If you’re importing from China, probably, you could be worried how to play your suppliers or factories.
You can try T/T payment to China.
But, how do you avoid the risk of losing money?
Or how can you get the most from the T/T payment?
So, if you want to learn the tricks and tips for making T/T payments, read this guide.
- What is T/T Payment?
- What are the Benefits of T/T Payment to China?
- Are there Disadvantages of making T/T Payment to China?
- When should you use T/T Payment to China?
- Why do Chinese Suppliers use T/T Payment?
- How does T/T compare to other Methods of Payment in China?
- How do you make T/T Payment to China?
- What is the Cost of T/T Payment to China?
- How do LC and T/T Payments to China compare?
- How long does T/T Payment to China take to complete?
- How does T/T Payment to China and SWIFT Payment compare?
- What is the Safest Payment Method when Importing from China?
- Which Terms do you use during T/T Payment to China?
- How do you reduce the Risk of using T/T Payment to China?
- How do you Negotiate Better Payment Terms when Importing from China?
- What are the Tips and Tricks about T/T Payment to China?
- Can you use T/T Payment to China when importing from Alibaba?
- Is T/T Payment to China Safe and Secure?
- Can you Ask for Refund after T/T Payment to China?
- Which Factors Affect the Speed of T/T Payment to China?
- How do you Verify Chinese Company before making T/T Payment to China?
- Are there Scams when making T/T Payment to China?
- Which Details do you need to Make T/T Payment to China?
- In case you Submit Wrong Details when making T/T Payment to China, What can you Do?
- If a Supplier Cancels Order after making T/T Payment to China, What can you Do?
- Can you make T/T Payment to China in Chinese Yuan?
What is T/T Payment?
T/T payment otherwise known as telegraphic transfers refers to an international, electronic money transfer method from the buyer’s bank to the seller’s bank.
What are the Benefits of T/T Payment to China?
The use of T/T payment in China has brought several benefits to both buyers and seller not excluding;
- To start with, a telegraphic transfer is one of the secure methods of transferring funds across different countries.
You will have to include a couple of your credentials and by so doing strong security is created.
- Telegraphic transfers are available in most major currencies.
- Simple to transact – Apart from it being secure, T/T payment is simple. All you have to do is get to your nearest service provider.
Make sure you have the recipient’s account number together with any other details required by your bank.
You will be required to fill in a form and that’s it.
- Efficient – Telegraphic transfer is widely embraced in most countries and this makes it effective for any manufacturer in China.
The manufacturer or supplier can transact funds with any trader or importer across the globe.
This in turn boosts their businesses.
- Higher transfer limit –T/T payment makes it easier for anyone to make large money transfers.
This is a plus especially for importers dealing with bulk purchases. In turn, China can increase trade among several importers from different countries.
- Quick – Within one to four business days, your funds will have already transferred to the recipient.
Remember, this might even take less than a day making it one of the quickest methods of transferring money.
These speed of your transaction depends on several factors such as distance, working hours, and holidays just to mention a few.
- Owing to the faster transfer rate of funds, T/T payment is less affected by fluctuations experienced in the international money market.
- In addition to that, T/T payment charges less for its services, therefore, making it one of the cheapest. This attracts several traders who in turn boost China’s economy.
Are there Disadvantages of making T/T Payment to China?
In as much as T/T payment might seem quite advantageous, it has its drawbacks too which include;
- It’s one of the commonly used methods of payment by scammers and fraudsters.
This is probably due to its fast transaction speed.
Not only is this a risk for the supplier but also the buyer.
- On certain occasions, your transactions could take longer to be processed.
- A fee is always imposed by the bank for every transaction meaning your recipient will not receive the full amount.
- If by chance you happen to enter an incorrect account number, you cannot reverse the payment.
When should you use T/T Payment to China?
T/T payment is commonly used when paying Chinese suppliers.
All Chinese suppliers with a bank account have the T/T payment method option for their businesses.
Why do Chinese Suppliers use T/T Payment?
Chinese suppliers prefer the use of T/T payment owing to the following reasons;
- T/T payment is not only safe but also secure.
- Chinese suppliers need fast payment method and therefore T/T payment serves best.
- T/T payment has a higher transfer limit allowing Chinese suppliers to work efficiently with bulk buyers.
- In addition to that, T/T payment is easy to process for both the buyer and supplier.
How does T/T compare to other Methods of Payment in China?
There are several payment methods in China some of them including;
- Letter of Credit
- Visa Card
- Online Bank Payment
- Western Union
As compared to other payment methods in China, T/T payment is processed by the bank.
The supplier gives out their bank details and the buyer presents all information to their bank.
