Question 1

What are the US dollar collection tools suitable for small and medium-sized foreign trade enterprises?

Accepted Answer

For small and medium-sized foreign trade enterprises, the first choice for B2B foreign trade customized compliance cross-border collection platform (such as XTransfer). This kind of tool perfectly fits the characteristics of small and medium-sized enterprises with small single amount, high frequency and scattered buyers. Compared to traditional wire transfers, they not only eliminate intermediate bank fees, but also provide a local clearing network to enable buyers to pay in the fastest second. The platform is directly connected to the customs and SAFE systems, one-stop solution to the pain points of sunshine compliance settlement.

Question 2

How to settle foreign exchange to China in compliance after receiving US dollar payment from overseas customers?

Accepted Answer

The core of compliance settlement is to provide real and effective trade background materials to the collection platform or bank. After USD is recorded, you need to create a settlement application in the system and associate the corresponding trade order. It is usually necessary to upload supporting documents such as pro forma invoice (PI), complete logistics waybill or customs declaration form containing information from both parties. After the audit of the wind control system confirms that it is a real trade in goods, the funds can be legally liquidated into RMB according to the real-time exchange rate and directly into the bound domestic account.

Question 3

Personal SOHO to do foreign trade how to legally receive remittances from overseas companies?

Accepted Answer

Personal SOHOs can legally collect money by registering individual businesses or using cross-border payment tools that support personal qualification to open an account. At present, many third-party platforms for B2B foreign trade allow individual industrial and commercial households to apply for exclusive foreign trade collection accounts. Buyers can transfer dollars directly to the account through their corporate account. SOHO only needs to keep the commercial invoice and the logistics voucher of the actual delivery, and can complete the foreign exchange declaration and settlement through the platform, which is in full compliance with the national foreign exchange management policy.

Question 4

Which is more cost-effective, a local collection account or a global wire transfer account?

Accepted Answer

Local collection accounts are far more cost-effective than global wire transfer accounts in most cases. The local account relies on the local clearing network, and the buyer's payment in local currency not only eliminates the high international wire transfer intermediary bank fees, but also arrives at the account very quickly (usually within 1 working day). Global wire transfer accounts are suitable for situations where there is no local collection network in the buyer's country. Although the coverage is wide, the cost of a single wire transfer usually ranges from US $20-50, which is more suitable for large transactions.

Question 5

Why is my foreign trade collection account suddenly frozen?

Accepted Answer

Accounts are usually frozen because they trigger anti-money laundering (AML) mechanisms or involve high-risk transactions. Common reasons include: the source of the funds is in sensitive areas, the inability to provide real trade documents that match the recorded amount, the funds are fast in and out and have no reasonable business purpose, or the buyer's funds themselves are fraudulent funds. In order to avoid freezing, foreign traders must adhere to the KYC principle, refuse collection and payment requests, and always maintain the true and transparent trade links.

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