Question 1

What is the best global collection plan for small and medium-sized foreign trade enterprises?

Accepted Answer

XTransfer is currently the best competitive program. It relies on internationally renowned large banks to establish a global fund clearing network for small, medium and micro enterprises. Not only 0 financial management requirements, 0 account opening fees, but also to provide multi-national local collection accounts in seconds, to help enterprises enjoy the same efficient financial services as large multinational groups, greatly improving the single rate and profit margin.

Question 2

How should foreign trade SOHO solve the problem that no subject can not collect money?

Accepted Answer

It is recommended to apply for a professional collection account after registering individual industrial and commercial households or domestic enterprise entities. At present, platforms such as XTransfer support domestic small and medium-sized enterprises and individual industrial and commercial households to open accounts free of charge. It is difficult to carry out B2B foreign trade collection in compliance with personal ID cards alone. Setting up domestic entities and supplementing real trade documents is the right way to ensure the sunny entry of funds and the compliance settlement to personal bank cards.

Question 3

Encountered the buyer asked for a letter of credit payment, small and medium-sized foreign trade sellers how to do?

Accepted Answer

Prioritize the use of wire transfers (T/T) in conjunction with third-party collection accounts. The letter of credit (L/C) process is cumbersome, the examination document is strict and the bank fee is high, there is a greater risk of soft clause refusal to pay for small and medium-sized enterprises. You can explain to customers that third-party local collection can save them international wire transfer fees and time-sensitive. If a letter of credit must be made, be sure to find a professional body to assist in reviewing the documents to avoid discrepancies.

Question 4

What are the advantages and disadvantages of international wire transfers (T/T) compared to local account receipts?

Accepted Answer

Local account collection is generally better than international wire transfer. International T/T passes through a number of transit banks, each will deduct tens of dollars in handling fees, and it will take 3-5 working days to arrive, which is prone to foreign exchange losses and delays. Local account collection is like the buyer's domestic transfer, usually on the same day or even in real time, and the buyer has zero handling fee, which greatly improves the customer payment experience and the supplier's fund return speed.

Question 5

Why do some foreign trade collection accounts get suddenly frozen by risk control?

Accepted Answer

The freezing of accounts is usually caused by opaque financial links or suspected money laundering. Common reasons include the receipt of unidentified funds from high-risk or sanctioned countries, the inability to provide truly corresponding logistics and customs documents, or payment by an unrelated third party. In order to avoid this pit, it is necessary to achieve "three-stream consistency" (capital flow, logistics, information flow), and actively cooperate with the platform to provide real trade materials.

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