T/T Wire Transfer to China, Step by Step: From PI to Cleared Funds
The telegraphic transfer is the workhorse of this trade, yet importers lose money on mechanical errors every month. Here is the full journey of a payment done right.
Before the wire: assemble the pack
PI signed by both sides; receiving account details exactly as they appear on the seller's banking confirmation (account name in Latin characters, bank name, SWIFT/BIC, account number); your purpose memo for your own bank ("payment for washing machines under PI #2026-014").
The wire, field by field
Account name: copy character-for-character, "APEX HOME EXPORT" is not "APEXHOME EXPORT" to a compliance officer. Bank name and branch city. SWIFT code. Account number. Add the PI number in the reference field. Intermediary bank lines: leave to your bank; do not improvise.
After the wire
Get the SWIFT MT103 copy from your bank, it is your receipt and the exporter's tracking tool. XTransfer-style corporate accounts typically credit within 0–2 working days; correspondent chains can add 1–3. Send the MT103 to your supplier the moment the wire leaves; ask for written confirmation of credit before treating the deposit as "paid" — the PI clock starts at credit, not at send.
The three classic wire mistakes
- Name mismatch between payer and PI buyer, triggers compliance holds on both ends.
- Paying the 70% "to save time" before loading evidence, destroys your only leverage.
- Following "updated account details" from an emailed PDF — the single most expensive mistake in this trade. Verify by live video call, always.
Print this page. Seriously, importers who tape it to the wall stop losing wires.