Tip #6: Most Vendors Expect Wire Transfers
Payments! Most vendors will allow you to pay via PayPal. Some have PayPal but will not tell you unless you ask so make sure to ask. In fact, with most vendors, I used wording along the lines of: “Our company policy states that first time samples purchases be made using PayPal”.
While most vendors will accept purchases through PayPal, they definitely prefer and will default to T/T (wire transfer) or Western Union. I paid via Western Union for one vendor and didn’t have any problems. I found it to be just as easy as PayPal but with Western Union you have no recourse to get your money back. Once the money is gone, it’s gone.
Moral of the story – Pay for most samples using PayPal but don’t be afraid to pay via wire transfer or Western Union. It’s not the end of the world.
Tip: I would recommend paying via wire transfer (T/T) with one vendor just for the practice. If it makes you feel better, choose a vendor who you will be paying a smaller amount of money to for samples. Although just a suggestion, doing this will help to familiarize you with all the routing and logistics related to international wire transfers.
If you decide to pay via wire transfer, make sure and confirm that you have the exact wire information including beneficiary information, address, swift code and account number. This point can’t be emphasized enough.
I learned the hard way with one vendor and it cost me $75 in wire fees. If one character is incorrect, then the Bank of China might relegate your funds to the Chinese banking void for an unspecified period of time. Plus, you’ll have to pay additional fees to your bank to either recall or amend the wire.