Afterwards, the buyer’s bank performs the transaction to the supplier’s bank account through electronic means.
In addition to that, T/T payment has a higher transfer limit as compared to other payment methods.
This makes it the ideal choice for any bulk purchaser.
How do you make T/T Payment to China?
Making T/T payment to China is much simpler and faster than you think.
All you have to do is contact your bank and present to them your idea of transferring cash to a Chinese company.
You will be required to fill out a form.
Thereafter, make payments of the transfer money together with any other fee applicable.
Always ensure that you request your supplier to send the proforma invoice early enough.
This proforma invoice will include the supplier’s bank details which you will need when approaching your bank for the transfer of funds.
The whole process takes about two to four days depending on the distance between the two destinations and other factors.
Most importantly, always confirm that you are dealing with a company and not an individual.
Most scams happen as a result of sending money to individual accounts and it might take time before you discover that you have been scammed.
What is the Cost of T/T Payment to China?
The cost of T/T payment varies from one TT provider to the other.
Most banks will charge a fee of $30 which can as well be more or less depending on your provider and where they are located.
Averagely, the cost ranges from as low as $25 to as much as $50.
Remember, T/T payment involves funds being moved from one bank to the other until it arrives at the destination.
Therefore, the fee charged includes the total amount from all the banks your fund has passed through.
How do LC and T/T Payments to China compare?
As compared to the T/T payment, LC otherwise referred to as a letter of credit is more secure.
Letter of credit process
This is because you will be required to fill out extra information before transferring your funds.
With a letter of credit, you won’t need to deposit any amount to the supplier.
Therefore, your risks as a buyer are greatly reduced.
LC payment is made when certain conditions are met as compared to T/T payment which lacks such conditions.
How long does T/T Payment to China take to complete?
A complete T/T payment will take two to five working days to complete.
This highly depends on your bank and the distance between the two destinations.
Also, other factors such as public holidays might delay your payment.
How does T/T Payment to China and SWIFT Payment compare?
SWIFT payment is under T/T payment methods.
It facilitates T/T payment transaction by using special codes to transfer funds to the recipient’s bank account.
When doing a T/T payment, the funds are passed through various banks until they arrive at the destination.
These banks make up the SWIFT network.
Therefore, T/T process relies on the SWIFT system for the fast and efficient transfer of funds.
What is the Safest Payment Method when Importing from China?
Some of the safest payment methods when importing from China include; T/T, LC, escrow, debit or credit card, and PayPal.
With the T/T payment, the risks are shared between the supplier and the importer.
Nevertheless, Escrow protects both parties as money is withheld by a third party until you receive your goods.
How escrow works
In as much as the use of debit and credit cards is not fully embraced by most suppliers in China, it is a safer method for you as an importer.
Most Chinese suppliers also don’t advocate the use of PayPal owing to a couple of reasons.
The main one being it provides more protection to the importer than the supplier.
In as much as PayPal might be safer for you, also keep in mind that the fee charged depends on the size of your transaction.
The more your transaction the more fees you will pay.
Additionally, sorting disputes is difficult and you might end up losing.
A letter of credit is widely accepted by most suppliers owing to the lower risks involved.
However, LC is suitable for bulk buyers as compared to small scale importers.
It involves a lot of paperwork. As such, suppliers find it unsuitable or rather unworthy for transactions below $50,000.
Which Terms do you use during T/T Payment to China?
Some of the terms you will include during your T/T payment in China include;
- T/T in advance – T/T in advance is a payment method whereby payment needs to be made before the shipment of goods begins.
- T/T 30 days –T/Tin 30 days requires the importer to clear the full amount within 30 days after completion of the manufacturing processes.
- T/T at sight –With T/T at sight, the importer is required to pay a certain amount after receiving the bill of exchange.
How do you reduce the Risk of using T/T Payment to China?
Telegraphic transfers are one of the commonly used payment methods by scammers and fraudsters.
To avoid falling into such traps, here are some important tips you should consider.
- Never pay 100% of the amount–Most buyers find themselves in a fix after clearing every payment before the manufacturing begins and later getting delays in their shipment.
If you clear your entire bill, some suppliers will be hesitant to finish your order since they already have all the payments done.
In addition to that, paying the full amount might land you in greater problems if you happen to send it to the wrong account.
Therefore, always ensure that you only pay a partial deposit.
- Confirm company details before making any payments–Go through the company details and confirm that the supplier is the holder of the account.
This will save you from landing on scammers.
- Request for the profoma invoice in advance– By so doing you will be able to acquire more information about the supplier in good time.
