Dear Friends,

It is purported by many that T/T in advance would be the best and the safest method to trade for suppliers....However, i have heard from a friend that using T/T in advance in China is not absolutely safe....he said that even they gave you the receipt of the bank, they can still cancel the transfer of payment within hours...can any one tell me what is going on about this?

Thanks

Honindco

I'm also interested to hear what people think about this. I generally think L/C's are best, though for samples or small orders, T/T may be best.

Replying to [honindco]:

No payment method is safe enough for professional scammers. Every payment method is safe for reliable businessmen worldwide.

Replying to [Business in China]:

i agree....but ar.....anyway, i really wanna hear why they say T/T in advance is not safe in China? I have heard if there are any special arrangement of T/Y in China?

Honindco

Replying to [honindco]:
Even though clients could cancel the transfer of payment within hours, but the suppliers don’t need to start production if their USD account do not receive actual money.
But you remind us one good thing, the supplier shall not hurry to start production when seeing receipt from Client. They should wait…”without seeing a rabbit, don’t send the eagle”…

Replying to [honindco]:

T/T is a risk to both the buyer and seller when neither knows each other, and one of the best forms of payment when the buyer and seller are acquainted and/or have done business before.

I find escrow to be the preferred way to pay for things from any foreign country, especially in samples, where the the first level frauders, like to dupe their victims.

In container orders L/C and Escrow are the safest ways because both are governed by a performance contract that requires both to perform. The buyer is secured in knowing the goods ordered, will be the good shipped and received, and the seller is secured in knowing that payment is secured and available when the order is ready. It creates a win-win and trust-trust situation.

As a general rule of thumb, I would never TT, WU, or MO anyone/factory money that I have not visited their office and factory personally...and even then I'm still cautious.

regards,
James
WDC Intl Inc

Replying to [honindco]:
It's still safe for supplier/Manufacturer, In our establishment, we only start the production after confirmation from our bank that the payment arrived.

Replying to [honindco]: In my opinion, T/T in advance is more risky for client, after they paid 30%, they are quite passive. Sometimes they have to bear more for part of money is in supplier's hand...

Replying to [Obiwill]:

If you are the supplier, there is nothing safer than a T/T. If you are the buyer, an L/C is no more safer than sending payment up front through a T/T. An L/C guarantees nothing and anyone that says it does is mistaken. The only guarantee the buyer gets with an L/C is the guarantee "something" is going to ship.......but it could be a container of rocks....you don't know until it arrives.

Replying to [heshelleyatgmaildotcom]:

”without seeing a rabbit, don’t send the eagle"

This is a true thing....but you remain me a true story...one of my colleagues told one of my clients this quote and him off..................

He is too frank.....what a pity~

Honindco

Quoting from [honindco]:


Dear Friends,


It is purported by many that T/T in advance would be the best and the safest method to trade for suppliers....However, i have heard from a friend that using T/T in advance in China is not absolutely safe....he said that even they gave you the receipt of the bank, they can still cancel the transfer of payment within hours...can any one tell me what is going on about this?


Thanks


Honindco

 

T/T isnot safe anywhere unless you fully trust the receiver and I think it is better to find someone we trust ,then we think about the problem of payment .It will be easier then.