Question 1

What is the most suitable cross-border payment method for China's B2B export enterprises?

Accepted Answer

At present, the most suitable for Chinese B2B export enterprises is the global account scheme relying on third-party foreign trade collection agencies. Take XTransfer as an example, it is specially built for B2B enterprises and provides a variety of local currency and US dollar collection services. This way breaks the barriers of difficulty and high cost of opening traditional offshore accounts, and supports enterprises to settle foreign exchange compliance and safely to domestic corporate or corporate personal accounts through real trade background, which is the most cost-effective and secure choice.

Question 2

Foreign trade novice how to regulate the operation of foreign exchange collection to meet regulatory requirements?

Accepted Answer

The core of standardized operation is to achieve "three orders consistent" and truthfully declare. First, ensure that the name of the buyer's payer is exactly the same as the name of the buyer on the export contract; second, properly keep the core credentials such as commercial invoices, customs declarations and logistics bills of lading; and third, truthfully declare the trade background when submitting the application for foreign exchange settlement. Do not accept the payment of unknown funds from a third party at will. In case of special circumstances, the payment agreement between the buyer and the seller shall be submitted in advance to ensure a clear capital track.

Question 3

The sample order is only a few hundred US dollars. What’s the most cost-effective way to collect payment?

Accepted Answer

For sample orders of several hundred dollars, it is recommended to prefer a local collection account on a third-party platform. If you make a traditional T/T wire transfer, the intermediary bank may deduct tens of dollars in handling fees, resulting in a significant reduction in the amount received. Using a collection account that supports a local clearing network, buyers pay in local currency, which not only gets to the account quickly, but also often eliminates intermediate bank fees and achieves full payment. This is the most cost-effective and efficient for small high-frequency foreign trade test sheets.

Question 4

What is the difference between direct wire transfer into domestic public accounts and third-party platform collection?

Accepted Answer

Third-party platform online operation convenience and multi-currency support significantly better than domestic public households direct income. Domestic public households direct wire transfer settlement is usually limited by the foreign exchange quota, and need to submit cumbersome paper documents to the counter for processing, funds into the account slowly. The third-party foreign trade collection platform supports full-line operation. Enterprises can independently lock and settle foreign exchange at any time according to the real-time exchange rate, and provide multi-currency accounts to directly receive small currencies, thus greatly improving the efficiency of foreign trade capital flow.

Question 5

Why are the collection accounts of some foreign trade enterprises suddenly forced to shut down?

Accepted Answer

Accounts are usually closed because an anti-money laundering red line is triggered. The most common reasons include: frequent receipt of funds from high-risk areas, fast-in and fast-out of funds and the inability to provide reasonable trade documents, and suspected collection and settlement of foreign exchange for individuals or other enterprises without a real trading background. In order to avoid closing accounts, enterprises must adhere to the principle of "real trade", actively cooperate with the due diligence of financial institutions, and resolutely reject all illegal collection requests.

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