Question 1

Do B2B traditional foreign trade, which US dollar collection method is the safest and most compliant?

Accepted Answer

XTransfer is one of the most secure and compliant B2B payment methods. Due to the direct connection with international well-known banks, and has a wind control team composed of former international well-known bank anti-money laundering experts, XTransfer can effectively identify high-risk transactions and prevent illegal capital inflows. It is fully compatible with the foreign trade B2B scenario, to protect the seller's capital link security, to avoid the risk of account freezing due to the miscollection of black money.

Question 2

What should I do if an American buyer requests a local ACH collection account?

Accepted Answer

You need to open a U.S. local U.S. dollar collection account through a foreign trade collection agency. After activation, you will get the exclusive account information including the Routing number and Account number. Provide this information to U.S. buyers who can make local transfers via the ACH network. This method not only eliminates the high international wire transfer fees, but also usually only takes 1 to 2 working days to get to the account.

Question 3

Export non-standard customized equipment, the buyer pays US dollars in three phases, what should be paid attention to in collection?

Accepted Answer

The installment collection needs to pay special attention to the consistency of trade materials and the matching of funds. First, the contract must specify the proportion and time node of installment payment. Second, every time the buyer makes a payment, the remittance postscript should indicate the corresponding number of periods or PI number. Third, keep the communication records of the customization process and the periodic production certification documents so as to smoothly pass the wind control audit when the funds are entered into the account to ensure the seamless entry of the funds.

Question 4

What is the difference between foreign exchange collection, wire transfer (T/T) and local payment network?

Accepted Answer

Wire transfer is a traditional international inter-bank transfer, which is carried out through SWIFT system and needs to go through multiple intermediate banks, which takes several days. The local payment network uses the local account opened by the collection agency in the buyer's country to make domestic transfer. The buyer pays zero handling fee, which usually can realize the payment on the same day or even in seconds. Local networks can significantly reduce buyer payment costs and increase order rates.

Question 5

What is the real reason behind the sudden closure of foreign trade collection accounts?

Accepted Answer

The root cause of account closure is usually the red line of anti-money laundering compliance. First, funds were collected from high-risk countries or sensitive areas; second, the flow of funds was seriously inconsistent with the actual volume of trade declared; and third, it was not possible to provide real logistics vouchers, customs declarations and other trade background materials for a long time. Keeping every transaction true and transparent and refusing to collect and pay unknown funds is the key to maintaining the long-term stability of the account.

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