- Pay for the samples to confirm that the account is the appropriate one. In as much as your supplier accepts to send free samples, you could choose to pay for them just so to confirm their bank details.
How do you Negotiate Better Payment Terms when Importing from China?
As with any buyer or importer, payment negotiation is key if you want to land at the best prices.
Most Chinese suppliers are always willing to negotiate on payment terms. To do so;
- First, find the right supplier – Not all suppliers are ready to negotiate on payment terms and therefore you need to identify the ones suitable for you.
- Establish a good relationship with your supplier – The best time to start building a good relationship with your supplier is when you are not in urgent need of them.
Make sure you communicate frequently, reply to calls, and text messages.
Keep in mind that the more you interact the more likely you are to easily negotiate on the payment terms with your supplier.
- Ensure that the payment terms are fair for both parties. It should provide a win-win solution. By so doing, you grant your supplier a better chance to offer you better payment terms.
- Ask for the most – Negotiation will involve lowering your prices or terms to meet at equilibrium and therefore you need to start higher.
- Understand the business language – Research well on your supplier’s business since this will help you explain to them how they will benefit from your proposal.
What are the Tips and Tricks about T/T Payment to China?
For you to have a successful T/T payment system to China, some tips and tricks will be of importance.
Have a look at them;
- Countercheck everything before you begin your transaction. Make sure that there are zero missing words and everything is accurately spelled.
- Companies with longer names should be written in the address 1 field.
- Always write your company name in English in the application form.
- Always request your supplier to send you the proforma invoice early enough.
- Never pay the full amount before the start of production as this may delay your order. This is because your supplier won’t prioritize your order since they already have the full amount at hand.
- Before making any down payment, always ensure that the supplier has a clear picture of what you want to be done. Failure to this might result in major losses.
Can you use T/T Payment to China when importing from Alibaba?
Yes, you can.
Apart from PayPal, and debit/credit card, T/T payment is one of the payment methods used in Alibaba.
However, you need to be extra careful as several fraudsters target T/T payment users on this platform.
Do thorough research about your supplier before beginning any form of transaction.
Is T/T Payment to China Safe and Secure?
T/T payment is fairly safe.
It provides little to no security for both the buyer and the supplier.
Therefore, you need to be keen when performing any transactions via T/T payment method.
Can you Ask for Refund after T/T Payment to China?
T/T Payment System
Yes, you can ask for a refund after making a T/T payment to China.
If you realize that you made a mistake in your transfer, be fast to inform your bank.
However, you need to do so before your funds get deposited into the recipient’s account. Otherwise, it might be difficult to get your refund.
It’s also worth pointing out that getting a refund might take long.
Which Factors Affect the Speed of T/T Payment to China?
The amount of time taken for your transaction to arrive at its destination will be influenced by a couple of factors. Here are some of them;
- Time differences – Sending money across different hemispheres might result in some delays as this also affects the working hours.
- Differences in currencies – Conversion of currencies from one country to the other might delay your transfer.
- Additional information– Sometimes banks might require you to verify certain information which might consume time leading to delays.
- Differences in business days – Business days vary from one country to the other. While in most countries business days are from Monday to Friday, some countries might have fewer business days.
This definitely would result in delays in your transaction.
- The country of destination – Some banks have not yet embraced the current trends in money transfer.
Some make use of old systems which are slower and therefore cause delays.
- Public holidays – During public holidays most if not all businesses remain closed. Sending money during such occasions would result in delays.
- Finally, note that some payment methods take longer to process than others.
Therefore, your transaction might be faster or slower depending on which one you choose.
How do you Verify Chinese Company before making T/T Payment to China?
Ensuring that you are dealing with a verified supplier is an important factor that every importer needs to consider.
This shouldn’t be a hassle anymore; here are some ways that you could easily verify Chinese company before embarking on your transaction.
- Ensure that the account details are for the company. Often, people get scammed by individuals purporting to be companies.
When dealing with a company, confirm that the account information belongs to the company and not an individual.
Company accounts have names such as Wenzhou Hengyi Bag Co. Ltd while individual accounts have names such as GU YU.
- Confirm that the location of the company corresponds with the location of the bank.
For instance, if you are sending payment to a company in Beijing, the bank should also be in the same locality, Beijing.
- Also, the company you have been dealing with should be the same company you should make the payment to.
Sometimes, suppliers might provide a different company name to make your payment and therefore you should exercise extra caution.
Are there Scams when making T/T Payment to China?
Yes, you might experience scams when making T/T payment to China.
To avoid getting into such a fix, always make sure that you have done proper research about your supplier.
Also, ensure that you are dealing with a verified supplier.
Which Details do you need to Make T/T Payment to China?
