Telegraphic transfer is the most commonly used payment method in actual foreign trade. Large transactions basically choose telegraphic transfer. It is recommended that orders below US$10,000 and above US$1,000 can also choose telegraphic transfer. The bank handling fee for telegraphic transfer is generally divided into three parts.
The first part is the payment made by the payee. The bank handling fee can be paid by the payee alone or deducted from the payment amount;
The second part is the handling fee of the transit bank, which is generally deducted from the remittance amount;
The third part is the handling fee of the beneficiary’s receiving bank, which is deducted from the remittance amount.
The arrival time of telegraphic transfer is the most concerned issue. It is recommended that you must confirm the arrival of the money after the receipt arrives, and then do other subsequent operations, such as shipping. The time for telegraphic transfer varies greatly from bank to bank, ranging from three working days to one week. Depending on the remittance route, some banks are faster if there are fewer banks in the middle, and slower if there are more banks. The key is to wait for the customer’s receipt to arrive and confirm the arrival before arranging the agreed matters. For telegraphic transfer, we recommend Shanghai Pudong Development Bank, as it is a commercial bank so the speed is relatively fast.