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Exporting & Importing Goods/Questions Answered by Expert Richard Barr
| Subject | Date Asked |
| payment terms - d/p | 4/19/2011 |
| Q: what are the risks involved in D/P(sight draft)(payment against documents)to the exporter? can one ... A: There's no capital risk as the documents cannot be given to the client without them paying the ... | |
| Starting an import business with a little initial funds | 3/22/2011 |
| Q: I am starting an import business in Israel. The products i am importing are from the united states. ... A: Have you factored in import customs and shipping costs when looking at your expenses? Have you ... | |
| HOW CAN WE SECURE ON DA TERM | 3/17/2011 |
| Q: I am new in export trade a byer from Duabi want the goods on DA basis of 60 days he don't want to ... A: Your buyer is unwilling to work with a L/C? That could be a warning sign. Does he refuse due to the ... | |
| Euros to Dollars | 2/15/2011 |
| Q: A small start up company importing agricultural equipment into the United States from Germany. What ... A: Based on the information you provided, I assume you're looking to create stability in the exchange ... | |
| buyers risk. | 1/19/2011 |
| Q: my company recently attended a trade fair and purchase some item from companies in Germany, Turkey. ... A: There is no protection for the buyer in the scenario you describe, other than the courts in the ... | |
| Secure Payment for Importing Sugar from Turky | 1/12/2011 |
| Q: Richard I am planning to import sugar to my country Saudi Arabia. I found a supplier in Turky who ... A: Provided your supplier agrees, you can use always use a bank collection. It utilizes a SWIFT 405 ... | |
| Secure Payment for Importing Sugar from Turky | 1/12/2011 |
| Q: Richard I am planning to import sugar to my country Saudi Arabia. I found a supplier in Turky who ... A: A simple International Bank Transfer using SWIFT is the most secure transfer method. Your bank ... | |
| I recevied the following copy..is this a scam or real? | 12/18/2010 |
| Q: I choose to reach you through e-mail, as it is the fastest medium of communication irrespective of ... A: Scam. Honestly ask yourself, why would someone with a serious offer reach out to you over millions ... | |
| IMPORT - TERMS | 10/6/2010 |
| Q: GOOD MORNING.. WHAT DOES "FIFO" "LIFO" "FILO" importers mean, when i want to export goods from my ... A: These are not Import/Export terms. These are accounting terms. FIFO and LIFO accounting are ... | |
| Transferable Standby LC | 10/5/2010 |
| Q: Can a standby LC which is acting as an advance payment LG and/or performance LG, can it be ... A: The Standby L/C is used to bypass U.S. laws concerning Guarantees, so if you're not doing business ... | |
| L/C | 10/3/2010 |
| Q: Can one set a special condition in L/C that payment will be made upon inspection and approval of ... A: Yes but the contract, or at least the applicable part of the contract should also become a document ... | |
| DP SIGHT | 7/10/2010 |
| Q: Pls advice that what is meaning of of DP SIGHT. Is this safe mode of payment? & Pls advice that is ... A: I'm sorry but "DP sight" is not an acceptable payment term. DP is usually shorthand for deposit, ... | |
| C&F | 5/11/2010 |
| Q: I've received a quote CNF from the seller. Do these terms cover destination port charges , or just ... A: Under the CFR terms, the seller must clear the goods for export, but once the goods arrive at the ... | |
| C&F | 5/11/2010 |
| Q: I've received a quote CNF from the seller. Do these terms cover destination port charges , or just ... A: CNF (C&F) defines two distinct and separate responsibilities-one is dealing with the actual cost of ... | |
| resale goods | 3/15/2010 |
| Q: If I import goods from the US into an Ontario location for ditribution, is this considered a CND or ... A: There is no definite here. It depends on your pricing, the currency funds received in, the ... | |
| trade as middle man | 3/3/2010 |
| Q: I'd like to make a transaction as a middle man. I just got an order from a company who will give me ... A: There are several options but in essence, you have to get the invoice & all supporting documentation ... | |
| Standard commercial practice with respect to shipped goods | 10/1/2009 |
| Q: In standard commercial practice, when does a purchaser of shipped goods actually take ownership? Is ... A: The shipping terms are goverened by "INCOTERMS" which are defined by the Internation Chamber of ... | |
| Terms of sales | 5/7/2009 |
| Q: I have an opportunity to sell some equipment in South Africa. I would like to have 50% down before ... A: I think I'd simplify the terms a little so it would be 50% due on placement of order 50% due prior ... | |
| DA or DP | 4/27/2009 |