To make T/T payment to China, the following are some of the main details you should have;
- Recipient’s contact details
- Recipient’s bank account details (name, address, BIC/SWIFT code)
- Suppliers business info
- Amount to be transferred
- The currency of the payment
In case you Submit Wrong Details when making T/T Payment to China, What can you Do?
The first thing you can do is contact your bank and inform them about the mistake.
They will allow you to make corrections where necessary and thereafter correct in their system.
However, this might delay your payment.
Your bank will need to trace your transaction and you might also be required to spend additional money for this process depending on its complexity.
If a Supplier Cancels Order after making T/T Payment to China, What can you Do?
No need to worry much. If a supplier cancels your order, make a point of communicating with your bank as soon as possible.
If the money has already arrived at your supplier’s account, it can’t be reversed.
However, you can still liaise with your supplier and they will be in the best position to assist you in getting your payment back.
Can you make T/T Payment to China in Chinese Yuan?
Yes, you have an option to choose the type of currency you want to use when making T/T payment.
This can either be USD or Chinese Yuan.
Can you use T/T Payment on AliExpress?
However, you need to observe the following:
- Beneficiary account number should start with (026…)
- Only make payment using USD
- For Boleto Payments, it will take about 7 business days for the payment to reflect
- Per single payment, the amount should be greater than or equal to 20USD
Which is the Best Way to Pay Chinese Suppliers?
There are several ways to pay your Chinese suppliers depending on your convenience.
Listed below are some payment methods you can use.
1) International Wire Transfer
International Wire transfer in simply bank to bank transfer.
It is the most commonly used method of payment as it also doubles up as proof of a supplier’s legitimacy.
Also, it is safer since banks do background checks before anyone open an account.
Additionally, this form of payment will reduce your risk.
For instance, you can instruct your bank to pay half of the money as deposit, and the remaining amount after your good has been inspected and shipped.
2) Telegraphic Transfer
It is also a bank-bank transfer, and is the most preferred method of payment by most Chinese suppliers due to the relatively low bank commissions.
Moreover, TT payment is an internationally used payment method that ensures quick and secure payments to the suppliers.
On the other hand, the risky nature of this payment method makes the suppliers prefer it only if they have done business with you previously.
Moreover, a slight mistake in filling out the required documentation may lead to the Chinese bank withholding the money.
This may result in in delay of payment, and consequently delayed delivery of you products.
3) Letters of Credit
If you have a large company and are looking to make large orders, which will involve high fees, you may find this payment method ideal.
Here, your bank will guarantee your supplier that you will make payment through a letter of credit.
However, you will have to pledge to your bank collateral.
In addition, the bank will include their fee in the letter of credit.
This mode of payment involves a trusted third party, who receives the buyer’s payment, with some predetermined conditions.
If the conditions are met, for example the good is safely delivered to the buyer; the third party transfers the money to the seller.
However, many Chinese suppliers do not use this payment method.
Also, for buyers, you will be restricted to only trade with suppliers listed in the Alibaba platform.
At one point you may have used PayPal for your financial transactions.
PayPal is majorly used for individual transactions, for small orders, or when purchasing samples.
Despite being a fast financial transaction method, it is expensive as it charges a percentage of the amount being transferred, and a currency conversion fee.
Also, PayPal is less accepted in China.
Additionally, PayPal exempts buyers from charges, but charge the suppliers.
The suppliers in turn pass on the cost to you, increasing the amount you are to pay.
Transferwise is an internationally accepted mode of payment.
This method is quite simple to use.
You start by signing up, you pay in your local currency, enter your supplier’s bank details, and then your supplier receives his/her payment in his/her local currency.
7) Pay through Sourcing Agents
Presumably you are not in China when purchasing goods from a supplier.
If you hired the services of a sourcing agent to get you the best supplier, then you can also use the same agent to pay the supplier.
Also, if the sourcing agent is trustworthy, he/she may be an affordable option of paying your supplier as per the agreed terms.
8) Western Union
This is a global payment mechanism and is known to many.
But, maybe it is not the payment method you should use as it does not in real sense offer you any form of payment protection, and also has rather high charges.
Suppliers rarely transact using Western Union.
If a supplier requests that you pay via Western Union, then that might be a red flag.
Payment options on Alibaba
Which Payment Terms do Chinese Suppliers use?
Some suppliers may tell you that there is only one payment term (100% pre-payment), do not fall victim.
There are various terms of payments.
Mostly, Chinese Suppliers use the below payment terms:
· 100% T/T Pre-payment
Newbies in the importing business usually fall prey to this payment term. It is not advisable to use this payment term.
