Cash in advance clearly is risk-free except for consequences associated with the
potential non-delivery of the goods by the seller. Cash in advance is usually a wire
transfer or a check. Although an international wire transfer is more costly (from
US$15 to more than US$100), it is often preferred because it is speedy and does not
bear the danger of the check not being honored. The check can be at a
disadvantage if the exchange rate has changed significantly by the time it arrives,
clears and is credited. On the other hand, the check can make it easier to shop for a
better exchange rate between different financial institutions.
For wire transfers the seller must provide clear routing instructions in writing to the
buyer or the buyer's agent. These include:
- The full name, address, telephone, and telex of the seller's bank
- The bank's Society for Worldwide Interbank Financial Telecommunications
(SWIFT) and/or ABA numbers
- The seller's full name, address, telephone, type of bank account, and account
number.
Titany answered the question on November 25, 2021 at 11:17
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