Set the shipment and payment milestones
Set the contract terms
The purchase contract should specify the goods, invoice currency, payment milestones and named delivery term.
Verify the account
Use an established supplier contact to confirm the beneficiary. Check that the account currency fits both the invoice and the provider's payment requirements.
Prepare shipment documents
Check the invoice, packing list and transport documents against each other. For an LC, follow the credit's document and presentation requirements.
Close out the order
Ask the broker to confirm classification, origin and duties for the entry date. Compare the final charges with the order budget.
Use this sequence to plan the order. Take the actual dates and release conditions from your contract and the provider’s quote.
Check the receiving account and route
Request a quote using the supplier's exact beneficiary details, currency and amount. A CNY business payment needs different instructions from a USD bank transfer.
Wise's CNY business route, for example, requires a mainland Chinese CNY business account at a supported CIPS member bank. Wise's help page says to send USD when both the invoice and contract are in USD.
The provider estimates when the payment will settle; the supplier sets its own production and cargo-release commitments.
Build the shipment budget
Budget for the goods, quoted freight, insurance, import duties, clearance, delivery and payment costs.
Duties depend on the product classification, origin, entry date and any additional measures. A single country-wide percentage can miss those details.
The map shows a schematic connection. Get the shipping route and transit schedule from the actual freight quote.
Save the supplier amount, currency, quote date, total account debit and amount expected to arrive. Add the freight quote and customs assumptions to the same file.