It means that you pay the supplier the whole amount at once, even before production starts.
The con of using this type of payment term is that the supplier may delay your supply, send you substandard goods, or in the worst-case scenario, fail to send you the goods entirely.
After all, you already paid the full amount.
You, as the buyer, bear the full risk.
· 30% TT deposit, 70%TT payment after passing Quality Control inspection.
Using this term, to some extent, reduces risk to the buyer and the seller.
However, it is important to note that the 30% is a non-refundable deposit made to the seller.
As for the 70%, you make the payment immediately, your freight forwarder approves your shipment’s quality, and the products conform to your pre-determined criteria.
This implies that you have to hire the services of a trustworthy freight forwarder, or risk getting a substandard quality of what you had paid for.
· 20% TT deposit, 40-50% TT payment after both production and after Quality Control inspection, 30-40% TT after delivery to buyer’s location
Here is the real deal.
As opposed to the previous term, you still have the leverage on the supplier even after the QC inspection.
When your goods are being shipped, you still owe the supplier 30%.
You only pay the remaining 30% after the goods have safely arrived in the country and you have verified them yourself.
This term guarantees you quality products.
This term is highly recommendable if your supplier has agreed to it.
· 100% TT payment (2 months after shipment, with no deposit)
Though rarely found, this term is between buyers and suppliers who trust each other; and have or are planning to trade together for a long time.
This method is beneficial to you as the buyer, but it can limit you to only transact with one supplier.
· Letter of Credit (L/C)
If you are shipping many goods, say over 30,000 USD, L/C is most recommended.
Though not accepted by many suppliers, this payment term frees you from bearing liability.
Your bank liaises with the supplier’s bank, through lawyers from both banks, and work out a letter of credit for the goods you purchase.
However, you have to be ready to pay high bank fees and pledge collateral to the bank.
Importantly, all these payment terms are subject to the negotiation between you and the supplier.
Consequently, the terms may differ.
For example, you can give the supplier a down payment of even less than 30%.
Do Chinese Suppliers ask for Advance Payment?
Depending on the payment term you are using, you may be required to make an advanced payment in the form of a deposit.
Importantly, in some cases, the advance payment may be non-refundable.
In most cases, the advance payment is used in buying the materials used in the production of the goods you have ordered.
What does TT 30 Days Imply?
TT 30 days implies that TT payment is made 30 days after the bill of lading or the date of acceptance.
Commonly referred to as “Net 30”, the seller gives the buyer goods on credit, on the condition that the buyer will pay up the full amount within a 30 days’ time-frame.
This is inclusive of holidays and weekends.
Is T/T Payment Safe on Alibaba?
Telegraphic transfer payment is relatively safe on Alibaba.
Once you have enrolled yourself in Alibaba.com Payment Terms, you are only required to make an initial payment of about 30%, while the remaining 70% you will pay within 60days.
The time frame of 60 days gives you the leverage to pay the full amount after verifying the supplier’s goods shipped.
The small upfront payment and later payment of the remaining balance minimizes the buyer’s risk and ensures the security of T/T payment made.
Which is the Affordable Way to Pay Chinese Suppliers?
Chinese Suppliers attribute Telegraphic transfer payment option to cheap banking rates.
You can also opt for TT payment to pay your Chinese suppliers affordably.
Alternatively, you can compare the transaction cost of other payment options such as PayPal, Escrow, and Sourcing agents. After your comparison, pick the most affordable yet convenient option.
How does Alibaba Secure Payment Work?
Alipay, a subsidiary of Alibaba Group, facilitates Chinese largest third-party online payment service provider – Alibaba Secure Payment.
Below are steps of how it works, right from when you place your order.
- Visit the Alibaba Website.
- Find and connect with a Secure Payment Supplier in the search bar.
- Place your Secure Payment order by either getting a draft from the supplier or by clicking buy now.
- Confirm your order by going through the order list or details page.
- Proceed to payment, click pay now, and select your preferred payment method.
- Lastly, if satisfied after delivery of the goods you ordered, you can confirm you have received your order.
- However, if displeased by the goods shipped, you can reach out to the supplier or ‘open dispute’ to apply for a refund.
- A refund will be credited to your account within 7 to 10 business days.
As per the steps, Alibaba Secure Payment guarantees your money’s safety and ensures you get the products you ordered for.
How can you reduce the Cost of T/T Payment to China?
You can reduce the Cost of Telegraphic transfer payment to China by exploring other alternative T/T Payment options.
That is, apart from banks or finding the most affordable bank fees.
Typically, banks charge fees that make T/T payment quite costly.
