Hi Jamie, what products do you want to import?
Location: Places >> Central Asia >> China >> Shenzhen >> Shenzhen Business
Importing from China
My name is Jamie, I'm British but live and work in Medellin, Colombia. I'm trying to source various products from China to import into Colombia. One of my difficulties at the moment is that many of the Chinese companies I've been talking to won't work with Letters of Credit and I would like to find some reliable companies that can produce or source the goods I'm after.
If anyone might be able to assist me with this it would be really great to have a chat. Please get in contact and I can give you more information
Thanks very much
You should understand that they are afraid that they can not receive the payment..because the L/C always has some risk...
So why don't you pay them by T/T?
Cao, what risk does an L/C have? If suppliers are a genuine business do what they say and complete the appropriate forms, they get paid! T/T is hugely risky without any guarantees, particularly on the first trade. No sensible small business would entertain such an a idea without some very solid references which are difficult to come by.
You are absolutely correct in insisting that the payment be made by L/C. From past experience, I know that a lot of Chinese companies demand payment by TT. This is always a very risky deal for you (not for the seller). They have all kinds of reasons for asking for payment by TT, though I must admit that some of them are justified in doing so. If the order quantity is very small and the amount is only a couple of hundred dollars, then the cost of the transaction and banking charges are just not worth the hassle. On the other hand, anything above USD 1000 should be by L/C, unless you have already reached a stage where you have developed good working relationship with your vendor. In this case both of you stand to gain in by-passing L/C as mode of payment.
This does not mean that you should blindly make payments of less then USD1000 by TT. All the usual precautions apply, i.e. check out the reputation of the supplier. Find out if they are a registered company. Always get the real name of your contact and verify the name and his/her position in the company. The ideal situation is to be able to visit the factory / vendor yourself to get a better ideal of their capabilities (even this sometimes is no guarantee). Be even more careful if you are asked to remit money to a personal account. etc...etc...etc..
I am not sure if this forum is the right place to carry on this discussion, after all the last thing I want is to get booted out. Even though I am not a very active member due to my travels, I nevertheless value my membership in CS and do not want to irritate some other members who might not have any interest at all in this thread. If you would like to ask more questions and pick my brain, you are most welcomed to contact me privately at email@example.com.
Rocky, thanks. Will be in touch.
I aggree with Rocky. Openning an L/C is headache, so no chinese wants to work. You see what is your product and quantity. My friend is a columbian, She can help u out for some gurantee..
You can get in touch with her at firstname.lastname@example.org
You can give her my reference for the first time continue if you want...
All the best..
Under 1000 USD? impossible, goods from China is cheap, not luxury goods, for L/C, befit hardly cover the charges of bank, at least 10000 USD, and bank charges covered by the buyer, otherwise, not willing to deal with it.
Hi Jamie !
I have been doing business from China exporting various products for more than 4 years, Initially like U i was struck with many suppliers on TT payment terms and had very bad experience, after that i never dealt with TT terms, only on LC at sight terms, even i hv dealt LC aroun' USD 1000, no probs. genuine suppliers will agree on LC terms, mostly in Alibaba U find middle men, look for direct r geuine suppliers..
All da Best...