| Q: Sir, My question is " what is the difference in between payment terms as DA and DP. Which one is ... A: There are a number of points to consider. Not the least being the payment types available. Here's a ... | |
| How can I secure my funds when importing from Asia? | 4/8/2009 |
| Q: I want buy a fragile piece of printing equipment that's in Indonesia and would like to know how I ... A: There are a number of points to consider. Not the least being the payment types available. Here's a ... | |
| escrow account | 4/2/2009 |
| Q: We are selling some large used manufacturing equipment from USA to Toronto, ON. THe buyer is ... A: There are a number of points to consider. Not the least being the payment types available. Here's a ... | |
| L/C Issue | 3/30/2009 |
| Q: I have a client who is in process of opening L/C for 2 used Cranes. It is now 2 months he said L/C ... A: Yes, an amendment to the "old" L/C could be done but he'd have to amend the L/C for the complete ... | |
| international shipping and fob | 1/15/2009 |
| Q: i'm considering shipping a huge order overseas via fedex courier service. couldn't' i just charge ... A: That one I can answer in a straight forward way, if not a little long. First one has to understand ... | |
| TT payment | 11/20/2008 |
| Q: I've set up A TT payment with my bank. How nany days does in take to get to the beneficery? Thanks A: That depends on the country of origin, country destination, currency and the instructions for the ... | |
| simple query | 11/14/2008 |
| Q: Today i had a meeting with my boss due to the current recession when the US bank doesnt want to ... A: There are a number of payment types available. Here's a short list. A letter of Credit (LC) is an ... | |
| us money to uk money | 7/17/2008 |
| Q: if i wanted to purchase merchandise in the uk and if i wanted to go to my bank and change my us ... A: Technically it certainly possible. But there are many questions that need to be answered before you ... | |
| buying brand clothing from china | 3/21/2008 |
| Q: i want to buy brand clothing from china and resell it in my clothes shop in ireland is this ... A: Name Brand Clothing needs to be bought through the name brand company or a licensed wholesaler, if ... | |
| Export Funds request via TT | 3/18/2008 |
| Q: We would like to export the goods under payment terms " Document through Bank , TT Payment to be ... A: Yes this is possible but first you have to choose the best payment terms for you. Naturally your ... | |
| exporting & importing goods | 1/16/2008 |
| Q: I'm trying to sell copper ore and I would like to know what the following terms mean.CIF;FOB;LC;bill ... A: That one I can answer in a straight forward but very long way. The shipping terms are goverened by ... | |
| safe payment options | 9/15/2007 |
| Q: regarding the last question you answered concerning remittance TT. I would like to know about a safe ... A: you have several options in terms of trade finance. I'll discuss a few of them here. Based on my ... | |
| L/Cs | 9/4/2007 |
| Q: We have a SME in Dubai, currently we have a nice business of appx. 30 Million USD turnover, our nett ... A: The easiest path to take is straight to your current bank in Dubai. If they are not able to assist ... | |
| about L/Cs | 8/2/2007 |
| Q: We are import/export agent. We have a buyer in USA. Can we invoice our client in USA to open ... A: Yes, but either side's bank may not agree to cooperate. A lot of banks do not like complex L/C ... | |
| Trade Finance S/W company | 7/24/2007 |
| Q: Sir, I come to know about you while searching thro google. I am interested in keep in touch with ... A: I don't have a lot of experience with multiple trade finance systems but yes, Surecomp has a ... | |
| RTGS | 7/24/2007 |
| Q: Does every country follow the SWIFT message standards for RTGS or is there any other country which ... A: An interesting question. The vast majority of RTGS systems do indeed use SWIFT as thier standard. ... | |
| paying for goods in Hong Kong/China | 6/2/2007 |
| Q: have never done this before so not sure what safety is the goods are in China and Hong Kong the ... A: A bank transfer, also called a (telegraphic transfer (T/T), is only as safe as the seller. Do you ... | |
| Re: Is Beneficiary shall responsible ? | 5/25/2007 |
| Q: My name is Desmond and I'm the Merchandize Manager for our company in Malaysia call LBP WORLDWIDE ... A: The answer is short as I do not want to obscure it in detail. If you are the beneficiary of the ... | |
| Preadvice | 4/27/2007 |
| Q: I am currently working on a Mazut deal and have hit a stumbling block regarding Preadvice. The ... A: The short answer is no. It's probably better. The bank is simply not willing to risk its ... | |
| payment modes | 4/27/2007 |
