When it comes to the payment, you have options. Use PayPal for small purchases or samples. Therefore, we can help all our clients with the payment process and even handle the payment when requested. We at Cosmo have a transparent sourcing process, and all payments are made by you directly to the factory. I always use the most recent quote from xe.com for my exchange rates. I negotiate and ask for all quotes in CNY since it’s easier for Chinese factories to work in their currency, but I give clients USD. When you ask for a quote in USD, they’ll usually choose an exchange rate and one that, not surprisingly, favors them over you. It’s important to remember this as most factories give CNY prices, so you’ll have to convert all amounts yourself. As of this writing, the exchange rate is 6.375 CNY to 1 USD ( ). Negotiate in the local currencyĬhina’s currency is the Renminbi, and the units are the Yuan. No, this is not a typo–that’s over 8%! You can expect the same exorbitant fees if you look at Citi, Bank of America, or any other major banks. For example, we sent a USD 38,000 payment via Wells Fargo and were slapped with USD 3,100 in fees. Avoid Direct Bank transfers to avoid outrageous fees.įor most purchases, the default payment method is direct bank transfer however, this may be the worst way to send money due to outrageous fees. We try to keep things fair and balanced to help you make the best choice.
However, this does not impact our reviews and comparisons. Lucky for you, we’ve made hundreds of transactions and tested a dozen different services to determine the best way to save you thousands of dollars on your next purchase.ĭisclaimer: Remember that we may receive commissions when you click our links and make purchases. Not to mention, even if you have a trustworthy supplier, you’re likely to drown in fees. Though most suppliers in China prefer direct transfers, this is not the safest way. Sending thousands of dollars overseas to someone you’ve probably never met can be a scary, if not downright, sketchy step. So you’ve found a supplier–now how will you pay them?
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