Faq What Payment Methods Can We Use?
Currently, Yuxuan Company accepts payment primarily via Bank Telegraphic Transfer (T/T). This is the standard, secure, and most reliable method for international transactions of our scale. All payments are processed through official banking channels, providing a clear audit trail for both parties.
Accepted Payment Method: Bank Telegraphic Transfer (T/T)
We require all payments to be made via bank wire transfer. We do not accept cash, checks, or online payment platforms (e.g., PayPal, Wise) due to the high value of transactions and to ensure compliance with international trade regulations and anti-money laundering policies.
Types of Telegraphic Transfer (T/T) Payment Structures
For vehicle imports, the payment is typically structured in stages. Below are the 3-5 common T/T payment plans we offer, depending on the transaction value and the mutual agreement with the buyer.
| Payment Plan Name | Standard Structure | Typical Use Case | Process Flow |
|---|---|---|---|
| 1. Standard 30/70 T/T | 30% deposit, 70% balance before shipment. | Most common for first-time buyers or standard vehicle orders. | Sign PI → Pay 30% deposit → We prepare vehicle → Pay 70% against copy of shipping docs → We release original docs. |
| 2. 100% Advance T/T | 100% payment before production or shipment. | For small orders, customized vehicles, or as required for certain models in high demand. | Sign PI → Pay 100% → We proceed with production/shipment → We send shipping docs after departure. |
| 3. T/T Against Documents (CAD) | 100% payment upon presentation of shipping documents. | For established clients with strong trust; balances risk between buyer and seller. | Sign PI → We ship vehicle → We present scanned BL etc. → Buyer pays 100% → We release original docs. |
| 4. Letter of Credit (L/C) | Payment via a bank's Letter of Credit. | For large orders, government contracts, or clients requiring bank-mediated security. | Buyer opens L/C → We ship against L/C terms → We present docs to bank → Bank pays us per L/C terms. |
Step-by-Step Payment Procedure
To complete a payment via T/T, please follow this detailed process:
- Receive and Approve Proforma Invoice (PI): Review the PI containing the final price and bank details.
- Initiate Transfer at Your Bank:
- Provide our company's bank details (in USD or other accepted currency) to your bank.
- Crucially, select "OUR" for bank charges. This means you (the remitter) bear all intermediary and receiving bank fees to ensure we receive the full invoice amount.
- Send Payment Proof: Email the SWIFT/MT103 copy or bank receipt to your sales manager immediately.
- Confirmation and Clearance: We will notify you once the funds are received and cleared in our account. Only then does the shipment process officially begin.
Essential Information for Your Bank Transfer
When instructing your bank, you will need our complete beneficiary details, which will be provided on the invoice. A standard set includes:
- Beneficiary Name: Yuxuan Company Ltd.
- Beneficiary Bank Name & Address: [Our Bank Name], [City, Country]
- SWIFT/BIC Code: [Our Bank's SWIFT Code]
- Account Number (USD): [Our USD Account Number]
- Payment Reference: Must include the Proforma Invoice (PI) number.
Important Notes and Security Advice
- Bank Details Security: We only send bank details via official company email. Never trust bank information sent through unofficial channels like social media or WhatsApp.
- Payment Verification: Always verify the beneficiary name and account number directly with your sales manager via phone or confirmed email if you have any doubts.
- Currency Conversion: If paying in a currency other than USD, confirm the exchange rate with your bank and understand that the final settled USD amount must match the invoice. Any shortfall due to bank fees or poor exchange rates will need to be covered.
- Processing Time: T/T payments typically take 1-5 business days to clear, depending on the countries and banks involved.
For any questions regarding payment procedures or to receive specific bank details for your transaction, please contact your assigned Yuxuan Company sales representative.