| Q: Asalam u alikum It is easy for you now to answer this time Inshallah.What is the payment process a ... A: Ibnemansoor, you have several options in terms of trade finance. I'll discuss a few of them here. ... | |
| safest payments terms | 1/8/2007 |
| Q: what is the best and safest way to make a transaction.i would like to start importing , but would ... A: It's an interesting question that I'm ask quite often. The answer depends on several factors. The ... | |
| Historical Inflation Rates for Bogota, Columbia | 11/4/2006 |
| Q: Richard, I need to find the monthly inflation rates for Bogoata, Columbia, from January 2001 through ... A: I certainly can help you with that. For the most part a country's central bank will have those ... | |
| Transferable LC Pre-Advice | 10/26/2006 |
| Q: We have negotiated a contract under which we, as the trader, will be receiving a transferable ... A: The short answer is no. Your bank is simply not willing to risk its reputation on a maybe. Before it ... | |
| Need some career advice | 10/10/2006 |
| Q: Barr I am writing to you in search for career advice. I have read your profile and it looks really ... A: I'm flatered that you look at me as an inspiration. I'm not sure I'm actually worthy of that though. ... | |
| Payment overseas | 9/25/2006 |
| Q: Since now you know that I am starting this business and I am also trying to protect my money, what ... A: The internet is a wonderful tool. I always start by searching through the web. Get as much ... | |
| Payment overseas | 9/20/2006 |
| Q: I am trying to establish a business purchasing goods from companies in China and the UK. I have ... A: The difficulty you have to face is in your very last sentence: "first purchase would be around 2 to ... | |
| Receiving payment / protecting your account info | 9/8/2006 |
| Q: I have a question about using T/T payment type vs. a L/C. You can use a T/T as an individual and are ... A: With a T/T, you do not have to give your account number but it helps. You must give your bank and ... | |
| being registered and importing | 9/7/2006 |
| Q: you could be a God sent. My freind and I have come up with a needed product which many people are ... A: It seems the question is asked for one of two reasons. Either the company has a different price for ... | |
| order financing | 8/30/2006 |
| Q: Barr, I am currently considering a transferable letter of credit for a large order from a customer ... A: According to the opinion of the International Chamber of Commerce, they say "When a letter of credit ... | |
| importing electronics from china | 8/22/2006 |
| Q: I have a small electronics shop and have found a supplier in China for small MP3 players. WHat is ... A: If they're really samples, the best way is simply by FedEx or UPS. Any and all documentation should ... | |
| overseas purchase through attorney | 8/20/2006 |
| Q: Barr, I was offered a deal by my supplier in which an attorney retained by him acts as a buying ... A: Yes, the method of using an attorney (& escrow account) is feasable and acceptable for overseas ... | |
| Importing from Italy | 8/11/2006 |
| Q: I'm a Canadian resident and on my last trip in Italy I found sandals that I would like to import and ... A: You've located a product you want to trade in. Have you located the manufacturer or simply the ... | |
| importing into the u.s | 8/9/2006 |
| Q: sorry I'll be more specific this time. Our plan is to go to Africa (Ethiopia) and bring a couple of ... A: Living in Israel. I'm not an expert on the U.S. import regulations. However if you click over to the ... | |
| Export / Import initials | 8/2/2006 |
| Q: What does FCO stand for ?. It is a document issed by a Seller. Many Thanks for explination of BCL ... A: FCO is generally a Full Corporate Offer. Sample below but as the previous samples, this is ONLY for ... | |
| Explanation of initials | 8/2/2006 |
| Q: What do the initials BCL and LOI stand for in the Import / Export market ?. A: The short answer is that a BCL is short for "Bank Comfort Letter", while a LOI is a "Letter of ... | |
| Importing from China | 7/4/2006 |
| Q: We want to buy items from China. We found a manufacturer and he can produce what we need. Once we ... A: The price you're being quoted is NOT for 9 boxes but rather for a 20 foot container. (containers ... | |
| re: Payments and collections | 6/7/2006 |
| Q: I have what I think may be an unusual situation. I am a business consultant and last year set up a ... A: Yes, I have an Idea. Remember the old proverb "If it's too good to be true, it probably is"? The ... | |
| Doubt | 11/9/2005 |
| Q: What are the points that has to be pondered while receiving or verifying a Letter Of Credit? Urs ... A: That's an excellent question. Starting with the obvious and working our way to the hidden... Is the ... | |
