Local T/T service with the US, Europe, Australia and Canada covered

1. What are the benefits of local T/T service?

1)Faster payment receipt: payment arrives in 48 hours, and arrives the same day paid, the fastest

2)Lower payment processing fees:fees≤1 local currency (to see the table below)

3)Wider coverage:Many countries are covered, like the US, Europe, Australia and Canada

4)Exchange rate lockable:non-USD needs to settle to USD to get it admitted to seller's bank account after paid. While local T/T could enjoy preferential exchange rate for 7 days via exchange rate lock-up. If money paid and received during the lock-up period, payment will be settled to USD automatically at the preferential exchange rate. Otherwise, payment arrives in the original payment currency and seller needs to settle into USD personally.

Buyer could negotiate with buyer and do the lock-up on buyer's behalf to enjoy preferential exchange rate.

2. What buyer can use local T/T service?

1)Buyer registration at Alibaba.com is the US, the UK, Europe, Australia and Canada; Trade Assurance order is placed for the first time

2)Trade Assurance order is plaed with seller for the first time with delivery address in the local area.

note: for the US local T/T, both requirements above should be met; for other areas, either requirement should be met.

3. Launch time

Before Sept.1, 2018 expected. Subject to actual launch.

4. Payment currency, bank account type and usage

T/T bank account type creation and usage

T/T bank account type

Covered country

Bank account NO.

Bank account length

Beneficiary bank

SWIFT code

Payment currency

Proessing fee

Payment receipt

Bank account creation

Note

US T/T

The US

1566xxx

17 digits

Citibank NY

CITIUS33

USD

$25 on average.
<$1 the minimum

≤T+1

1. Buyer registration in the US;
2. Trade Assurance order is placed with seller for the first time with devliery address in the US

Only 1566xxx bank account type created

UK T/T

The UK

7000xxx
GBxxx

8/22 digits

SAXO PAYMENTS A/S

SAPYGB2L

GBP

£25 on average.
<£1 the minimum

1. Buyer registration in the local area;
2. Trade Assurance order is placed with seller for the first time with devliery address in the local area

Two bank account types created simultaneously:  103xxx and the local T/T bank account type

Europe T/T(Euro zone)

Euro zone countries

Dexxx

22 digits

SAXO PAYMENTS A/S

SXPYDEHH

EUR

€25 on average.
<€1 the minimum

Australia T/T

Australian countries

EFT: Random
wire: 248043

9/15 digits

Citibank N.A, Sydney branch

CITIAU2X

AUD

AU$25 on average. <AU$1 the minimum

Canada T/T

Canada

Random

10 digits

Citibank NA Canadian branch

CITICATTBC

CAD

CA$25 on average. <CA$1 the minimum

Note: only designated currency accepted, otherwise payment will be returned.

5. How do I pay for my Trade Assurance order via T/T? Click here.

Order Payment Related FAQ

  • Why cannot I pay for my Trade Assurance order via Credit Card?
  • How do I make the initial payment for my Trade Assurance order?
  • How can I pay with Western Union and be covered by Trade Assurance?
  • How do I apply for Alibaba.com Payment Terms?
  • How does TT work?
  • Multi-currency service for T/T 103 bank account
  • What currency is supported for Trade Assurance order?
  • How do I get a refund when I use Alibaba.com Payment Terms?
  • What are Alibaba.com Payment Terms?
  • Will applying for Alibaba.com Payment Terms affect my credit score?
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