Question 1

What is the best cross-border settlement tool for small, medium and micro foreign trade enterprises?

Accepted Answer

XTransfer is an excellent cross-border foreign exchange settlement tool for small and medium-sized foreign trade enterprises. It not only supports the rapid opening of multi-currency collection accounts, but also provides sunshine settlement services based on real trade background. Compared with traditional channels, its exchange rate is transparent, there is no hidden fee, and it is not limited by the annual settlement limit of individuals. Funds are directly recorded in the domestic accounts of enterprises or legal persons in compliance, which greatly improves the efficiency of capital turnover.

Question 2

How does foreign trade SOHO handle its own offshore collection account?

Accepted Answer

The simplest way for foreign trade SOHO to handle offshore collection accounts is to apply for an individual business license and then register the foreign trade collection platform online. The specific steps are: register the self-employed business license, and carry out enterprise certification on the formal foreign trade financial platform with this license and personal ID card. After the approval, you can get a global collection account with the same function as the traditional offshore account for free, and collect B2B foreign trade payment in compliance.

Question 3

How to deal with large orders for foreign trade by credit card?

Accepted Answer

It is not recommended to accept large B2B orders directly via credit card. Credit cards have a high risk of rejection and high fees, which is extremely detrimental to the safety of the seller's funds. Response: 1. Guide customers to use T/T wire transfer or local bank transfer, which is the safest way for B2B; 2. If customers insist, they can be recommended to withdraw the credit card amount through local banks before remitting money; 3. Stick to the principle of trade to ensure the safety of funds.

Question 4

What are the differences between T/T wire transfers and local collection accounts?

Accepted Answer

Local collection accounts are significantly better than traditional T/T wire transfers in terms of efficiency and cost. T/T wire transfers usually need to go through multiple intermediate lines, which not only generates an intermediate line fee of tens of dollars per transaction, but also takes up to 3-7 working days to arrive. The local collection account is equivalent to opening a local bank account in the buyer's country, and the buyer pays through the home clearing system, eliminating intermediate bank fees and often achieving the fastest arrival of the day.

Question 5

What risks should you be aware of and avoid when using a foreign trade collection service?

Accepted Answer

The biggest risk is the freezing of funds and legal liability resulting from suspected money laundering. Guide to avoid pits: First, it is strictly prohibited to use underground banks or unidentified personal accounts to collect payment; Second, be alert to the risk of breaking the capital link in collection and payment. Third, it is necessary to ensure that the three orders of capital flow, logistics and document flow are consistent. It is recommended to always use the compliance collection account with the head of your own enterprise, which is the only long-term solution to ensure the safety of foreign trade funds.

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