The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Sharing my lifetime experience in export/import. Product sourcing specialist.

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
Walter,

How would you recommend approaching the idea of exclusivity for a given product line? I've only been working with them for a short time, however, I've already ordered a decent 5 figure sum worth of goods in that time span. I'm also only asking for a limited exclusivity for a given variation of a product for my market, as well as certain packaging elements that are not proprietary on their own, but we spent a considerable amount of time and money to come up with the unique combination to meet my needs.
Hi @Ronak , Exclusivity is great if you can get it and if the supplier honours the agreement.

You have a good bargaining point having already ordered worthwhile quantities. Just let them know that if they will grant you exclusive rights to your variation, you are willing to spend the time and money to market that product even more than you are doing already, and in doing so you expect to substantially increase orders with them

Tell them how pleased you are with their service and product, and assure them that you want to build a good, long term relationship with them.

Walter
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Azure

Perpetual Motion
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
189%
Mar 12, 2016
439
829
32
It looks like I haven't mentioned in my thread a very important item. You must always get a full quote for shipping before you place an order.

The cost of the book might save you some big costs. One Fastlane member told me that my book had saved him $3,000.

Walter

Well I wouldn't say the book would save me in this instance. They were costs that are unavoidable just unknown to me. I will be picking up a copy of your book very shortly. Can you direct me as to where I can purchase it?
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
Well I wouldn't say the book would save me in this instance. They were costs that are unavoidable just unknown to me. I will be picking up a copy of your book very shortly. Can you direct me as to where I can purchase it?
I have had many newbies come to me after they have committed themselves to an order and then found out how much some of those other costs would be. In some cases it would have been far better to not place the order.

You can find my book at Proven Global Sourcing - Proven Global Sourcing.

Walter
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
Last edited:

QDF

Gold Contributor
Speedway Pass
User Power
Value/Post Ratio
401%
Jan 1, 2014
363
1,454
Hi @Walter Hay

I read your book last year, and it's helped me a great deal with importing, etc. so far.

Right now, I'm having a problem though...and I'd really be interested to hear your input.


I've got a product that has a huge need in a growing technology, and my product and marketing is better than all the competition. After playing hardball with the manufacturer, I got the MOQ down from 800 pcs to 100 pcs, which took a month or two alone.

I don't have the capital required to order more than 100 at this time. 800 pcs would have cost me around $30k.

The problem with this is that I am almost certain that I will sell out of this 100 fairly quick (15-20 days), and it would take at least 6-12 months of me turning over inventory to be able to afford the amount of inventory needed to maintain a 100% in-stock rate.

Do you have any experience with getting financing terms or creative financing when it comes to Chinese manufacturers?

I've also seen 3rd party companies like www.octettrading.com offer a type of solution for this as well.

With your experience, what would you do in this situation? Would you simply keep turning over inventory til you reach a 100% in-stock rate? Would you try to negotiate terms with the manufacturer, despite a relatively short relationship and lower MOQ's? Would you search for a 3rd party company such as Octet Trading?

I just feel that I can grow much, much faster right now, but I'm severely limited by capital in this market. I'd even be willing to pay for your time for a phone call, etc. where I could talk more specifics, but I'd just be interested in hearing your opinion.
 

RahKnee

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
120%
May 27, 2013
96
115
Walter, Vigilante,
Thanks for the responses. I'm already mining LinkedIn to find the right people to speak to.
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
Hi @Walter Hay

I read your book last year, and it's helped me a great deal with importing, etc. so far.

Right now, I'm having a problem though...and I'd really be interested to hear your input.


I've got a product that has a huge need in a growing technology, and my product and marketing is better than all the competition. After playing hardball with the manufacturer, I got the MOQ down from 800 pcs to 100 pcs, which took a month or two alone.

I don't have the capital required to order more than 100 at this time. 800 pcs would have cost me around $30k.

The problem with this is that I am almost certain that I will sell out of this 100 fairly quick (15-20 days), and it would take at least 6-12 months of me turning over inventory to be able to afford the amount of inventory needed to maintain a 100% in-stock rate.