Such costs include: sending bank’s fee, intermediary bank’s fee, exchange rates markup, and recipient bank’s fee.
Exchange rates markup is the overcharge your bank adds on the prevailing exchange rates.
You can reduce this cost by searching up the market exchange rates and comparing them with what your bank is offering you.
If the range is small, that means the cost will be less.
Alternatively, you can check other providers offering T/T payment to China, other than banks.
Can you make T/T/ Payment to China in your Local Currency?
You can make a Telegraphic transfer payment to China in either your local currency or in Chinese Yuan.
However, paying in Chinese Yuan will probably be cheaper for you and more convenient to the supplier.
The first option will subject you to paying exchange rates markup, which may add to the payment cost.
Should you make T/T Payment to China to Suppliers Private Account?
It is important to keep in mind that Telegraphic transfer payment should only be made to the supplier’s official company account.
It is not advisable for you to agree to wire funds to someone’s private account – since it is easy to set up an account and claim the money in China.
Note that Mainland China Companies ought to be requesting payments to their Mainland China bank accounts.
For example, a company registered in Hong Kong should give you an address of a bank in Hong Kong, not in Shangai or Beijing.
You can run a background check of local China banks to limit your risks and help you be sure you are dealing with a credible supplier.
What Happens when Supplier Requests you make T/T/ Payment to China to another Company’s Account?
A Chinese supplier may request you to make a Telegraphic transfer payment to another Company’s account, for reasons best known to them.
However, obliging to such a request may put you at risk if the deal is not fully honored.
Your payment will not reconcile with the supplier’s details.
However, you can ask the two companies to sign a declaration that clarifies that the supplier authorized another company to collect the payment.
Besides, performing other functions that facilitate the delivery of the goods you ordered.
With this information, am sure you can securely make T/T payment to China.
However, if you have any question, feel free to contact BanSar team, we are here for you.
TT payment in China
International transfer requires a bank account number and SWIFT code. It takes 2-5 days for the transfer to reach the destination. Telegraphic transfers can be made in your currency or Chinese yuan. If you transfer in CNY, you will probably pay lower fees, and your supplier will be more satisfied.
If you can set up the transfer online, log in to your online banking. And once you're in, find the section marked 'Telegraphic Transfer', 'International Payment', 'Wire Transfer', 'Send Money Overseas', or something similar to that. If you can't do it online, go to a branch and speak to a teller.What is 30 TT payment terms? ›
Many Chinse manufacturers have developed a standard form of payment, often termed 30/70 TT. This means: 30 percent down payment on placement of the order, with the remaining 70% due on shipment.What is a TT transaction? ›
Officially, a telegraphic transfer, or TT, was a means to move money between accounts using a cable, radio, or get this, a transoceanic telephone. The term originates from when people used to move money using telex: sending printed messages by cable.How to transfer money to China from USA? ›
- PayPal. PayPal is a popular e-commerce payment gateway allowing users to send and receive funds safely and securely. ...
- Bank or Wire Transfers (via SWIFT) Wire transfers have been around for a long time. ...
- Statrys. ...
- Wise. ...
- MoneyGram — within minutes.
- Xe — within minutes.
- Wise (TransferWise) — within minutes.
Generally, the telegraphic transfer is complete within two to four business days, depending on the origin and destination of the transfer, as well as any currency exchange requirements.How much does a TT payment cost? ›
A telegraphic transfer is a way to send money electronically between banks, where the start and the end of a transfer are in different countries. Average fees for sending an overseas transfer with SWIFT can range from $10 to $30 USD. For domestic rates, it can range by financial provider starting from $0 upwards.How long does a TT payment take? ›
How long does a telegraphic transfer take? Usually, a telegraphic transfer will take between two and four days, however they can take up to five business days. This is because telegraphic transfers use the SWIFT system, which involves sending money between correspondent banks.Which payment terms is 100% TT? ›
TT (Telegraphic Transfer or telex transfer or wire transfer): the transfer of funds from one bank account to another by electronic means.
