1. What are the benefits of local T/T service?
1）Faster payment receipt: payment arrives in 48 hours, and arrives the same day paid, the fastest
2）Lower payment processing fees：fees≤1 local currency （to see the table below）
3）Wider coverage：Many countries are covered, like the US, Europe, Australia and Canada
4）Exchange rate lockable：non-USD needs to settle to USD to get it admitted to seller’s bank account after paid. While local T/T could enjoy preferential exchange rate for 7 days via exchange rate lock-up. If money paid and received during the lock-up period, payment will be settled to USD automatically at the preferential exchange rate. Otherwise, payment arrives in the original payment currency and seller needs to settle into USD personally.
Buyer could negotiate with buyer and do the lock-up on buyer’s behalf to enjoy preferential exchange rate.
2. What buyer can use local T/T service?
1）Buyer registration at Alibaba.com is the US, the UK, Europe, Australia and Canada; Trade Assurance order is placed for the first time
2）Trade Assurance order is plaed with seller for the first time with delivery address in the local area.
note: for the US local T/T, both requirements above should be met; for other areas, either requirement should be met.
3. Launch time
Before Sept.1, 2018 expected. Subject to actual launch.
4. Payment currency, bank account type and usage
|
T/T bank account type creation and usage |
||||||||||
|
T/T bank account type |
Covered country |
Bank account NO. |
Bank account length |
Beneficiary bank |
SWIFT code |
Payment currency |
Proessing fee |
Payment receipt |
Bank account creation |
Note |
|
US T/T |
The US |
1566xxx |
17 digits |
Citibank NY |
CITIUS33 |
USD |
$25 on average. |
≤T+1 |
1. Buyer registration in the US; |
Only 1566xxx bank account type created |
|
UK T/T |
The UK |
7000xxx |
8/22 digits |
SAXO PAYMENTS A/S |
SAPYGB2L |
GBP |
£25 on average. |
1. Buyer registration in the local area; |
Two bank account types created simultaneously: 103xxx and the local T/T bank account type |
|
|
Europe T/T(Euro zone) |
Euro zone countries |
Dexxx |
22 digits |
SAXO PAYMENTS A/S |
SXPYDEHH |
EUR |
€25 on average. |
|||
|
Australia T/T |
Australian countries |
EFT: Random |
9/15 digits |
Citibank N.A, Sydney branch |
CITIAU2X |
AUD |
AU$25 on average. <AU$1 the minimum |
|||
|
Canada T/T |
Canada |
Random |
10 digits |
Citibank NA Canadian branch |
CITICATTBC |
CAD |
CA$25 on average. <CA$1 the minimum |
|||
Note: only designated currency accepted, otherwise payment will be returned.
5. How do I pay for my Trade Assurance order via T/T? Click here.