Do you have any experience with getting financing terms or creative financing when it comes to Chinese manufacturers?

I've also seen 3rd party companies like www.octettrading.com offer a type of solution for this as well.

With your experience, what would you do in this situation? Would you simply keep turning over inventory til you reach a 100% in-stock rate? Would you try to negotiate terms with the manufacturer, despite a relatively short relationship and lower MOQ's? Would you search for a 3rd party company such as Octet Trading?

I just feel that I can grow much, much faster right now, but I'm severely limited by capital in this market. I'd even be willing to pay for your time for a phone call, etc. where I could talk more specifics, but I'd just be interested in hearing your opinion.
Octet is a factoring business and they aim to get suppliers to use their service. The service involves the supplier selling their invoice to Octet for a discount and Octet then own the debt and collect from you. This is supposedly free to you but the supplier will no doubt add the factoring fee to your cost.

Have another look at my book where I deal with the possibility of opening an account with suppliers. It will take time because you have to build a relationship first, and apply the principles that I outline in my book.

The most common way to finance a shipment from overseas is to get a Letter of Credit from your bank. If you have a good record with your bank they will allow you delayed payment.

Walter
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Late Start

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
193%
Nov 23, 2015
133
257
44
Uniontown, KS
Walter,

Thanks to the knowledge you and several others have provided, I've begun a successful foray into the importing world, and it's exceeded my expectations and then some.

I'm about to invest a significant amount of capital on a product line I've been researching and vetting for some time, and it caters to a marketplace where authenticity will be key. Every Chinese manufacturer I've run across advertises their wares as BPA-free, lead-free, toxin-free, melamine-free, etc, but a how does one go about validating those claims? Is there a third party to whom I can send samples and have them verified to be as safe as the supplier claims? I realize there would be a (potentially sizable) cost involved, but I think given my target audience it would be an investment worth making.

Thanks again for your sizable contributions to the forum!
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
Walter,

Thanks to the knowledge you and several others have provided, I've begun a successful foray into the importing world, and it's exceeded my expectations and then some.

I'm about to invest a significant amount of capital on a product line I've been researching and vetting for some time, and it caters to a marketplace where authenticity will be key. Every Chinese manufacturer I've run across advertises their wares as BPA-free, lead-free, toxin-free, melamine-free, etc, but a how does one go about validating those claims? Is there a third party to whom I can send samples and have them verified to be as safe as the supplier claims? I realize there would be a (potentially sizable) cost involved, but I think given my target audience it would be an investment worth making.

Thanks again for your sizable contributions to the forum!
It is a wise move to take steps to validate claims when their veracity is vital. I would use SGS. They have extensive laboratory capabilities and their reputation is second to none.

Sometimes the manufacturer will have already obtained a certificate of compliance covering various regulations. I would ask for these first and then contact the certifying body to confirm that the certificate is genuine. That can not only save you money, but can also weed out any who use deceptive practices.

Note that the certificates will often be in Chinese, but the certificate number will usually be sufficient for you to find out what the certificate relates to. If you can't identify it yourself, you can ask the certifying authority.

Walter
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Vigilante

Legendary Contributor
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
596%
Oct 31, 2011
11,116
66,265
Gulf Coast
Mods...

@Vigilante
@MJ DeMarco

I'd like to fund a giveaway of Walter's book as a thank you to both him and this community

Incredibly generous.

You pick the recipient, Pay Walter, and get the recipients address to Walter to ship the (autographed) copy of the book. That is probably the BEST WAY but what an awesome, generous idea.
 

Ronak

Gold Contributor
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
317%
Sep 13, 2013
573
1,814
Incredibly generous.

You pick the recipient, Pay Walter, and get the recipients address to Walter to ship the (autographed) copy of the book. That is probably the BEST WAY but what an awesome, generous idea.

Least I could do after what I've gained here...

Ok everyone, I don't want to gunk up this thread with people's requests, so if you're interested in a FREE copy of Walter's book, PM me by 11pm EST tonight with proof of how you have put stuff you've learned on the forum into action, and I'll pick a winner shortly thereafter. GO!
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
Least I could do after what I've gained here...