| Protecting my sources | 10/14/2005 |
| Q: I'm located in Canada and looking for ways to ship directly from my supplier in China to my ... A: A very interesting question. There's not a 100% fool proof guarenteed way to do what you want but if ... | |
| Importing into the UK | 8/29/2005 |
| Q: The product(s) are manufactured in India. They are all herbal products. The plan is to manufacture ... A: You've got a bit of homework ahead of you but I believe by looking at these 2 links, you'll have a ... | |
| Importing into the UK | 8/29/2005 |
| Q: I have a product that has been registered in Portugal (EU). Would it then be possible to import the ... A: I'm sorry I'm not a U.K. customs expert but I'd like to help. You didn't provide near enough ... | |
| information on import/export | 8/20/2005 |
| Q: Barr, I am considering a possible career change and was interested in the import export business. ... A: There are some mighty big questions you're asking. If you live in the USA and are bring goods into ... | |
| Standby L/C | 3/14/2005 |
| Q: i live in the USA. I am into exporting motorcyles from uSA to worldwide. I just got a contract worth ... A: Unfortunately, American banks are really behind the times in Trade Finance. They're so advanved in ... | |
| Canadian money order from U.S. | 2/16/2005 |
| Q: Up here in Canada there is a band selling their DVD on their website, one of the payment options is ... A: Get the group (or the business rather) to accept payment in U.S. Dollars, which is really easy for ... | |
| Tips- Business in China | 2/5/2005 |
| Q: Barr, Do you have any general tips to deal with communication issues when working with overseas ... A: That one is very clear as is the answer. Make sure everything important is documented in writing. ... | |
| Customs Broker | 1/26/2005 |
| Q: I have a master's degree in Mechanical Engineering and I am sort of sick of the engineering jobs. ... A: What is it you think a Customs broker does? Perhaps your thinking on the lines of an exporter or ... | |
| import/export terminology... | 10/13/2004 |
| Q: would you happen to know where I can find out about the terminology of importing/exporting. For ... A: That one I can answer in a straight forward way. The shipping terms are goverened by "INCOTERMS" ... | |
| china | 8/2/2004 |
| Q: Good Morning, i'm thinking/wanting to import goods from china, what kind of bak accounts do i need, ... A: What type of bank account you need depends on where you live. The USa for instance doesn't need a ... | |
| Making sure the goods are in the box | 4/12/2004 |
| Q: I'm having a couple of products made in China. FEDEX says the best way to pay for these is with a ... A: That depends on valuable the contents are and how much you're willing to pay for it. You can always ... | |
| How to know if a company that your placing a order with and giving money to exists? | 3/15/2004 |
| Q: I'm not sure if this is your area or not, but I hope so. I'm trying to choose an overseas ... A: You could ask that a "Letter of Credit" be used if you don't trust the company. It'll reduce the ... | |
| Importing process | 3/14/2004 |
| Q: I'm starting my own business up in the entertainment electronics field. In essence, I will be the ... A: Simply put "Bank Swift Cash" means in U.S. english = Wire the money U.K. english = Cable the money ... | |
| Canadian Brokers | 11/26/2003 |
| Q: I'm located in the US, selling baby products made in China. I'm speaking with a Canadian company ... A: You're right, this isn't my expertise but I'd like to help. I think I can at least get you going in ... | |
Exporting & Importing Goods
Answers by Expert:
Richard Barr
Top Expert on this page
Expertise
My professional expertise is International Banking, concentrating on the areas of Money Transfers/Payment Systems and Int`l Trade Finance. Due to the high amount of travel my job requires, I am competent to give information concerning "Business Travel" as well.
Experience
I have over 18 years of combined Banking/Trade Finance experience. Spreading over 4 continents. Having spent 5 years at Wells Fargo Bank provided me with a solid background in banking. After that, I moved to Israel and worked in Import/Export for 3 Years. Followed by another year as the resident expert in trade finance for the Jerusalem region of a medium sized bank. Capitalizing on my proficiency, I moved into the high-tech world where I remain today as a Business Analyst/Project Manager/Consultant for Payment Systems and Operations Risk.
Education/Credentials
Certificate in Speech Communications, AA in General Business. Both from Mission College, Santa Clara - California. BS in Int''l Business/Bus. Admin. From San Jose State University, San Jose - California
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