What are the common methods to collect foreign exchange? Which is the safest way? 

Here are 3 methods, including Hong Kong bank account, Foreign trade collection account, and Market purchasing trade.

HK Bank account

To establish an HK company and open an HK bank account is the most common method to collect foreign exchange in the past few years.

However, with the upgrade of supervision and the implement of relevant policy, opening a new HK bank account is becoming increasingly difficult. What’s more, previous accounts are suffering the pain of being blocked.

How to open an HK account:

1. Open it by yourself

2. Professional agency

Foreign trade collection account 

Foreign trade collection account refers to a special HK account for collection, which is quickly opened by some large payment companies that cooperates with international banks. 

These accounts belong to online offshore accounts, no physical cards, can not be used at the counters or cash machines, and can be used in the user background for account and fund management. 

It’s suggested that foreign trade business factory, trading company, agency company, and SOHO practitioner shall apply for a foreign trade collection account, supposed you have a mainland company or a HK company.

Advantages

1. Low threshold: company and real trade background

2. Quick: successfully open within 3 days with equipped files

3. Convenient: easy operation, quick collection

4. Low-cost: compared to HK account, no fees for HK company audit and annual audit 

Disadvantages:

This is a new collection method, which needs to check account platform whether has payment license and a local service team in the mainland as well as the credit of cooperation bank.

Market purchasing trade

A trading method refers to the purchase of goods for single-vote declarations by the qualified operators in the market agglomeration area recognized by the State Administration of Commerce, and the value of goods for single-vote declarations is less than 150,000 US dollars (including 150,000), handling procedures for export commodities at designated ports of customs.

Advantages:

1. It’s legal and safe for the domestic corporate account to collect foreign exchange. Don’t have to worry about the freeze of bank account, long queues and the escape of underground bank…

2. 0 added-value tax, no need for VAT invoice!

3. Export goods are declared under broad categories, quick and highly-efficient

4. Government Support

Disadvantages:

1. This is a new export trading mode with high professionalism; 

2. Only those companies with import and export rights and the right to operate market purchasing trade can carry out this business.

If you have any questions, please contact HACOS! 

Tel：178 4699 7168

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