Managing risks when importing
What risks do you run as an importer and how can you limit them? Below an overview. Your account manager will be happy to think along with you about covering import risks.
Delivery and quality
You run the risk that your order will be delivered too late (or not at all) or that the quality is not as agreed. This can have unpleasant consequences for you. For example, if the ordered goods have already been resold to another party. That is why it is important to record agreements properly and possibly use one of the following means to gain certainty about delivery
Documentary Collection: You only have to pay if it has been demonstrated by documents from your supplier that there is a delivery. These documents are presented to you by the bank for payment or acceptance.
Letter of Credit: this payment condition gives you as an importer more security for an international transaction. You only pay your supplier when he supplies the documents that you have described in the Letter of Credit. You can, for example, request a certificate that gives a good picture of the quality of the goods you have purchased.
International bank guarantee: you can ask your supplier for a performance bond. Conversely, you can use a payment guarantee to offer your foreign supplier certainty that he will receive his payment.
You can go here for details!
Most people today have diverted the traditional methods of sending money – the days of sending checks and cash are long gone. Whether you’re paying bills for your holiday home in Spain, sending money back to your home country from your work in Belgium, or sending money to your child studying in the UK, you want an easy way to do it.
How does an international money transfer app work?
An international money transfer app allows you to send money to another person or account abroad via your smartphone or tablet – most apps are available for download for both Android and iOS. Many apps also allow you to pay with your debit or credit card, while other apps send money from a bank account of your choice.
Why do you need an app?
Money transfer apps bring you convenience – now you can transfer money from your own home or on the go at any time of the day.
How do you use an international money transfer app?
To send money via an international money transfer app you will often need to disclose information such as your own bank or card details and the recipient’s details. Some apps may also ask for some form of identification, such as a passport or driver’s license.
What are the costs of using an international money transfer app?
The costs of using a money transfer app vary. The costs can vary from a percentage of the amount you send to a fixed amount. Charges can also vary depending on where the money is being sent to and whether you are paying from a bank account, or with a debit or credit card. The exchange rates the apps offer will also vary.