This payment mode is also more flexible, in general, the basic popular payment method is that the customer gives 30% deposit first, and the other 70% is the customer pays the balance after seeing the copy of B/L.What is payment terms 100% TT in advance? ›
What is TT in advance (bank transfer)? This is a method of payment where products are arranged for shipment after payment is made to the bank account stipulated by Chip One Stop in the notification e-mail sent after an order begins to be processed.What is the difference between TT and international money transfer? ›
Telegraphic transfer is now used as a catch-all term for methods of moving money between accounts, both locally and internationally, while SWIFT payments - or international wire transfers - are specifically those money transfers which use the SWIFT network, to move money between accounts based in different countries.What are the two types of telegraphic transfer? ›
There are two types of wire transfers – domestic and international.Can Zelle send money to China? ›
No, Zelle® can only be used to send funds to someone who has a bank account in the United States.What is the cheapest way to transfer money to China? ›
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.What is the cheapest way to send from US to China? ›
DHL is considered the leading carrier for overseas shipments and a great option for shipping to China. Their rates are slightly cheaper than UPS or FedEx while offering the same delivery windows. If you want to ship to China, consider DHL as one of your first options when checking shipping prices.How can I send a gift to someone in China? ›
If you want to send a gift that you have, you can send it via the post or via a private courier company (we recommend Eurosender for its great fees). Alternatively, you can buy a gift online and have it delivered to your recipient in China. A third option is to send your recipient money as a wire transfer.What is the Chinese limit money transfer? ›
International Transfer Rules for Chinese Nationals
Chinese nationals can make an international transfer up to a daily limit of $50,000 US. This transaction can be finalized at the local bank. However, if the transaction exceeds this amount, the Chinese national is required to present proof of current expenditures.
Can I use Venmo in China? No, you cannot use Venmo to spend CNY in China as it is only available in the United States.
Risk when paying T/T
In the case of T/T payment, only the buyer (importer) takes the risk. A huge disadvantage of this payment method is the lack of countermeasures, like those in the SEPA system, to protect the payer from fraud.
Disadvantages of telegraphic transfer payments
Charges and fees are levied by the sender's bank, intermediary banks within the network, and the recipient's bank. This makes using a telegraphic transfer a costly affair.
What happens if money is transferred but not received? If money is transferred but not received, the sender should contact the bank or service used to initiate the transfer to track the transaction. They can also contact the recipient's bank to inquire if the funds have been received.What is a TT payment and how does it work? ›
TT is a mode of transfer of funds electronically, widely used until the 1990s. Telegraphic transfers are also known as telex transfers, abbreviated TT. TT is the fastest mode of funds transfer in earlier days. TT takes 2-4 days to transfer the money depending on the origin and destination of the transfer.What is a good transfer fee? ›
The best balance transfer fee is 0%, but if you can't find a card with that low of a fee or don't qualify for it, 3% is a reasonable transfer fee.What is a 3% transfer fee? ›
A balance transfer fee is the cost some cards charge, often between 3% and 5% percent, when you transfer your debt from one card to another to help consolidate debt and pay off your cards faster.How long does it take for my payment to go through? ›
It can take one to three business days for an online or phone payment to post to your credit card account and reflect in your available credit.How long does payment processing take? ›
Credit card payment processing times can take anywhere between 24 hours and three days, during which time the funds pass from the customer's bank to the card payment network and on to your merchant payment processor.How long does it take for payments to be received? ›
Your specific bank transfer time will vary depending on a range of factors, including fraud prevention, different currencies, different time zones, and bank holidays/weekends. In general, the bank transfer time will be around one to five working days.How much is $50 in TT? ›
What are the three main types of payment options. The three most common types of payment in today's market are credit cards, debit cards, and cash. Credit and debit card transactions involve fees paid by merchants to the card companies, but they tend to involve larger purchase amounts than cash transactions.What is 30 60 90 payment terms? ›
What is Net 30-60-90 Day Terms? Net 30-60-90 day terms is a simple way of offering a business a payment plan. They pay one third of the invoice in 30 days, another third of the invoice in 60 days, and the final third of the invoice in 90 days.What is the 2% net 30? ›
2/10 net 30 is a trade credit often offered by suppliers to buyers. It represents an agreement that the buyer will receive a 2% discount on the net invoice amount if they pay within 10 days. Otherwise, the full invoice amount is due within 30 days. It's one of the most used formulations of an early payment discount.What is the difference between 30 days and 30 days net? ›
Net 30 means that the client can get a discount if they pay back before the deadline. While when the payment terms state “due in 30 days”, this benefit doesn't apply. It simply tells the buyer they have 30 days to make the invoice payment.What is 50 25 25 payment terms? ›
The 50-25-25 plan
50% of the contract price is due and payable upon delivery of dailies by the production company or award of the job to the post-production company. 25% of the contract price is due and payable upon approval of the rough-cut by the agency.
