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How to pay international suppliers.

 
 
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ramona v
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PostPosted: Tue Jun 05, 2007 12:10 pm    Post subject: How to pay international suppliers. Reply with quote

Hi ! can anybody please help me with methods of payment to international suppliers.

I know about letter of credit but i do not know what are the conditions to be written. I want to make an acquisition from another european country.

Is letter of credit enough to guarantee that the products will reach me or, do i have to make a contract as well?
I need to pay for the transport but i will like to pay after the products are shiped. Is that possible?

How much are the fees that the bank are charging for this tipe of payment?

Thank you for your answers and your time. It means a great deal to me.

Yours truly,

Ramona
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Hub-UK
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PostPosted: Tue Jun 05, 2007 12:12 pm    Post subject: Reply with quote

Most banks have departments that advice on foreign transactions. Have you contacted your own bank for advice? It is probably the best way to go.
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ramona v
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PostPosted: Tue Jun 05, 2007 12:40 pm    Post subject: Reply Reply with quote

Yes. I went personally to the branch and the bank gave me a note ,a written confirmation,and promised me that somebody will call me during the day(that was yesterday) to arrange an appointment with a business advisor. It never happened.
I made an complaint to the bank today. Its HSBC.
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Hub-UK
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PostPosted: Tue Jun 05, 2007 12:52 pm    Post subject: Reply with quote

I use Royal Bank of Scotland and (having used most of the others over the years) I find them a lot more helpful and more receptive to looking after the customer.

If your bank won't or can't be bothered to help then there is no harm contacting another bank and telling them the problem you are having and asking for their opinion / advice.

I use PayPal for all my foreign transactions both for customers paying me and for paying for anything outside the UK. It costs me less than transferring money direct to my bank and if there is a currency conversion involved it is usually the cheaper of the two. Paypal more importantly measn that no-one has my card or bank details.
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ramona v
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PostPosted: Tue Jun 05, 2007 1:24 pm    Post subject: Reply Reply with quote

I will buy 225 products for about 5000 Euros. In this case can i pay with paypal?
Do i have to make a contract because in case of a letter credit for example if the supplier do not present the documents i asked (commercial invoice,transport documents) the bank will not pay the supplier.If i pay with paypal how do i know that the products will rich me? And if i do make a contract can i send it through fax ?

Thank you ,

Ramona
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PostPosted: Wed Jul 04, 2007 5:06 pm    Post subject: agent or intermediary Reply with quote

Hello, you may need an intermediary of some type...for example I have been looking up sourcing agents from China..but I'm not sure on their price tag as of yet...although I'm new to this as well, but for the moment, my transaction is considerably less of an investment than yours.
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foundThroughAdminSig
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PostPosted: Wed Oct 31, 2007 4:02 pm    Post subject: Re: Reply Reply with quote

ramona v wrote:
I will buy 225 products for about 5000 Euros. In this case can i pay with paypal?
Do i have to make a contract because in case of a letter credit for example if the supplier do not present the documents i asked (commercial invoice,transport documents) the bank will not pay the supplier.If i pay with paypal how do i know that the products will rich me? And if i do make a contract can i send it through fax ?

Thank you ,

Ramona

As long as the seller is ok about it, sure. But if one uses PayPal in conjunction with credit card, he/she can cancel the payment AFTER he receives the product. So, you don't have to worry if the seller accepts this, BUT I'm not so sure if the seller wants to trust this payment method ...
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Elisor
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PostPosted: Thu Nov 01, 2007 6:52 am    Post subject: Reply with quote

An L/C for 5,000 euros is an awful lot of hassle for such a small amount. You can setup irrevocable L/C's that ensure the goods are received before your bank pays the shipper. It's been some time since I last used one, but it was rare to handle one for less than USD 20,000 - just wasn't worth the hassle. Most L/C's we worked with were USD 100,000+.

So yeah, you can setup the L/C so it covers both shipper and receiver, but as the other poster mentioned I'd strongly advise you to talk to your bank before doing anything. Also do a Google search for L/C terms and types to give you more info.
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figurewizard
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PostPosted: Thu Nov 08, 2007 5:56 pm    Post subject: Reply with quote

The article on this link may be useful to you:

http://www.figurewizard.com/article.php/How_to_buy_Goods_by_Letter_of_Credit

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janicepink
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PostPosted: Thu Feb 12, 2009 4:35 pm    Post subject: Reply with quote

How about using paypal?? Have you considered doing so?
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Yourbusiness
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PostPosted: Tue Feb 17, 2009 10:06 am    Post subject: paying international supplier Reply with quote

where is your supplier? I think you can use T/T, Paypal, moneybrookers kind of thing/
But most international suppliers will accept T/T I guess.

Hope that help
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bsfweb
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PostPosted: Fri May 08, 2009 1:28 pm    Post subject: Reply with quote

Well if your supplier are from Asian countries, trying using Paypal or if they're from European countries, do use Moneybookers. I'm also doing the same with my providers and its 100% safe.
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