Ok everyone, I don't want to gunk up this thread with people's requests, so if you're interested in a FREE copy of Walter's book, PM me by 11pm EST tonight with proof of how you have put stuff you've learned on the forum into action, and I'll pick a winner shortly thereafter. GO!
@Ronak, Thanks for your generous response to the help I have given you. The way you have chosen is so typical of the best I see on this absolutely outstanding forum.

I hope the winner puts the book to good use, and maybe reports on the results. By the way, I want to know about unsolved problems as well as successes, because I am continually compiling information to go in the next update of my book.

Walter
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Ronak

Gold Contributor
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
317%
Sep 13, 2013
573
1,814
While we're being generous, here's another tip that should save a couple hundred bucks to anyone who knows what to do with it-- don't buy your continuous bond from the freight forwarder, they're likely marking it up by double or more. I got quotes anywhere from $400-650.

If you buy direct you can get it for $259. Google is a great but underutilized resource.

Save some money and buy yourself an INSIDERS subscription.
 

JustWalkinAround

New Contributor
User Power
Value/Post Ratio
70%
Dec 10, 2014
20
14
31
Hey guys, posting this question here so other people can also learn. Happy for anyone who knows to answer, not just Walter:

1. So I just requested a Pro Forma Invoice and the guy sent it to me by PayPal. I've attached a screenshot to this post. It was for 40USD, they've broken it down as $36 for 6x samples and $4 for shipping. Should I be concerned with $4 for shipping? Furthermore it does not state freight method or anything about packaging, weight, dispatch date etc....

How should I handle this? Should I just be firm and ask for a proper Pro Forma Invoice?

2. When a supplier tells me they will ship by EMS (or whatever method) and it costs x amount, how can I double check they aren't padding the price without being rude? Do I just have to trust them? I ask because for the same quantity of units I have been told shipping will cost 70, 117, 180 by 3 different suppliers.

Thanks in advance.
 

Attachments

  • invoice.png
    invoice.png
    33.1 KB · Views: 22
Last edited:

Ronak

Gold Contributor
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
317%
Sep 13, 2013
573
1,814
Hey guys, posting this question here so other people can also learn. Happy for anyone who knows to answer, not just Walter:

1. So I just requested a Pro Forma Invoice and the guy sent it to me by PayPal. I've attached a screenshot to this post. It was for 40USD, they've broken it down as $36 for 6x samples and $4 for shipping. Should I be concerned with $4 for shipping? Furthermore it does not state freight method or anything about packaging, weight, dispatch date etc....

How should I handle this? Should I just be firm and ask for a proper Pro Forma Invoice?

2. When a supplier tells me they will ship by EMS (or whatever method) and it costs x amount, how can I double check they aren't padding the price without being rude? Do I just have to trust them? I ask because for the same quantity of units I have been told shipping will cost 70, 117, 180 by 3 different suppliers.

Thanks in advance.

Personally for the sample stage, I wouldn't worry too much. If they say they're shipping EMS, I'd take their word for it, just confirm it over email/chat and ask how long it will take. If you want/need it faster, ask them to use DHL/TNT/UPS.

Shipping is almost always going to be padded, and unless its a huge difference, again, I wouldn't worry too much. If you're really concerned, find a local DHL agent in China and have all samples sent to them, they will most likely give you a better rate, but even China's padded rate is lower than any discounted rate you can get from here. I've used the line, "shipping seems a bit high, can you please check it again," successfully as well to get it reduced if its a huge difference.

Personally, I always pay a premium for speed, the faster I can get samples, the faster I can compare different suppliers, make changes, get final samples, place the order, and make money. On one of my recent projects, I spent nearly $1500 on samples. Sure, I could've saved some cash on the shipping, but that's 1-2 decent sales days worth of profits.

Also, realize that the factory is evaluating how easy/hard it is to work with you, and if they see you as a tire kicker that worries about pennies on the sample costs, they may flag you as a small fry and stop responding.

That said, when it comes to the large orders, you do want to have all that specified, and try to save as much as possible on all costs, because every penny is magnified over the life of the product, so saving $1/unit will add up to thousands and give you extra margin for advertising, returns, etc.