It refers to a payment period, meaning the customer has a 30-day length of time to pay the total amount of their invoice. Other common net terms include net 60 for 60 days and net 90 for 90 days.What is 10 net 30 payment terms? ›
The 1%/10 net 30 calculation is a way of providing cash discounts on purchases. It means that if the bill is paid within 10 days, there is a 1% discount. Otherwise, the total amount is due within 30 days.Which is the cheapest mode of international transfer? ›
What is the cheapest way to send money internationally? The cheapest way to send money internationally is to transfer funds directly from your bank account to a recipient's bank account. Most transfer services charge additional fees for debit card or credit card payments and cash pickups.What is the most common way to transfer international money? ›
An international bank transfer is usually the best way to transfer money internationally because it is secure, fast and cheaper than other methods such as cash, money orders or credit cards. A bank or money transfer company can carry out an international bank transfer for you.
Spread is the difference between TT Selling rate and TT Buying rate of a given currency.How much does a bank charge for a telegraphic transfer? ›
|Telegraphic Transfer (TT)1|
|Commission||0.125% commission (minimum S$20, maximum S$100)|
|Commission in lieu of Exchange (CILE)||Refer to bank charges for Foreign Currency Accounts|
|Processing fees||via Online: S$20||via Branches: S$30|
|Amendment/Cancellation of TT#||S$30 + Processing fee (Agent Fee may apply)|
Transfer payments commonly refer to efforts by local, state, and federal governments to redistribute money to those in need. In the U.S., Social Security and unemployment insurance are common types of transfer payments.What information is required for a telegraphic transfer? ›
Your name, address and debit account number. Payment currency and amount.How do I transfer money to a China supplier? ›
An international wire transfer from your bank is the most straightforward way to pay your Chinese suppliers. If you already have a business account it is easy to go into your local branch or head to your online banking portal and make the transfer from there.Which file transfer works with China? ›
Quatrix ® China is a China file sharing solution with packages optimised for fast file sharing with mainland China. Our data centre in Taiwan has rapid international access as well as direct regional links and priority routing through the great firewall providing fast file sharing with mainland China using Web or SFTP.How do I send money to a company in China? ›
- Bank Transfer. The obvious method of transferring money is to send it from your US bank into your Chinese account. ...
- Send The Money Via Paypal. ...
- Withdraw From An ATM. ...
- Carry Cash Into China. ...
- Use An International Credit Card. ...
- Buy Travellers' Cheques.
- Wise Business. ...
- International wire transfer / Telegraphic Transfer (T/T) ...
- Escrow. ...
- Letters of Credit (LCs) ...
- Sourcing agencies. ...
- PayPal. ...
- Western Union. ...
- International credit or debit cards.
How much money can I send to China? There's no legal limit on the amount of Chinese currency you can send to China.How do I transfer a large sum of money from China? ›
The most common methods of moving money out of China include: International wire transfer to a banking institution abroad using a bank which falls under Chinese banking regulations. Taking physical cash upon departure.
International bank transfers to China usually arrive within 3 to 5 business days. Transfers to other countries can arrive in as little as minutes, or up to 3 to 5 business days, depending on the currency and destination. Learn more.Does China use Zelle? ›
No, Zelle® can only be used to send funds to someone who has a bank account in the United States.What is the cheapest way to transfer to China? ›
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.What information do I need to send money to China? ›
Take a valid, government-issued ID or phone number. If you want to send money to a Chinese bank account, you'll also need your receiver's bank details. You may also need to prove your source of funds with a bank statement, payslip or tax return. Pay with cash or a debit or credit card2.How do I send something to someone in China? ›
Send Gifts to China Online from India with Free Delivery
If you wish to send gifts online to your loved ones living in China, then head over to www.igp.com. And, to make sending gifts overseas completely hassle free, we offer unbeatable worldwide delivery services that afre taken care of by a competent operations team.
Venmo is currently only supported within the U.S. If you try to sign in while abroad, you'll likely get an error message.How do I send something to China? ›
There are many carriers who can ship to China from the US. We recommend working with USPS, UPS, FedEx and DHL because they're reliable and can get your packages to China within a matter of days. Below we break down the price and transit times for these 4 carriers when shipping a package to China.How do you pay for something in China? ›
Cash is still more widely used in China than credit cards, especially in smaller cities and outside of more touristy areas. That said, many places in China, including hotels, upscale restaurants, and foreign brand-name stores accept credit cards, so it is worth bringing your credit card with you.What are the payment terms in China? ›
What is this? In China, the normal payment terms are a 30% deposit with 70% paid upon completion, especially when you first start working with a Supplier. For some products which are very resource-intensive and require the Supplier to pay a lot of up-front cost for resources (i.e. steel, brass, etc.)Can I pay Chinese supplier with credit card? ›
Pay suppliers via credit or debit cards
Another way local businesses can pay Chinese suppliers is via credit or debit cards, but these payment methods in China are not widely accepted. You might face difficulty getting your Chinese business partners to accept cards payment.