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So you have finally found your perfect product and now you’re wondering, what’s the perfect way to send money overseas?
We’ve recently had one of our payments held by a bank in Shanghai for over 40 days! Listen to the full story here.
Because this is an issue that affects all of us, let’s run through 5 ways you can securely and safely send money overseas.
- Deliver it yourself. If you have a large shipment or are trying to get your products imported within a certain timeframe, it might be worth your while to head overseas and personally deliver the payment. You’ll not only be able to guarantee the safe arrival of your money, but you can inspect the shipment to ensure that everything is in order.
- Obtain a Letter of Credit (LOC). If a trip to China isn’t in the books, your next best option is to get a LOC from the bank. This guarantee provides a wonderful safeguard, insuring that your bank will release your money as soon as all the specifics of your order have been met. This option may be more time consuming and expensive, but the guarantee that comes with the LOC is priceless!
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- Try Western Union (WU). We recently interviewed WU and were impressed by some of the changes they’ve made to their business. Put simply, they now work with both your bank and your beneficiary’s bank to facilitate your payment. This will also be your cheapest option, as WU only charges between $22-25 for a wire transfer of any
- Use PayPal. We’re seeing more and more companies in China set up accounts on PayPal through an affiliate bank in the U.S. The tracking features and security offered by PayPal makes it an ideal option, however, Chinese companies have to pay a fee to receive your money. If PayPal is the route you want to take, you can always offer to add the fee amount to your invoice so your supplier doesn’t incur the extra charge.
Generally speaking, these tips typically apply to large orders requiring large payments. If your payment is under $10,000, chances are everything will go smoothly when using a simple wire transfer.
What you have heard is true! The physical product industry is very lucrative and anyone can do it. It’s very simple, you just need to follow the process. That’s why we created Private Label University, a trusted place where you can go and learn from real product entrepreneurs who have been in the industry for over 35 years. Jump start your online business today with the Training Programs offered at Private Label University!
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