Hope this helps.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Ronak

Gold Contributor
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
317%
Sep 13, 2013
573
1,814
Least I could do after what I've gained here...

Ok everyone, I don't want to gunk up this thread with people's requests, so if you're interested in a FREE copy of Walter's book, PM me by 11pm EST tonight with proof of how you have put stuff you've learned on the forum into action, and I'll pick a winner shortly thereafter. GO!


@Elon's Musk Congratulations, you win...

@Walter Hay please send me your paypal email, or however you'd like to do it.


So, why did he win?

Was is the most well thought out, blow your mind out of the water response that I got right away?

No...in fact, it didn't even meet the deadline. But he was, literally, THE ONLY ONE to respond.

In the land of the blind, the one-eyed man is king :)

Congrats again, make us all proud!
 

Brian C.

Rolling Thunder
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
339%
Apr 13, 2016
141
478
Massachusetts, USA
@Elon's Musk Congratulations, you win...

@Walter Hay please send me your paypal email, or however you'd like to do it.


So, why did he win?

Was is the most well thought out, blow your mind out of the water response that I got right away?

No...in fact, it didn't even meet the deadline. But he was, literally, THE ONLY ONE to respond.

In the land of the blind, the one-eyed man is king :)

Congrats again, make us all proud!


Wow. Christmas in August?

@Ronak I'm in shock. I can't thank you enough for doing this. It is amazing to me how some people can be so generous on this forum. I hope to make you proud. Thank you.

@Walter Hay I'd like to relay part of my thought process in my response that I sent to @Ronak as I feel I owe you a personal thank you as well.

Your forum thread has given me a confidence that I lacked prior. Before reading the thread, I spent months studying the industry by means of other literature. The real world experiences and expertise that I've encountered here has served to supersede the mundane information from these books. I truly owe any success in my import/export pursuits to you and @Ronak

Thank you guys for everything you do.

I've just ordered 4 samples of my first product from different manufacturers, and feel that I am on my way to achieving success in import/export. I have a lot to learn, and I know that your book, Walter, will only help in that process. I will owe much of my potential success to you two.

Thank you @Ronak and @Walter Hay
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
Thank you Ronak, very helpful answer.
Yes it was good answer from @Ronak for which I thank him also. The only thing I would add is that if they are only charging $4 for freight, they might be using China post airmail and not EMS. Ronak's suggestion about asking how long they would expect delivery to take should clear that up.

Walter
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
Wow. Christmas in August?

@Ronak I'm in shock. I can't thank you enough for doing this. It is amazing to me how some people can be so generous on this forum. I hope to make you proud. Thank you.

@Walter Hay I'd like to relay part of my thought process in my response that I sent to @Ronak as I feel I owe you a personal thank you as well.

Your forum thread has given me a confidence that I lacked prior. Before reading the thread, I spent months studying the industry by means of other literature. The real world experiences and expertise that I've encountered here has served to supersede the mundane information from these books. I truly owe any success in my import/export pursuits to you and @Ronak

Thank you guys for everything you do.

I've just ordered 4 samples of my first product from different manufacturers, and feel that I am on my way to achieving success in import/export. I have a lot to learn, and I know that your book, Walter, will only help in that process. I will owe much of my potential success to you two.

Thank you @Ronak and @Walter Hay
Yes @Elon's Musk, I agree: WOW! This all gives me a great feeling and I am so pleased to know that this copy will be put to good use.

@Ronak, I will send my PayPal account details soon.

Walter
 

JustWalkinAround

New Contributor
User Power
Value/Post Ratio
70%
Dec 10, 2014
20
14
31
Yes it was good answer from @Ronak for which I thank him also. The only thing I would add is that if they are only charging $4 for freight, they might be using China post airmail and not EMS. Ronak's suggestion about asking how long they would expect delivery to take should clear that up.

Walter

The samples definitely should not have costed $6 each, so I'm not sure why they broke it down like that. However I did ask about time and they said 5-7 days which from a Google search tells me is EMS.
------------------------------
I'm not sure where else to post this following question but it's in regards to copyright and suppliers.

