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

Replying to [honindco]:I DONOT THINK SO

Replying to [Commando]:
I would like to share some experience my client had.
My client from China dealing re-cycle materials of plastic scraps
and currently imports those stuff from Holland & Canada directly. Since he does not know well about international trade, he thinks always no trust on foreigners, like he trusts no body in China.
So he learns that payment through L/C is the most safe way to cover his purchase.
when everything arranged the way he thought , the container had arrived the Shenzhen port. My friend went there & open the container with the broker & custom as well. Finally, he found 50% were goods
he wanted ; another were medical scraps that supposed to dispose by burnning in Holland like surgical gloves,mask,drugs' plastic bottles,bags,injection materials and so on......
The cutom immediately asked to seal off the container for
dispoal. My friend cried and ask"how come" ??
My dear, China become a place for foreign countries to throw
away the so called:scraps which you need to pay!
Finally, he went to the bank and ask a refund which lasts more than 6 months to cash back!
He was lucky from my point of views:he received back the money ! For my friend, he said the time and interest he spent could allow him to fly Holland 4 times more enough for him to check personally there for cash payment.I told him "you are crazy to cash buddles of cash
& deal with people there whom you do not know at all. Police could catch you for money laundry first, secondly you may be rubbed by somebody there if someone smell you carry so much money!"
But he said fortunately & unfortunately he cannot speak English! Now he buys locally even he knows he pays more
buy more comfortable!
Except "rock" sometimes you might get "surprise " too!

Replying to [honindco]:From my treatments to solve these problem as I would asked the exactly delivery date from supplier,and if ship by sea I would wait for date of Issued B/L and asked them to send back us first,then we would confirm our bank to release the money.

Luckily,we've also found only supplier who is honestly.

This Topic moved from Insurance & Trade Terms Forum.

Aussie

Replying to [honindco]:
buti think for double sure if you receive the payment or not,you are supposed to check whether the t/t is in your account or not.
i think t/t is safe

I have been new in the game of importing and have found the best way I deal with new suppliers is to use PayPal or Moneybookers.
Easy, fast, escrow verified, reliable, instant and insured.
Until I have met my suppliers personally and established a personal & business relationship of trust, I will not deal with them via T/T or L/C, no matter how tempting the products, price or service.

Emotion plays a big part of this industry and if you don't know how to recognise or control them you will most likely be scammed.

To my Chinese and other wholesale foreigner suppliers, I recommend setting up a Paypal or Moneybookers if you want more trusted buyers and customers.