Transferring money for goods to a Chinese bank account- Advice Please!

[RaulGonzalez]

I'm looking to purchase a few items from a Chinese Wholesaler and they will only accept payment via bank transfer to their Chinese account. I've checked with my bank and they charge circa £25 for this service which isn't too bad.b

What I'm a little concerned about is the lack of security this option provides me. I wouldn't be too bothered if it was a small amount but we are talking about just over £500. Does anyone know what sort of come back (if any) I might have if the goods don't show?

The company has a website, registered Chinese address and a HSBC bank account. They appear to be very genuine and I'm sure the goods will turn up. I've just never sent any money abroad before via anything other than PayPal so have my concerns.

What do you guys think? Has anyone done something like this before?

Is it worth the risk or should I run a mile?!

I would be saving a lot of cash compared to buying the equivalent items anywhere in Europe or the even the US. There just seems to be a lot of risk involved. I guess the safest way would be if I knew someone with a domestic Chinese account that I could trust, that way I could transfer to them and they could pay the wholesaler. Unfortunately I don't!

Thanks in advance
Luke

[Bristolian]

Was considering this issue the other day.

For a deal this small the letter of credit route is impractical - and it's a bit disconcerting when they don't take PayPal or a credit card (which would give you comeback).

My view was the risk that goods would not be up to scratch - often the case with electronic goods from ROC apparently rather than not turning up at all. (I was looking at hub motors). In short, unless you're dealing with a uk or eu entity, theres no way you'll get your £ back if the deal goes sour.

The only solution, TMM, would be to buy a very small quantity as a sample and only reorder if the deal works out on both delivery and quality of the sample.

Im looking for a European source for my motors...

[Cirrus]

I have a friend who buys a lot (for a small business) of components from various Chinese factories, and from what I can gather he has a lot of issues with them supplying what they think he wants or needs rather than what he orders, although once they accept he actually knows what he wants they are helpful and pretty consistent.

I dont recall him ever saying there were any issues regarding payments.

[Bibbs]

There would be no comeback for a direct transfer.

I've been done before, 'goods' arrived, but they were not the quality wanted.

I got about 2 or 3 emails saying they would sort it, but then I got no reply to anything after that.

Good luck.

[demonloop]

Check out their trading history in alibaba. Most Chinese companies are in it.

[swanbourne]

If anyone remembers the aluminium boxes I supplied with the "Broadarrow" boxes, I bought those from China and paid by transfer. The goods were exactly what I wanted but the deal was far from smooth.

I paid a lot for FedEx shipping but they sent them by sea, which took 10 week before they arrived in the UK. When I asked why they didn't send them FedEx, the reply was "so sorry, we forgot".

When they arrived in the UK, I was contacted by customs asking who my agent was for clearing the shipment. I didn't have an agent because FedEx would have cleared it on my behalf so now I had to get an agent (more expense).

On the day the goods were supposed to be released, I was contacted again to say that the goods were being held until the ship owner had been paid for transportation. Response from the shipper, "so sorry, we forgot". I had to pay the cost of freight (again).

Then I had to get the goods from Felixstowe to Sheffield and had to employ a haulage company. Again, this wouldn't have been necessary with fedEx.

The goods were exactly what I wanted and good quality but ended up costing me more than double what I expected.

Eddie

[RaulGonzalez]

Thanks guys.

A lot of food for thought there.

Unfortunately it's only 4 items, one of which is £325, so the sample idea just wouldn't work. I think I will do a bit more background research before jumping in.

Luke