How should the transit trade be declared in the bank? Does anyone know clearly?
Solved#Entrepot trade#
Our company has recently been involved in the transit trade business. We haven't been exposed to this aspect before, and now we don't know how to operate the bank declaration. I heard that the declaration process is quite complicated and requires submitting various materials. Is there any professional who can elaborate on the specific steps of the bank declaration for transit trade, what materials need to be prepared, and what precautions should be taken during the declaration process? I'm afraid that the progress of the business will be delayed due to not understanding the process. Please give me some advice.
Professional consultant answers
Elizabeth LiYears of service：3Customer Rating：5.0
Compliance and risk managerConsult
The bank declaration for transit trade generally has the following steps. Firstly, prepare relevant materials, such as contracts, invoices, bills of lading and other documents that can prove the authenticity and legality of the transit trade. These materials need to be authentic and valid, and their contents should match each other.
Secondly, log in to the trade foreign exchange receipt and payment enterprise directory system or relevant declaration platform designated by the bank. If the enterprise is not yet in the directory, it should first complete the directory registration procedures.
Then, according to the prompts of the system, accurately enter various information of the transit trade, including the transaction amount, the counterparty, the goods information, etc. Pay attention to the accuracy and completeness of the information and avoid entry errors.
After submitting the declaration, wait for the bank's review. The bank will verify the submitted materials and information. If there are any problems, it will notify the enterprise to supplement or correct them. The enterprise should timely follow up on the bank's feedback to ensure the smooth passage of the declaration.
Amanda YangYears of service：3Customer Rating：5.0
Cost control consultantConsult
Remember that the declaration time is very important. Generally, it should be completed within the specified working days, otherwise it may affect the subsequent receipt and payment. In addition, the contract terms should be clear, and the key information such as the amount involved and the delivery period should not be ambiguous, otherwise the bank's review may not be passed.
Joseph ZhouYears of service：10Customer Rating：5.0
Senior foreign trade managerConsult
The submitted invoices should be standardized, including necessary information such as the description of the goods and the value. For the bill of lading, ensure its authenticity and validity, and you can confirm the relevant details of the bill of lading with the freight forwarder in advance.
Emily LiuYears of service：10Customer Rating：5.0
Settlement and payment expertConsult
The transaction code filled in during the bank declaration should be accurate. Transit trade generally has a corresponding specific code. Filling it wrong may lead to unsuccessful declaration. Pay special attention to this.
Robert ChenYears of service：6Customer Rating：5.0
Customer service consultantConsult
It is advisable to prepare an extra copy of the declaration materials in case the bank requires them to be provided again or there is a situation of material loss, etc. At the same time, maintain good communication with the staff responsible for the declaration in the bank and ask if you don't understand.
James LiuYears of service：10Customer Rating：5.0
Foreign trade tax refund consultantConsult
If the transit trade involves settlement in different currencies, pay attention to the exchange rate conversion. Convert the amount according to the exchange rate standard stipulated by the bank to ensure the accuracy of the declared amount.
Sarah ZhangYears of service：8Customer Rating：5.0
Document expertConsult
The basic information of the enterprise should be ensured to be correct and error-free in the declaration system. If there are any changes, the information update should be completed in advance to avoid affecting the declaration process.
David LiYears of service：6Customer Rating：5.0
Senior customs declaration consultantConsult
For the questions raised by the bank during the declaration process, respond in a timely and accurate manner, and supplement or modify the materials as required to improve the declaration efficiency.
Michelle ChenYears of service：3Customer Rating：5.0
Business coordination consultantConsult
Before the declaration, carefully check the date logic of various materials, such as the contract signing date, the bill of lading date, etc. There should be no contradictions, otherwise it will affect the declaration result.