Telegraphic Transfer (TT)
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. These include: Go to your bank: You can go to your bank and ask them to send a telegraphic transfer. If you have access to the internet Provide details: Fill in the details of the beneficiary. If you are sending money to your own international account, Transfer details: Amount being.
Suggestion : Watch the 10 minutes video tutorial before reading this article. Yet, making Telegraphic Transfer payments is not without risk. In fact, the risks involved are far bigger than most importers might think. In this article, we explain why a slight misspelling could result in tens of thousands of dollars being withheld by the receiving bank — and why you should never pay privately held bank accounts.
Keep reading, and learn how you can avoid payment delays, scams, and other Telegraphic Transfer related issues. If, for example, the beneficiary name is not correctly typed in, the money will be withheld by the Chinese bank — and finally returned back to you. This is indeed a good security measure, but this will cost you at least 2 to 3 weeks. But, that quite irrelevant, in comparison to what a month long delay could cost your business.
So, why is this even an issue to begin with? In fact, they tend to be too long for most internet banking systems. What is the importance of human resource management a result, new buyers tend type in as many characters as the system allows them, and leave the rest for the receiving bank to figure out. I want to book a free consultation call. The risk of payment frauds are always present when transferring money internationally.
As such, you must always check if the bank account beneficiary name is matching the name of the company, you buy the products from. The problem is that there are various reasons, both legitimate and illegitimate, for Chinese manufacturers to request payments to a bank account that is not directly held by the same company entity that manufacturers yours products.
Some suppliers prefer to receive international payments via a Hong Kong registered bank account, which in turn is held by a Hong Kong company. Hence, the supplier is paid indirectly, which makes it rather unclear which company is actually responsible for your products. There are, however, individuals using Hong Kong accounts for far more sinister reasons — payment frauds. At a minimum, you should only pay a Hong Kong-registered entity if the beneficiary name resembles that of the entity on the Chinese mainland.
As such, they use Export agents, to clear their products through the Chinese customs. This requires that how to reduce the tax you pay Export agent sells the products to you, and then use your money to buy the products from the supplier. For you, this means that you will not pay your supplier, but their export agent.
These are two different entities, which means that the beneficiary name is not that of the supplier. There is a risk, that the Export agent is not really an Export agent. However, I am not aware of any fraud cases involving Export agents. You would probably never do that in your country. Not even the fees charged by their own bank. Some suppliers may refuse to start production until the deposit is paid in full.
To avoid delays, make sure you pay both yours — and the beneficiary bank fees. For unknown reasons, Chinese account managers are allergic to checking their own bank accounts, and tracing payments made by their customers. This is not a formal document, but could be anything that shows the following details:.
In case you manage to type in the wrong beneficiary information, there are two things you can do: a. Wait for the money to be returned to your bank account. This can, however, take up to three weeks. Contact your bank and submit the correct bank account details. This will cost you, but could save you several weeks. Paying suppliers using RMB, from outside of China, is not available in most countries. There are some exceptions though, such as Switzerland.
Yes, cross border wire transfer services can be used to pay suppliers in China, and other countries in Asia. Wire transfer fees from Hong Kong to Mainland China tend to be somewhat lower, compared to international wire transfers.
However, opening a Hong Kong bank account normally requires that you setup a Hong Kong company. Maybe we missed something, or perhaps you have personal experiences to share with us and our readers? Simply write a comment, using the form below. We read and reply to every single comment. It can be how to draw dog face to go from a design drawing to finished product.
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Benefits & Privileges
A telegraphic transfer is an electronic method of transferring funds utilized primarily for overseas wire transactions. Telegraphic transfers are used most commonly in reference to Clearing House. Sep 14, · How to Make a Telegraphic Transfer (T/T) to a Chinese Supplier 1. Get the beneficiary name, address and other account details right. When writing money to your supplier’s bank 2. Make sure you pay the right company. The risk of payment frauds are always present when transferring money 3. Pay. Mar 15, · There are usually three steps involved when sending a telegraphic transfer: The sender instructs their bank to send funds overseas to a beneficiary. This can be done at a branch or via online banking. The sender’s bank sends the funds to a bank it deals with in the destination country.
For more info, click here. Transfer money abroad easily on the go. Simply follow the three steps. Fill up the necessary details and you can start transferring money with ease! This link is provided for your convenience only and shall not be considered or construed as an endorsement or verification of such linked website or its contents by CIMB Bank.
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Daily transfer limit up to RM 50, 3. Worldwide Coverage Perform borderless transactions across countries. Follow these steps to start transferring money abroad via Foreign Telegraphic Transfer! Step 6 Review send amount, exchange rate, Beneficiary info is correct before proceed with transaction.
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