For example: https://m.alibaba.com/product/60408...T.html?spm=a2706.7843667.1998817009.15.ntUA38

Cool design, but they've obviously just taken the image from somewhere and used it. Is this legal? What are everyone's thoughts on stocking and selling items like these? How can I check to see if the designs/images used are fair game?
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
The samples definitely should not have costed $6 each, so I'm not sure why they broke it down like that. However I did ask about time and they said 5-7 days which from a Google search tells me is EMS.
------------------------------
I'm not sure where else to post this following question but it's in regards to copyright and suppliers.

For example: https://m.alibaba.com/product/60408...T.html?spm=a2706.7843667.1998817009.15.ntUA38

Cool design, but they've obviously just taken the image from somewhere and used it. Is this legal? What are everyone's thoughts on stocking and selling items like these? How can I check to see if the designs/images used are fair game?
I don't recognize that image, but it might be copyright. If there is a risk that it is, maybe you could ask them, or else give it a miss.

If a product is trademarked, copyrighted, registered design, or patented, it is illegal to import and sell those items. Unfortunately the current trend is to dropship counterfeits of big brand items. One promoter is openly thumbing his nose at the law and selling thousands of copies of his course. He even suggests setting up a website in a jurisdiction that doesn't police Intellectual Property rights.

Currently a big lawsuit is under way in the US in which hundreds of businesses in the US and other countries are being sued by a big brand owner. Their first step was to shut down the illegal websites, so those businesses now have no business. Further down the line, they will probably seek damages, and that could result in a lot of bankruptcies.

Walter
 

Brian C.

Rolling Thunder
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
339%
Apr 13, 2016
141
478
Massachusetts, USA
Walter,

I'm about 30 pages into your book. Love it. Thanks to you and @Ronak for giving me the gift of wealth in knowledge.

I have two questions I'd like to ask to you Walter. I think it will benefit everyone here, although the questions do border on the legal side of things.

I am moving towards my first bulk purchase in importing, although I have yet to incorporate. I've been using a made up company name and assigning myself the role of purchasing manager, sounding legitimate through conversation.

The package of samples I received featured my fake LLC name followed by my actual/personal/government name below it. I shipped DHL. I also have other samples coming, in which I gave the respective representative the fake LLC name. Don't know if they'll arrive marked in the same manner, as of right now.

(1) Do I now have an "importer number" that I should be referring to?!

Also, I can grow into the "fake" name as I plan on incorporating in the coming weeks, but I am unsure as to whether the LLC name will be used when I make a bulk purchase before that. (2) Can purchasing under a fake LLC name get me into any trouble, or better yet, what are the impacts of doing so?

Thanks again. I bet your book even discloses this information, but I can only read so fast!
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
Last edited:

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
Walter,

I'm about 30 pages into your book. Love it. Thanks to you and @Ronak for giving me the gift of wealth in knowledge.

I have two questions I'd like to ask to you Walter. I think it will benefit everyone here, although the questions do border on the legal side of things.

I am moving towards my first bulk purchase in importing, although I have yet to incorporate. I've been using a made up company name and assigning myself the role of purchasing manager, sounding legitimate through conversation.

The package of samples I received featured my fake LLC name followed by my actual/personal/government name below it. I shipped DHL. I also have other samples coming, in which I gave the respective representative the fake LLC name. Don't know if they'll arrive marked in the same manner, as of right now.

(1) Do I now have an "importer number" that I should be referring to?!

Also, I can grow into the "fake" name as I plan on incorporating in the coming weeks, but I am unsure as to whether the LLC name will be used when I make a bulk purchase before that. (2) Can purchasing under a fake LLC name get me into any trouble, or better yet, what are the impacts of doing so?

Thanks again. I bet your book even discloses this information, but I can only read so fast!
If duty was not levied on the samples you won't have an importer number yet. If duty was paid, you will have been allocated that number, but the courier will have that on record.

You won't need to even know the number unless you are handling the customs clearance yourself, but your freight forwarder will be able to locate the number and quote it when clearing your shipment.

