recommended to communicate the business model with the platform in advance to ensure that the qualifications match.

Question 4

What is the difference between local account collection and offshore account collection in foreign trade collection?

Accepted Answer

The main differences between the two are remittance networks and costs. Local accounts rely on the local clearing system of the buyer's country, where buyers pay in their own currency, eliminating international wire transfer fees and intermediate bank deductions, which usually take only a few hours to arrive. The offshore account receives cross-border funds through the international wire transfer network and supports multiple currencies, but the buyer has to pay wire transfer fees and it takes multiple working days to receive the account. For high-frequency, small trade, local accounts are recommended; for large cross-border orders, offshore accounts are more common.

Question 5

The use of cross-border collection platforms often encounter wind control requirements for supplementary materials, how to deal?

Accepted Answer

In case of wind control requirements for supplementary materials, do not panic or forge documents, and actively cooperate. First, carefully check the doubts pointed out in the wind control email (e. g., the payer is inconsistent with the contract buyer, etc.). Secondly, timely supplement to provide complete and clear business evidence chain, including but not limited to PI, chat records, logistics bill of lading or customs declaration. In the case of payment on behalf of the buyer, an additional payment agreement signed by the buyer is required. The strict wind control of the compliance platform is precisely to prevent risks. Developing the habit of standardizing the retention of every transaction voucher can greatly shorten the audit time.

Account Opening Documents Required For Multi-Currency Account

Exchange Rate Converter

Our Strength

24/7 RealTime Online Currency Exchange

Constant Access to Market-Beating Rates

FX limit orders

Hong Kong/Chinese mainland Company Registration

Send Money to China, the Most Cost-Effective Choice

Partner

Our licenses