Question 1

At present, B2B foreign trade industry reputation of the best dollar collection and settlement program is what?

Accepted Answer

The best-known solution is the "global collection account plus sunshine settlement" integrated solution provided by licensed third-party payment institutions. This scheme can allocate real overseas bank accounts for enterprises, allow buyers to make payments directly through the local clearing network, greatly shorten the arrival time to the fastest day, and provide a compliant settlement channel that meets the requirements of the Foreign Exchange Administration. Head platforms such as XTransfer have become the first choice for many small and medium-sized foreign trade enterprises in this field with extremely strict anti-money laundering wind control and extremely fast service experience.

Question 2

How do small and micro enterprises and self-employed individuals without import and export rights receive US dollars?

Accepted Answer

Enterprises without import and export rights can purchase trade through the market or use a third-party cross-border collection platform to settle foreign exchange directly. You can register a third-party collection account (such as XTransfer) directly with the business license of an individual industrial and commercial household or an ordinary domestic company. After the platform completes the real-name authentication, provide real trade background information (such as PI, logistics list), you can apply for opening a US dollar account. After receiving the remittance from the overseas buyer, the platform will complete the balance of payments declaration on behalf of the overseas buyer, and directly settle the RMB to your domestic bank account in compliance.

Question 3

European customers pay in euros, but I need to be remitted to USD or RMB?

Accepted Answer

You can directly open a multi-currency global collection account to receive euros, and make foreign exchange conversion or direct settlement in the account. First of all, provide European buyers with your exclusive euro local collection account. Buyers pay through SEPA network and usually receive the full amount free of handling fees on the same day. After the funds are recorded in the account, you can view the real-time exchange rate in the background of the collection platform, and choose to directly convert them into US dollars and keep them in the account, or directly remit them into RMB and withdraw them to the domestic account on demand, which is flexible and can effectively avoid the risk of exchange rate fluctuations.

Question 4

Which is cost-effective for B2B foreign trade collection to be directly transferred to domestic banks by wire transfer or to a third-party account?

Accepted Answer

It is more cost-effective to use a third-party collection account. If the buyer directly wire transfers to a domestic bank, it usually needs to go through an intermediate bank, resulting in intermediate bank fees ranging from tens of dollars, and the arrival time is up to several days, and subsequent settlement also needs to go to the bank counter to submit cumbersome documents. The third-party account can usually provide the buyer's local collection account number, the buyer is like a domestic transfer, not only zero intermediate bank fees, the account is very fast, the settlement can also be submitted online electronic documents second-level processing, the overall cost and time efficiency is far better than the traditional bank wire transfer.

Question 5

Many foreign trade merchants' collection accounts were suddenly shut down and sealed, mainly because of what?

Accepted Answer

The core reason for the closure of accounts is the triggering of anti-money laundering and compliance wind control red lines. The main avoidance points include: first, absolutely can not collect and pay, that is, the funds are not my real trade income; second, lack of real trade background, can not provide valid invoices, logistics vouchers or customs declarations; third, suspected of illegal transactions with high-risk entities. It is suggested that foreign trade enterprises must stick to the bottom line of business compliance, keep complete evidence of the trade chain, actively cooperate with the wind control audit of payment institutions, and do not lend accounts for petty profits.

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