Paying $3000 to China - how?

[Jon12345]

I have a second payment due for some product to a supplier in China. It was done through the Alibaba Trade Assurance system. My options for payment are echecking (for USA businesses only), credit card (2.8% fee - ouch!) or T/T transfer.

My business bank account is with HSBC and their forms seem to suggest I need to pay £6 per month to set up this facility and £17 for each transaction. Does that sound about the right kind of fees as my local branch seemed confused by it all?!

This payment needs to go ASAP, but I am also interested in other/better methods of payment.

Thanks,

Jon

 

[LPB 123]

Hi,

If it's through Alibaba trade assurance you should be able to use a debit card, removing the 2.8% fee. We always use a debit card when making a purchase through trade assurance.

Not sure whether monthly bank fees are correct but the £17 fixed fee per international payment sounds about right. Ours with santander is £25 per international transfer but no monthly set-up.

Did you get post or pre shipment protection? Make sure you get your goods inspected if you used pre shipment protection otherwise you'll only be covered for the shipment time, not the quality of goods if it's not inspected before shipping.

 

[GraemeL]

CaxtonFX.

We use them.
G

 

[Jon12345]

There is no debit card option, only VISA or Mastercard. I had post-delivery coverage.

 

[Maple Sourcing]

My clients use HiFX.

 

[YIVA Digital]

My clients use HiFX.

Hi Maple, do you know how fast is HiFX? I am interested to know, because i cannot find relevant info from their website.

 

[Maple Sourcing]

HiFX is very fast, I always receive the money the next morning if my clients pay me at my night time (in working days).

 

[TotalWebSolutions]

@MY OFFICE IN CHINA might have some advice on this.

 

[aManHasNoName]

HiFX is very fast, I always receive the money the next morning if my clients pay me at my night time (in working days).

Have also heard good things about HiFX.