1. Advertising
    y u no do it?

    Advertising (learn more)

    Advertise virtually anything here, with CPM banner ads, CPM email ads and CPC contextual links. You can target relevant areas of the site and show ads based on geographical location of the user if you wish.

    Starts at just $1 per CPM or $0.10 per CPC.

Citibank

Discussion in 'Payment Processing' started by bbharath, Oct 13, 2016.

  1. #1
    I am looking to buy some products from china in order to resell them, however I don't have Credit card to pay them. They have Citibank and can I able to pay them in India?
    Is their any solution for this? I thought to use western union but some of them told they have more fees.
     
    bbharath, Oct 13, 2016 IP
  2. Importexport

    Importexport Member

    Messages:
    140
    Likes Received:
    13
    Best Answers:
    0
    Trophy Points:
    35
    #2
    It is extremely risky to pay a supplier in China using Western Union. Scammers love it when people do that because they can collect the money and it is totally untraceable.

    If you have an account with Citibank they will most likely transfer the money for you by T/T also known as International Money Transfer, but ......

    What terms has your supplier offered? If they don't accept T/T, but will only accept Western Union, you are probably dealing with a scammer.

    Be very careful. Even if you pay by T/T, don't pay to an individual, only pay to the bank account of the business. If you have any questions about product sourcing or importing, including safe payment methods, see my thread: Ask Me Anything About Product Sourcing and Importing

    Walter Hay
    Provenchinasourcing
     
    Importexport, Oct 13, 2016 IP
  3. bbharath

    bbharath Well-Known Member

    Messages:
    254
    Likes Received:
    8
    Best Answers:
    0
    Trophy Points:
    108
    #3
    I already got some products with them by paying to his friend in India, however I want a legal business so agreed to pay by bank. They look like trusted people, but still I want to pay them also I will visit to China to tie up with few companies later.
    I thought net banking works for citibank.
     
    bbharath, Oct 14, 2016 IP
  4. Importexport

    Importexport Member

    Messages:
    140
    Likes Received:
    13
    Best Answers:
    0
    Trophy Points:
    35
    #4
    If you have a net banking account with Citibank you should be able to transfer money that way, but you need your supplier's agreement first.

    It's a good idea to visit China as you have said you intend doing. You should be well prepared before you go. Do a lot of research online first so you don't waste a lot of time and money visiting traders instead of manufacturers.

    You should be aware that most of the suppliers listed on the big B2B sites such as Alibaba are traders pretending to be manufacturers. They can't give you the best prices. You should also know how important it is to know what is the best freight method. FOB prices can look very attractive, but freight can often cost more than the product.

    I have taught hundreds of people how to safely source small or large quantities direct from genuine manufacturers in China. See my AMA thread as I mentioned in my post above. If you have any questions, ask me there and I will be glad to help.

    Walter Hay
    Provenchinasourcing
     
    Importexport, Oct 15, 2016 IP
  5. fionix

    fionix Well-Known Member

    Messages:
    886
    Likes Received:
    15
    Best Answers:
    0
    Trophy Points:
    155
    #5
    Never send money before you got the product unless you pay with credit card so you can make a charge back! If wire transfer is the only possible way to deal with them you would do any ESCROW rather than sending them the money!
     
    fionix, Oct 17, 2016 IP
  6. Importexport

    Importexport Member

    Messages:
    140
    Likes Received:
    13
    Best Answers:
    0
    Trophy Points:
    35
    #6
    Very few genuine manufacturers will accept payment by credit card. As a general rule, those suppliers who do accept cards are traders, and you won't get the best prices if you buy from traders.

    None of the B2B sites such as Alibaba now have an escrow service for legal reasons, but they do have buyer protection schemes that go by different names on the different sites. The problem is that those schemes don't provide the protection that that buyers think they are getting.

    For example, Alibaba's Secure Payment scheme is full of loopholes. Few people bother reading the fine print, but I am one of the few that do. I can tell you that the fine print contains contradictions and is missing information that is very important to buyers.

    The biggest problem is the time limit. If you are lucky enough to find a real manufacturer on Alibaba (most are traders even if they claim to be manufacturers) you might think you are protected, but remember to read Alibaba's fine print regarding their Secure Payment service. It has a short time limit for you to lodge a dispute and many suppliers are expert at procrastinating until that time limit runs out.

    There are other problems, such as the risk of refusal of your claim if you sign for a parcel and it contains wood shavings, newspaper, or maybe an empty plastic casing instead of the phone you ordered.

    Don't forget the huge cost of returning any faulty product. Suppliers on Alibaba and other sites such as DHGate will invariably require that before they will issue a refund. That is one of the many ways they manage to avoid refunding money.

    I will shortly post an explanation of Alibaba's Trade Assurance scheme on my thread: Ask Me Anything About Product Sourcing and Importing

    Walter Hay
    Provenchinasourcing
     
    Last edited: Oct 17, 2016
    Importexport, Oct 17, 2016 IP
  7. jonlihares

    jonlihares Member

    Messages:
    30
    Likes Received:
    7
    Best Answers:
    0
    Trophy Points:
    48
    #7
    I believe yes , i was able to send money from Citibank in Bangkok to Indian account holders(freelancers i work with) in India without huge fees .
     
    jonlihares, Nov 13, 2016 IP
    eBranding and kamleshnishad like this.
  8. bbharath

    bbharath Well-Known Member

    Messages:
    254
    Likes Received:
    8
    Best Answers:
    0
    Trophy Points:
    108
    #8
    @Importexport
    I forgot to ask you about courier, since I had some contacts and want few products from each. How can I combine with all of them to ship me?
    Is their any trusted courier company that ships to me without problems?
     
    bbharath, Nov 14, 2016 IP
  9. Importexport

    Importexport Member

    Messages:
    140
    Likes Received:
    13
    Best Answers:
    0
    Trophy Points:
    35
    #9
    There are a couple of fulfillment services in China who will receive samples from several suppliers for you, put them in a larger parcel to save freight cost, and forward them on to you.

    The one I suggest you contact is www.mychinafreight.com/ the email address is
    Ask them to quote for the receiving, holding and repackaging into the most economical size courier carton, and then delivery to your door. In India you will most likely have to pay the couriers an extra fee for clearance through customs.

    It is usually best to rely on someone such as mychinafreight to find the most economical courier for you. To get a quote from them you will need to tell them the number of packages, the size of the packages the weight of the packages, and a description of the contents.

    Note that Chinese suppliers will often declare the goods to be gifts, or will decal re a very low value. This is illegal and could result in your shipment being delayed, so you should tell them when you order that you want genuine value shown on invoices. Play safe!

    Walter Hay,
    Provenchinasourcing.com
     
    Importexport, Nov 14, 2016 IP
    bbharath likes this.