Under the principle of 'Whoever imports shall make the payment in foreign exchange', if your company entrusts an agency to import goods, usually the agency party makes the payment in foreign exchange. Because from the perspectives of customs and foreign exchange management regulations, the agency party conducts import declaration and other procedures in its own name, so the payment in foreign exchange should also be operated by the agency party.
The specific process is as follows: The agency party signs an agency import agreement with the entrusting party to clarify the rights and obligations of both parties, including the settlement of goods payment and agency fees. After receiving the payment for goods and agency fees paid by the entrusting party, the agency party makes the payment in foreign exchange to the overseas supplier. When making the payment in foreign exchange, the agency party needs to provide relevant trade documents, such as contracts, invoices, bills of lading, etc., to prove the authenticity of the trade.
The entrusting party needs to pay attention to making timely payments to the agency party to ensure that the agency party has sufficient funds to make the payment in foreign exchange. Meanwhile, both parties should maintain close communication, follow up the progress of goods transportation, declaration, etc., to avoid affecting the payment in foreign exchange and subsequent processes due to poor information.
Professional consultant answers
Jennifer WangYears of service：4Customer Rating：5.0
Market development consultantConsult
Under the principle of 'Whoever imports shall make the payment in foreign exchange', if your company entrusts an agency to import goods, usually the agency party makes the payment in foreign exchange. Because from the perspectives of customs and foreign exchange management regulations, the agency party conducts import declaration and other procedures in its own name, so the payment in foreign exchange should also be operated by the agency party.
The specific process is as follows: The agency party signs an agency import agreement with the entrusting party to clarify the rights and obligations of both parties, including the settlement of goods payment and agency fees. After receiving the payment for goods and agency fees paid by the entrusting party, the agency party makes the payment in foreign exchange to the overseas supplier. When making the payment in foreign exchange, the agency party needs to provide relevant trade documents, such as contracts, invoices, bills of lading, etc., to prove the authenticity of the trade.
The entrusting party needs to pay attention to making timely payments to the agency party to ensure that the agency party has sufficient funds to make the payment in foreign exchange. Meanwhile, both parties should maintain close communication, follow up the progress of goods transportation, declaration, etc., to avoid affecting the payment in foreign exchange and subsequent processes due to poor information.
William YangYears of service：5Customer Rating：5.0
International logistics consultantConsult
Generally, in agency import, it is the agency party that is responsible for making the payment in foreign exchange. However, the entrusting party should ensure that the funds are given to the agency party on time, otherwise it will affect the progress of payment in foreign exchange.
David LiYears of service：6Customer Rating：5.0
Senior customs declaration consultantConsult
When the agency party makes the payment in foreign exchange, it must ensure that the trade documents are complete, otherwise the foreign exchange management department may have doubts. The entrusting party should cooperate to provide relevant materials.
James LiuYears of service：10Customer Rating：5.0
Foreign trade tax refund consultantConsult
The entrusting party and the agency party should sign the agreement carefully. The clauses regarding the responsibility of payment in foreign exchange, fund transactions, etc. should be clear to avoid subsequent disputes.
Amanda YangYears of service：3Customer Rating：5.0
Cost control consultantConsult
The amount of payment in foreign exchange should be accurate. The agency party should make the payment in foreign exchange to the overseas according to the contract amount and exchange rate situation, and the entrusting party should also supervise this aspect.
Robert ChenYears of service：6Customer Rating：5.0
Customer service consultantConsult
If the import of special goods is involved, there may be additional requirements for payment in foreign exchange. Both the agency party and the entrusting party should understand them clearly in advance.
Joseph ZhouYears of service：10Customer Rating：5.0
Senior foreign trade managerConsult
After the agency party makes the payment in foreign exchange, it should promptly provide the entrusting party with relevant materials such as payment in foreign exchange vouchers to facilitate the entrusting party to conduct subsequent financial processing.
Andrew HuangYears of service：7Customer Rating：5.0
Supply chain optimization expertConsult
The entrusting party should pay attention to the time nodes of payment in foreign exchange to avoid incurring additional costs or affecting the delivery of goods due to delayed payment in foreign exchange.
Emily LiuYears of service：10Customer Rating：5.0
Settlement and payment expertConsult
Before making the payment in foreign exchange, both parties should confirm the bearing method of relevant fees such as taxes and fees to prevent disputes.