annazhao wrote:

...

But L/C is not 100% safe, as a seller, you need to verify the L/C to see whether it is real or fake, and also check the credit of the bank as well as the customer....

Thank you too .you mentioned some risk involved L/c.

Hi all,

Thank you all for your comments.I asked about risk of L/C for sellers and expoerts .I researched more and found that ,On the whole,for a seller,Irrevocable Confirmed L/C at sight is most confident way .I think in this way sellers will not have any risk and worry for the money of their goods.

Are you agree?

 

freemerchant wrote:

Hi all,

 

 

You know that L/C is most confident way to payment, but here is a question to me:

 

 

Is there any risk involved in L/C payment?

In case of opening L/C,is it possible to sell a product to a buyer without receiving any money?

 

 

Let us know your idea.

 

Yes it is risky, if you do not have knowledge of L/ C issueing concretely. Hire a professional man to do it in behalf of yourrself.

No it is not risky, if you do have knowledge of L/ C issueing completely. Just check your L/ C one more before make duly signed.  

THIS IS THE FIRST TIME I DECIDES TO START DOING BUSSINESS WITH HONGKONG OR www.HKQIFENG.EN DON'T TRUST THEN TEY SCAM ME FOR $6000.00  WITH SWEET TALK EVERYTHING THEY NO GOOD FOR BUSSINESS STAY AWAY FROM THEN  THEY EMAIL ADDRESS qifeng98_linda@hotmail.com they promiss free shipping not true they promiss next day delivery not true i just about loosing $6000.00 from then they don't respond or won't answear your call. i send then western union for $5800.00 usd   since then they stopped talking to me online or on the phones.

The reason Foreigners prefer L/C over T/T is that some of the Chinese suppliers can not be trusted.
If it is an Irrevocable L/C then there is no problems.
If you do the right thing by the buyer I can not see any problems.
I think some of you guys need to learn International Trade and have some trusting in L/C
as it cover both parties.

It is safe to do L/C, I think.

My dear fellow,
I am in trade bussines around 15 years . Payment with L/C is most security payment, but you have to know that also about opening l/c you have as for every contract to negotiate with your seller. l/c is opening with your instruction , it means you have to tell which kind of documents seller need to show in the bank to collect money. and expences about opening l/c is usually that sender has to pay in his country and buyer to realise l/c has to pay in his country.Without such a document which you are request from seller, seller can not take money. Usually for me all of that make forwarding agent and when we represent papers to the bankthat we receive goods which we order seller with his papers can go to take money.
How I said on the begining it is only from your side to make good l/c make good l/ to secur your payment and to receive goods which you order but in same times to be fair with seller..
About the seller , if seller dont trust that he can realise l/c he can asked from buyer to confirme l/c from the first 10 banks to be sure that can take money after delivery goods.
Even with payment 30 % in advance and rest to be cover with l/c I had not any problems.
Only one time when I wont to buy something from myself , some tv from company from England, found on alibaba, and transfer money by WU, I lost , it was not so much but hurt me,just in way that I trust and make me full.And sorry it is my money I work for it and some stupid, no I am stupid because I belived, make me bljakkkk.

It is not bad if you dont accept some conditions what is not good for you, in bussines you can not hear heart, has to have clear mind and think what is the best for you and after to be fair with partners,no matter if you are seller or buyer.
It is not shame it is just bussines.
Follow that
Respect everybody but trust nobody.

Regards from Cyprus.

shamsulkarim wrote:

Yes its true L/C is safe payment way for exporter and importer both of party, in the other hand this safe payment way most of time supplier take the advantage and give buyer either low quality goods some times fake goods, This is most common for China supplier, when they get the L/C payment they forget about their commitment of product quality, I loose my money several times to a chinese supplier, now think if business with chinese supplier I must be stay in China and every time check my product before shipment, its very expensive for a buyer, not only that this time China Visa also very complex, this is one kind of Chinese Govt. policy to make fraud with foreign buyers.

every country has some scammers,if you are worried about your products,you can ask the Third to help you to check the products, do business need good faith ,you don't believe us ,why require us to beieve you?we all need to keep  good relations with client,

you say you buy some fake goods or low quality ,but I want to ask you if you give us the price is low ,maybe it's lower than the produce cost,how can we provide you good goodspls think it

As the old Chinese saying goes,you get what you pay for

so pls think carfully,and don't say policy to make fraud with foreign buyers, if you don't like ,you can choose other country supplier,but I.m sure you can't get more profits than from china,so pls first think  before you say

if you need cutlery ,I will provide your good products.business is business.

Irrevocable Letter of Credit issued from the buyer's Banker to the seller's Banker is the sure safe way of doing business except that the buyer to be very sure have to send someone to check the goods before shipment. Buyer can insist on Terms & Conditions to be typed into the LC to be issued and provided all conditions are followed and adhered to, the buyer's banker will then released the payment to the seller.

Of course, there must have a certain level of trust when doing business with one another. If there is no trust at all, then don't trade in the first place. The Banks are all licensed bankers. If there are not licensed, then forget about it. That is my two cents piece of advice. TQ.

unless and until the bank safe the payment remains safe..this is my view..and experience