IS T/T Real Secure ?
Post 1 of 7
I want to buy alcohol from Africa. What kind of payment can be safer as to me? Is T/T real Safe? People who advice me L/C,but becoz i m newer,and poor english, So i dont know how to use L/C.
Supplier tell me pay him 50%TT in advance. Is it safe? Will supplier disappear after he get my 50% mony? Can Bank help me to stop the supplier scam me ? And what else i can do would be better and safer?
I need help !
Supplier tell me pay him 50%TT in advance. Is it safe? Will supplier disappear after he get my 50% mony? Can Bank help me to stop the supplier scam me ? And what else i can do would be better and safer?
I need help !
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25 Nov 2006 13:44
Post 2 of 7
Replying to [Mankiw]:
T/T is stands for Telephonic Transfer, or Wire Transfer. While doing T/T, bank transfers the money without any specific inquires to find out who is the beneficiary, what is the purpose of money. T/T transfers money directly into the beneficiary's account.
T/T does not protect the buyer. And when paid in advance, buyer is on the mercy of seller. There is no mechanism which forces seller to comply with order/contract.
Where as under L/C, Letter of Credit, the interest of both parties are safe. As banks are getting involved into the transaction, the money are safe. Both parties, buyer & seller, have to comply with the conditions of L/C, & if everything is okay document will be cleared by bank & thus payment will be made to seller.
For more information refer to
http://www.creditguru.com/guestarticleLC.htm
Hope this helps you to choose.
Thanks
Krunal
T/T is stands for Telephonic Transfer, or Wire Transfer. While doing T/T, bank transfers the money without any specific inquires to find out who is the beneficiary, what is the purpose of money. T/T transfers money directly into the beneficiary's account.
T/T does not protect the buyer. And when paid in advance, buyer is on the mercy of seller. There is no mechanism which forces seller to comply with order/contract.
Where as under L/C, Letter of Credit, the interest of both parties are safe. As banks are getting involved into the transaction, the money are safe. Both parties, buyer & seller, have to comply with the conditions of L/C, & if everything is okay document will be cleared by bank & thus payment will be made to seller.
For more information refer to
http://www.creditguru.com/guestarticleLC.htm
Hope this helps you to choose.
Thanks
Krunal
26 Nov 2006 04:01
Post 3 of 7
Replying to [Mankiw]: Thanks MioBoy &Thanks Krunal . But They refuse to use L/C. They told me L/C had to be verfid by third party.
I want to know, When i pay him, And I found he scam me, What i can do ? Or Where i can Complaint ? Whether I can get my money back by My Bank ? Or What else i can do !? Or Whether Policeman Can help me ? Thank you!![[em9]](http://img.alibaba.com/images/eng/style/icon/emoticons_dizzy.gif)
![[em4]](http://img.alibaba.com/images/eng/style/icon/emoticons_sad.gif)
I want to know, When i pay him, And I found he scam me, What i can do ? Or Where i can Complaint ? Whether I can get my money back by My Bank ? Or What else i can do !? Or Whether Policeman Can help me ? Thank you!
26 Nov 2006 17:57
Post 4 of 7
Replying to [Mankiw]:how do you use L/C , never done it and I'm new at this, and very interested in learning how to use L/C..thank you
04 Dec 2006 17:11
Post 5 of 7
Replying to [Mankiw]:
If you select T/T, you will take a risk that when you paid the deposit (50%) to your supplier, they will disappear or provide you the goods in bad quality as you cannot control. Sure, T/T is the most easiest way to handle the payment, and you can eliminate the bank charges.
However, in my opinion, I prefer to use L/C for the payment if this is the first order and the total amount is over USD10,000.0. Please don't think L/C is very difficult, you just go to the bank and say to the banker "I want to handle L/C". The banker will explain you clearly.
Jacky
If you select T/T, you will take a risk that when you paid the deposit (50%) to your supplier, they will disappear or provide you the goods in bad quality as you cannot control. Sure, T/T is the most easiest way to handle the payment, and you can eliminate the bank charges.
However, in my opinion, I prefer to use L/C for the payment if this is the first order and the total amount is over USD10,000.0. Please don't think L/C is very difficult, you just go to the bank and say to the banker "I want to handle L/C". The banker will explain you clearly.
Jacky
04 Dec 2006 21:36
Post 6 of 7
Replying to [Mankiw]:
Thisis for Jackie...
Some banks will not do LC if the cost of the item is lower that a particular amount... Do you have any option to this?
Blorex.
Thisis for Jackie...
Some banks will not do LC if the cost of the item is lower that a particular amount... Do you have any option to this?
Blorex.
17 Dec 2006 21:31
Post 7 of 7
Replying to [Mankiw]:My friend precisely you are dealing for first time with an African if you are thinking after paying 50 % advance or some amount the material which you have ordered will come to your place then your thinking is completely wrong.
For example NOw tell me one thing i am selling you something for 100 USD & my total profit in that is 10 usd & if you are paying me 50 USD which is above my profit why do i still need to deliver you??Second option you will think is i should deliver you because it would be long term relationship but for your knowledge i have been to Africa & i know mindset of people there they just dont think about future they think present only.I do not mean to say everyone in Africa is like this but most are like this only.
For example NOw tell me one thing i am selling you something for 100 USD & my total profit in that is 10 usd & if you are paying me 50 USD which is above my profit why do i still need to deliver you??Second option you will think is i should deliver you because it would be long term relationship but for your knowledge i have been to Africa & i know mindset of people there they just dont think about future they think present only.I do not mean to say everyone in Africa is like this but most are like this only.
18 Dec 2006 00:14
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