What method of payment is recommended for exports to China?
The most secure method of payment is letter of credit confirmed by a U.S. bank. Although the Bank of China dominates China’s trade-finance business, most Chinese commercial banks have the authority to issue letters of credit for imports. These include China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China and CITIC Industrial Bank. Foreign banks with branch or representative offices in China can also issue letters of credit. Other common forms of payment are less secure. Learn more about methods of payment used in international commercial transactions.
The most secure method of payment is letter of credit confirmed by a U.S. bank. Although the Bank of China dominates China’s trade-finance business, most Chinese commercial banks have the authority to issue letters of credit for imports. These include China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China and CITIC Industrial Bank. Foreign banks with branch or representative offices in China can also issue letters of credit. Other common forms of payment are less secure. Learn more about methods of payment used in international commercial transactions and nuances specific to getting paid for exports to China.
