August 16, 2018 by Andrew Minalto - 22 Comments
FINALLY: Quick, Easy & Cheap way to pay suppliers in China!
I have some really good news to share with you—some REALLY good news! I have been waiting for this moment for years now and it has FINALLY become a reality. Transferwise is now supporting USD payments to China! BINGO!
This means we no longer have to overpay our banks for sending USD to our suppliers in China, and don’t have to use shady online currency exchange places, etc. It’s all gone, forever! We can now make simple, quick and cheap international USD payments to Chinese suppliers (and many other countries), and all for a very low fee with guaranteed currency exchange market rates!
If you have been importing your products from China, you will know that banks can charge £20 or even £30 for international bank transfers to China—even if the amount is very low, like £1000. Plus, they never use actual market rates for exchanging GBP to USD (the market rate is basically the BEST exchange rate you can get, which gives you most dollars for your pounds). That means that you’re overpaying twice:
1) The high fee for making the payment
2) The bad currency conversion rate (which can be as much as a 2% difference)
Combining these two, you can actually lose 5% (or more!) on a GBP to USD conversion and transfer to China, which is SHOCKING! Obviously, the more money you send, the lower the percentage because the transfer fee per £1 decreases as the sum increases. Still, why pay even 3% to a bank when you can put that money in your pocket? Exactly!
As small business owners, we are always looking ways to save money and efficiently cut costs, and bank fees and transfers are an area where you can cut costs with absolutely no impact on your product quality or customer service. You should never be overpaying on fees and you should always seek out the cheapest, most efficient cost-saving processes for services that don’t affect your customers. (more…)
April 7, 2017 by Andrew Minalto - 0 Comments
Fire Safety Regulations When Importing Fabrics,
Furniture and Other Products from China!
Hello & Welcome!
It’s Friday today and that can only mean one thing – it’s time for this week’s Reader’s Question post!
Today I’ll be answering an email sent in to me by Steven, who is looking to start an importing business, but needs some help. And that’s exactly what I’m here for – so let’s get to it!
I don’t want to bother you with a lengthy email as I’m sure you’re incredibly busy but I wanted to ask just one question about something that I just cannot find the answer to…
I’m starting to import homeware goods like throws, rugs, furniture etc. and I’m concerned with laws governing the import of fabrics. I’ve heard there are laws stating textile goods have to comply with standards i.e. fire retardant materials etc. but I’m struggling to find any info on it and don’t want to get the goods to customs and be told I can’t have them or be told that I’m not able to sell them on my site. Have you had any experience in this kind of work Andrew and can you shed any light?
I also wanted to say a quick thank you for all of your business related help, out of all of the blogs, Facebook pages, and YouTube channels out there, I find your content has explained queries the most clearly and to the point. Coming from a haulage background into this world has seemed daunting for me if I’m honest but I’m gonna give it my best shot!
If you get a moment to reply to my email, that would be brilliant!
Thanks again mate!
Thanks for your email & question Steven. And thank you for your kind words – I obviously put a lot of time and effort into this blog but it’s all worth it if I can help people achieve their dreams and create their own online business, so I’m very happy to hear that it’s been helping you.
Moving on to your question and yes – you’re 100% right, there are laws in place regarding the fire safety of furniture and related goods that you, as an importer and seller of such goods, have to comply with.
Specifically, it is The Furniture and Furnishings (Fire Safety) Regulations 1988 that you have to comply with.
These Regulations are UK Law “designed to ensure that upholstery components and composites used for furniture supplied in the UK meet specified resistance levels and are suitably labelled” and they’re enforced by the Trading Standards Department.
These regulations were created because the number of fire-related deaths in the home had increased to more than 700 a year in the 1980s and it’s estimated to have saved nearly a thousand lives so please take this seriously! Failure to comply with these regulations is an offence under UK Law and pleading ignorance “is not accepted as a defence.” (more…)
March 29, 2017 by Andrew Minalto - 62 Comments
How to Use Alibaba Trade Assurance to Protect Yourself from Scams!
Hello and welcome back!
Today’s post is all about Alibaba Trade Assurance – a service from Alibaba that offers “full payment protection for your online orders”.
So without any further ado, let’s get to it!
First things first – what is Alibaba Trade Assurance?
Well it’s a service run by Alibaba that’s “designed to help create trust between buyers and suppliers.” Trade Assurance covers eligible orders on Alibaba.com with full payment protection if either:
- The quality of your products do not conform to the agreed standards;
- The supplier fails to ship your products on the agreed shipment date.
Sounds good, right? But, how much does Alibaba Trade Assurance cost to use?
It’s 100% FREE – and by free, I actually mean free – for both buyers and sellers, so it doesn’t add any cost to your order at all even though it’s basically an insurance in case anything goes wrong.
However, Trade Assurance doesn’t cover all orders on Alibaba – as it’s only eligible for suppliers who have signed up to the service and promise to abide by the Trade Assurance rules.
You can easily see which suppliers/products are covered by Trade Assurance by looking out for the Trade Assurance logo when searching for products and suppliers on Alibaba.
In this example search (and no, I don’t suggest you actually start selling iPhone cases!) you can see that while the first listing isn’t covered by Trade Assurance, the second one is:
When you hover over the Trade Assurance logo, you’ll be able to see another very important piece of information – the coverage amount for that supplier:
This is also known as the supplier’s Trade Assurance limit and this amount is set by Alibaba, not the supplier! It’s based on the supplier’s qualification status and also their historical sales volume, so the higher this amount the better really. (more…)