How do I pay supplier in china for import

 

How do I pay supplier in china?

At IFC we have simplified all critical points for importing and the most important part is paying supplier

If needed we can also act as your payment agent, you can pay us locally in India and we make sure that your suppliers get secure payment in USD or CNY as they might need.

In this blog by IFC professional will answer your questions about how to pay a supplier in China. It will give you the different payment options and show you how to get the correct currency for the payment. It will also include advice on how to make sure you pay your suppliers on time.

 

An Introduction to Paying Suppliers in China

Many people want to know how they can send money securely and reliably from abroad. By using a money transfer company like Western Union you can send money easily and securely. Not only will you not need to deal with the issues of over-the-counter payments, but you will also be able to send money to your suppliers much more cheaply than if you paid at the bank. The best part? You can send money online in a matter of minutes. Another best and secure way of paying is you can pay your supplier via Alibaba Payment Links (which provides you security of Alibaba Trust Pay)

 

Administrative Charges for Sending Money to China

If you are sending money between the India and China, one issue that might come up is the exchange rate. They have a limited number of locations in China to exchange currencies so the exchange rate is not as favorable.

 Another issue is that the Chinese government requires the country to accept a certain foreign currency and will charge a greatly inflated rate for converting foreign currency into Chinese Yuan. This rate is a fixed rate so while you may be able to sell the Chinese Yuan on the open market, they will only accept it at the same, fixed rate.

One of these administrative charges can eat up a lot of your money, especially if you are sending large amounts. If you are sending $2000 then the cost of administration can be as much as $300. If you want to save money then consider using a more advanced payment service like Western Union or Alibaba Trust Pay.

 

Related blog: RMB Account Freeze in China ABC Bank

 

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