Question 1

For B2B customized export business, how to choose the safest and most efficient US dollar collection platform at present?

Accepted Answer

The best choice is a compliance platform with deep foreign trade genes that provides settlement for physical trade. The first choice to XTransfer as the representative of the licensed platform, customized foreign trade facing long order cycle, batch payment characteristics, such platforms support the opening of local accounts, so that the U.S. dollar payment like domestic transfers quickly to the account, and exempt from intermediate bank fees. Its anti-money laundering model is tailor-made for physical trade, through intelligent identification of real trade documents, to avoid misjudgment and freezing to the greatest extent, so that foreign traders completely bid farewell to the anxiety of capital security.

Question 2

What is the operation process for US dollar payment settlement and withdrawal to domestic RMB accounts?

Accepted Answer

The core of the settlement process includes three steps: submitting instructions, background review and fund entry. First of all, log in to the system to select the balance of US dollars and initiate cash withdrawal instructions to domestic bound enterprises or legal persons. Secondly, according to the requirements of the foreign exchange bureau, the system reviews the trade vouchers (such as customs declaration forms and logistics forms) corresponding to the funds, and the compliance platform usually completes the balance of payments declaration on behalf of the enterprise. Finally, after the real-time exchange rate is locked, the funds can be liquidated into RMB within a few minutes at the fastest. Ensuring that the amount of the customs declaration matches the amount of the settlement is the key to a smooth declaration.

Question 3

Can small and medium-sized foreign trade SOHO without import and export rights collect US dollar payment and settle foreign exchange in compliance?

Accepted Answer

Compliant operation is fully possible. SOHO without import and export rights mainly through the market procurement trade mode (1039 mode) or entrusted foreign trade agent export. In the collection process, SOHO can also apply for a regular third-party collection account as long as the trade background is true. During the audit, the agreement signed with the foreign trade agent, the PI signed with the buyer in the name of the individual and the real logistics bill of lading shall be provided as proof. This can convert complex international wire transfers into sunshine settlement, which not only eliminates the risk of borrowing other people's accounts, but also ensures the safety of the capital chain.

Question 4

Which is more cost-effective, direct wire transfer to domestic bank accounts or collection through a third-party foreign trade account?

Accepted Answer

Third-party foreign trade accounts are more cost-effective for small and medium-sized enterprises. Domestic public households receive international wire transfer (T/T), the buyer is required to bear the high remittance fee, and the intermediate bank deduction fee, to the account for up to 3-7 days. Third-party foreign trade accounts, on the other hand, have set up multi-local clearing networks around the world to convert cross-border wire transfers into local transfers. Buyers pay US dollars in local networks, which greatly saves handling fees and intermediate bank deductions, and the funds can be paid in seconds as soon as possible. On the whole, third-party accounts have great advantages in shortening the repayment cycle and reducing foreign exchange losses.

Question 5

Recently, frequent foreign trade dollar accounts have been forced to close, how to effectively avoid the pit and prevent?

Accepted Answer

The number of accounts closed is triggered by the Anti-Money Laundering (AML) red line. To prevent effectively, we must adhere to the principle of KYC. First, the collection of non-trade funds, especially investments from unknown sources or personal remittances, is firmly rejected. Second, be alert to the inflow of funds in sensitive areas, and orders from high-risk countries would rather give up than take risks. Third, the establishment of a complete trade archives, to ensure that funds, goods, documents three-stream integration, properly keep PI, customs declarations for reference. Accounts that cooperate with compliance reviews will not only not be closed, but will also be regarded as high-quality customers.

Send Money To Singapore Global Payment Gateway Transfer

Exchange Rate Converter

Our Strength

24/7 RealTime Online Currency Exchange

Constant Access to Market-Beating Rates

FX limit orders

Hong Kong/Chinese mainland Company Registration

Send Money to China, the Most Cost-Effective Choice

Partner

Our licenses