I have found a freight forwarder in China who gets great discount rates and has so far proven to be easy to deal with and reliable, as well as saving a lot of money on shipping. I will message you with contact details should you like to get them to quote for shipping your bulk purchase.

Walter
 

Brian C.

Rolling Thunder
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
339%
Apr 13, 2016
141
478
Massachusetts, USA
If duty was not levied on the samples you won't have an importer number yet. If duty was paid, you will have been allocated that number, but the courier will have that on record.

You won't need to even know the number unless you are handling the customs clearance yourself, but your freight forwarder will be able to locate the number and quote it when clearing your shipment.

I have found a freight forwarder in China who gets great discount rates and has so far proven to be easy to deal with and reliable, as well as saving a lot of money on shipping. I will message you with contact details should you like to get them to quote for shipping your bulk purchase.

Walter

Thank you for clarifying. Makes perfect sense now. That would be awesome if you could pass along that info. I will surely use that forwarder for my first bulk shipment.

- Brian
 

AdamH

PARKED
User Power
Value/Post Ratio
0% - New User
Dec 13, 2015
3
0
49
If duty was not levied on the samples you won't have an importer number yet. If duty was paid, you will have been allocated that number, but the courier will have that on record.

You won't need to even know the number unless you are handling the customs clearance yourself, but your freight forwarder will be able to locate the number and quote it when clearing your shipment.

I have found a freight forwarder in China who gets great discount rates and has so far proven to be easy to deal with and reliable, as well as saving a lot of money on shipping. I will message you with contact details should you like to get them to quote for shipping your bulk purchase.

Walter

Hi Walter.

Thanks for your continued support.

I have a question concerning travelling to China to buy merchandise., and I apologize in advance if this topic was previously touched upon. I ran a search, but did not come up with much information.

I plan on visiting China to purchase overstock items from suppliers. Knowing that cash is the method predominantly used for such transactions in China, how would one safely travel and access over $10K in funds rather quickly? I have read that MoneyGram might be an option where you would send yourself the funds and once you arrive, you would receive the funds through a MoneyGram agent. What are your thoughts on this topic? Opening an account in China is an option, but have heard conflicting reports.

Also, if you don't mind sending me a PM of the freight forwarder contact that would be greatly appreciated. I will no doubt be in need of this service.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

DWORD

New Contributor
User Power
Value/Post Ratio
86%
Aug 13, 2016
7
6
37
Hello Walter

Do you know anything about DGM Certificate? My supplier tells me that it is required for transportation. Costs around $90. I find it weird that they don't have it on their own if they are selling the product.
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
401%
Sep 13, 2014
3,318
13,305
World citizen
Hi Walter.

Thanks for your continued support.

I have a question concerning travelling to China to buy merchandise., and I apologize in advance if this topic was previously touched upon. I ran a search, but did not come up with much information.

I plan on visiting China to purchase overstock items from suppliers. Knowing that cash is the method predominantly used for such transactions in China, how would one safely travel and access over $10K in funds rather quickly? I have read that MoneyGram might be an option where you would send yourself the funds and once you arrive, you would receive the funds through a MoneyGram agent. What are your thoughts on this topic? Opening an account in China is an option, but have heard conflicting reports.

Also, if you don't mind sending me a PM of the freight forwarder contact that would be greatly appreciated. I will no doubt be in need of this service.
I would prefer to use my online banking account to transfer funds to the supplier as required. Although China is much safer for travelers than many other countries, I would not risk being seen collecting large sums from Moneygram or WU.

You could possibly open an account in Hong Kong, but that doesn't solve all the potential problems when crossing into mainland China.

An alternative might be to do your buying at Yiwu market, where a lot of the goods are overstock items, but the sellers are accustomed to dealing with foreigners and can accept various payment methods.

The Yiwu market offers a freight consolidation service, accumulating goods you buy from various vendors, but I think you could do a lot better with freight consolidation by using the forwarder whose details I have sent you. They provide a sample consolidation service too, but for a larger shipment I think you will be very pleased with what they can offer.

Walter
P.S. I don't usually recommend Yiwu because of the need to use a translator who might not be telling you exactly what the vendor says, and might be getting a secret commission.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top