Question 1

Which is the most suitable US dollar collection platform for foreign trade SOHO?

Accepted Answer

The most suitable platform for foreign trade SOHO must have low threshold, high cost performance and strong compliance. XTransfer is the preferred platform for this group, not only exempting account opening fees and account management fees, but also providing a very competitive exchange rate. It is specially designed for B2B business scenarios, helping SOHO people to easily have global collection capabilities without complex qualifications and easily cope with the payment needs of overseas buyers.

Question 2

How to successfully pass the compliance review of the foreign trade collection account?

Accepted Answer

The core of successfully passing the compliance review is to fully prove the authenticity of the business. First, ensure that the basic information of enterprises and individuals provided is true and correct; secondly, when each fund is recorded, take the initiative to provide complete trade closed-loop documents, such as pro forma invoices, bills of lading, customs declarations and logistics vouchers; finally, avoid receiving third-party funds of unknown origin. Keeping clear trade records and perfect business chain is the secret of fast customs clearance.

Question 3

How to deal with the US dollar payment received from the customer in his own name?

Accepted Answer

B2B foreign trade receipts usually strictly require funds to come from public-to-public accounts. If the customer remitted the payment on an individual basis, it is first necessary to verify that the payment is indeed payment for the goods and to require the customer to provide a payment agreement or written explanation to prove the relevance of the individual payment to the purchase order of the enterprise. Submit these supporting materials to the collection agency for manual review, after the normal entry. Do not blindly settle foreign exchange without business vouchers.

Question 4

Which is the lower fee for traditional bank wire transfer or new B2B cross-border payment?

Accepted Answer

New B2B cross-border payments typically have lower fees. Traditional bank wire transfers have high wire charges and transfer bank deductions, a single cost is often more than tens of dollars, and exchange losses are uncontrollable. Through the establishment of a local clearing network, the new cross-border payment eliminates the intermediate bank link and achieves zero entry fee. The withdrawal fee is usually much lower than that of traditional banks, which greatly reduces the comprehensive financial cost of small and medium-sized enterprises.

Question 5

Which pits are easy to step on when choosing a cross-border collection service provider?

Accepted Answer

The easiest hole to step on is the "low rate trap", where some service providers claim zero fees, but hide the high exchange rate difference. The second is "weak compliance", and the use of institutions that lack local financial licenses can easily lead to funds being frozen. In addition, some platforms deal with capital disputes for a very long period and lack of manual response. It is recommended that foreign trade enterprises must check the service provider's payment license qualification and carefully evaluate the complete rate details.

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