The Charges for Letter of Credit?
Post 1 of 6
Goodday !
We are trading company from the Philippines. I have been in China last September and I made to signed a contract to an interested buyers for our products that we will supply for 10 months.
The company told us that they will be given one month to process the LC irrevocable for the payment of our products. Recently, we made a follow up and they required me to send 3,000US$ for the payment of the LC which is half of the payment for the charges in the bank.
I was so shock because this is not the first time we import products to other country and only China was requiring me the payment. Its is very impossible that we Sellers were required to do the same as said this is the policy of the Bank in China?
Can you please help us and give me some policy for exporting
China and is this really the policy with the bank.
Thank you and looking forward to hear to those people who wants to help my inquiry.
We are trading company from the Philippines. I have been in China last September and I made to signed a contract to an interested buyers for our products that we will supply for 10 months.
The company told us that they will be given one month to process the LC irrevocable for the payment of our products. Recently, we made a follow up and they required me to send 3,000US$ for the payment of the LC which is half of the payment for the charges in the bank.
I was so shock because this is not the first time we import products to other country and only China was requiring me the payment. Its is very impossible that we Sellers were required to do the same as said this is the policy of the Bank in China?
Can you please help us and give me some policy for exporting
China and is this really the policy with the bank.
Thank you and looking forward to hear to those people who wants to help my inquiry.
Award 10 MVPs (
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25 Oct 2007 13:48
Post 2 of 6
Replying To [ogie]:Ogie, they are trying to SCAM you out of $3,000.
The company who opens the LC pays the charges, and the charges are NOWHERE near $6,000.
There is NO Bank of China policy regarding this.
They are trying to trick you and scam you.
The ONLY charges you pay on the LC is the fee YOUR bank charges you when they claim on the LC after you ship the goods.
Don't get caught by paying them the money as you will NEVER see it again, and I bet they will not open an LC to you after you pay this money
25 Oct 2007 14:10
Post 3 of 6
It's a scam.
Please post the full details of this company, contact details, and an outline of the contact that you had with them so that others can find this in the future and you can help others to avoid being scammed.
Please post the full details of this company, contact details, and an outline of the contact that you had with them so that others can find this in the future and you can help others to avoid being scammed.
25 Oct 2007 16:35
Post 4 of 6
Replying to [ogie]:
Thank you very much for the answer.
I appreciate very much for the information since I am not aware of the banking policy in China.
Athough, my bank in the Philippines, had advice me regarding this but I want to be sure . Actually, I said to them that they will just deduct the charges to the transfer and they just send it thru telegraphic transfer. And I said they will not charge me for the bank charges since I will be the one to pay for the cargo shipment .
So, I give all the option since I really want to have business with them.
Then, the said if I will not send the 3000US$ they will cancel the contract. Fine, its ok for me, at least they were the one who open this topic for the cancellation.
Anyway, the company was CHINA SHENYANG HUI SHENG MING INTERNATIONAL TRADE CO. LTD.
with business address Jian she Rd., Shenyang . Teh contact person was Mr Zehai Liu
Thank you very much for the answer.
I appreciate very much for the information since I am not aware of the banking policy in China.
Athough, my bank in the Philippines, had advice me regarding this but I want to be sure . Actually, I said to them that they will just deduct the charges to the transfer and they just send it thru telegraphic transfer. And I said they will not charge me for the bank charges since I will be the one to pay for the cargo shipment .
So, I give all the option since I really want to have business with them.
Then, the said if I will not send the 3000US$ they will cancel the contract. Fine, its ok for me, at least they were the one who open this topic for the cancellation.
Anyway, the company was CHINA SHENYANG HUI SHENG MING INTERNATIONAL TRADE CO. LTD.
with business address Jian she Rd., Shenyang . Teh contact person was Mr Zehai Liu
26 Oct 2007 02:01
Post 5 of 6
Replying to [ogie]:
Thank you for the info. The name of company is China Shenyang Hui Sheng Ming International Trade Co.,Ltd.
Contact person. Mr ZHE HAI LIU
Thank you for the info. The name of company is China Shenyang Hui Sheng Ming International Trade Co.,Ltd.
Contact person. Mr ZHE HAI LIU
26 Oct 2007 02:14
Post 6 of 6
Replying to [ogie]:
What commodity that you supplying ?
What commodity that you supplying ?
29 Oct 2007 04:36
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