IB #6 | How To Send Payment To Supplier For Import | Alibaba | Wire | TT Transfer | Swift Transfer
Channel: Global Vyapar
Date: 2023-06-28

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Every year, India imports goods worth billions of dollars, which leads to an outflow of foreign currency such as USD, EUR, Japanese Yen, and Chinese Yuan. However, with the increase in imports, the risk of fraud also rises. Many importers have faced situations where they made payments to new suppliers but either received no products or poor-quality items.

Every payment you make to your supplier is like a donation until you receive the goods. To regulate these international transactions and prevent money laundering and terrorism funding, India has strict regulations in place. Following these regulations is essential for the long-term operation of your import-export business.

In this video, we will discuss the correct ways to transfer payments while importing, saving you time and money. By the end of the video, you will have a clear understanding of international payment processes, eliminating any confusion or uncertainty.

We will also introduce you to a platform that can streamline your payment process, allowing you to complete it within 30 minutes while saving at least 50% of your time and effort.

Let's begin by focusing on trade-related remittances, specifically payments related to imports and exports. To make import remittances, you will need a current account and the bank account details of the recipient.

There is often confusion regarding wire transfers, TT (Telegraphic Transfer), or Swift transfers. In reality, they all refer to the same thing. Your supplier may use different terms, but in India, it is commonly referred to as Swift transfer. Swift stands for "Society for Worldwide Interbank Financial Telecommunications," and it is the system through which international funds are transferred.

For swift transfers, you will need a current account and the necessary export-import documents.

In this video, we will explain the process in detail, focusing on commercial imports that involve using your Importer Exporter Code (IEC). We won't cover personal imports, as they can be done using your debit or credit card with international transaction capabilities.

Join us on this journey to understand the proper payment methods for your commercial imports. Don't forget to like this video and subscribe to our channel for more valuable content on international trade and business insights.

#PaymentMethods #ImportingPayments #InternationalTrade #BusinessInsights #ImportExport #TradeFinance

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