While paying for your wholesale orders, you may incur hefty bank fee which is more or less $40 per transaction and $80 for two payments as deposit and final payment. Below are some options which could help you save on Transfer fees.
1. Pay with PayPal Personal Payment
PayPal has a personal payment option “Send Money to Friends & Family” which costs only 1% fee. Although this option is available only to a few countries. You may check your PayPal account under Send Money” if this option is available.
2. Send us One Payment as a Deposit
Send us a full payment of your order + an estimated shipping fee + a buffer to cover any discrepancies. In this way, you will send one payment and don’t need to pay a bank fee two times. If you are ordering regularly and have cash, you may put-up a one-time big deposit and use it for your future orders. Your funds are safe with us and we will keep proper calculations.
3. Use Transferwise
Transferwise is an online payment system as an alternative to Bank Transfer which claims to be 8x times cheaper than bank transfer. You will make a payment to Transferwise in your local currency to a local account and they will send the payment to us on your behalf. Transferwise is much more common in use in the EU and US but not so common in Asia. We suggest giving it a shot.
1. Much cheaper than bank transfer
2. Money arrives very quick
3. Better exchange rates
How to use transferwise?
1. Sign up here
2. Choose the amount to send
3. Pay to Transferwise via Bank or Debit/Credit Card
4. Your payment send to us
The Customer has to pay the transfer fee while we only count the net amount we received. Please make sure to remind your bank to transfer us the net amount and add charges to your account.
If you are paying via PayPal, please pay by "Sending money to friends and family" whereas you will pay just 1% of payment transfer fee. If you opt to pay by "Paying for goods and services" you will be charged 4 to 6% of payment transfer fee depending on your country & amount. Sending money to friends and family may not be available in some countries such as Singapore, India etc.
To save PayPal charges you must send money in HKD and via "Sending Money to Friends & Family" and there will be just 1% fee charged to you by PayPal. If you opt to pay by "Paying for Goods & Services" PayPal will deduct 5 to 6% of payment processing fee from your payment which will be again on you as we only count the net payment we receive. Payment processing fee vary by country and amount you send but its somewhere between 4.5 to 5%.
Sending money to friends and family might not be available in some countries such as Singapore, India, etc. In case you want to pay by paying for goods and services, please add up 6% on top. Assume your due net amount is HKD 500 so your payment with 5% charge would be [500/0.95] = HKD 526.32. If ever we received even a single dollar more than a due amount, it will be a credit with us and can be used for your future order.
In case of any dispute about products, payment, shipping or others, you must contact us to report and discuss the dispute within 3 months of transaction time. Afterward, all transactions are assumed to be settled and any dispute will not be entertained.
You are obliged to settle your final payment as soon as possible once the final invoice has been issued. We will store your parcel for two weeks without any charge but afterward, you have to pay warehousing fees on a daily basis. In the worst case, if you did not pay in 2 months' time, your goods will be sold at a discounted price and our funds will be redeemed. You will not be able to get any refund.