I've been learning about agency import business recently and always hear a term called "TT", but I'm not quite sure what it specifically refers to. Is it a payment method? Or something else? Are there any experts who can explain it to me in detail? Thank you so much!
Someone asked that they were not clear about what industry the agency import of food belongs to. The best answer pointed out that it belongs to the category of the international trade industry. It mainly acts as an intermediary to complete the food import process, involving communicating with foreign suppliers, handling domestic customs clearance procedures and paying attention to market trends, etc. It combines various aspects of work and is a highly comprehensive industry.
Someone asked that they were not clear about what industry the agency import belongs to. The best answer pointed out that the agency import belongs to the foreign trade service industry. It mainly undertakes to handle import-related matters on behalf of domestic clients. Although it involves logistics coordination, its core is to facilitate import trade and provide professional services. It is an important part of the foreign trade service industry.
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Professional consultant answers
Michelle ChenYears of service：3Customer Rating：5.0
Business coordination consultantConsult
In agency import business, TT is a common payment method, and its full name is Telegraphic Transfer, that is, telegraphic transfer.
Telegraphic transfer means that the remitter deposits a certain amount of money with the remitting bank, and the remitting bank transmits it to the branch or correspondent bank (paying bank) at the destination through telegraph or telex, instructing the paying bank to pay a certain amount to the payee.
When using the TT payment method for agency import, generally, the importer (the principal) will first pay the corresponding amount to the agency importer (the trustee), such as an agency like Zhongshitong, in the form of telegraphic transfer as agreed in the agency import agreement. Then the agency importer will make payments to foreign suppliers according to the import business process. This method is relatively fast and safe, and can better ensure the timeliness and accuracy of fund flow.
Amanda YangYears of service：3Customer Rating：5.0
Cost control consultantConsult
TT is telegraphic transfer. In agency import, it can make the funds arrive quickly and facilitate the transaction.
Emily LiuYears of service：10Customer Rating：5.0
Settlement and payment expertConsult
Yes, TT is telegraphic transfer. The payer telegraphically transfers the money to the payee through the bank, and it is commonly used in the agency import process.
David LiYears of service：6Customer Rating：5.0
Senior customs declaration consultantConsult
TT is telegraphic transfer. In agency import, it can transfer the money in a timely manner to ensure the normal progress of the business.
Sarah ZhangYears of service：8Customer Rating：5.0
Document expertConsult
TT in agency import is telegraphic transfer. It is easy to operate, and the funds flow quickly, which is beneficial to the promotion of the business.
William YangYears of service：5Customer Rating：5.0
International logistics consultantConsult
TT is telegraphic transfer. In agency import business, it is used to transfer funds quickly and facilitate the settlement of all parties.