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Doing business with international companies is a very daunting yet rewarding task, if done correctly. If you are in the import and export industry looking for ways to improve the way you trade across borders, here are three tips from our experts at DutyCalc.
- Learn the logistics with the help of a freight forwarder or customs broker. Shipping goods overseas is a complicated business. There are so many logistical processes that need to be considered. Goods must be packed and labeled correctly, accompanied by the right documentation, and sent using the appropriate shipping method. On top of all of those aspects, all of this needs to occur efficiently and in the most cost-effective way. To make sure all of the necessary boxes are checked, most businesses invest in trusted freight forwarders and/or customs brokers. These companies will help alleviate the stressful complications that are required while ensuring that your goods get to their destination quickly and safely. The best freight forwarders and customs brokers have a strong network of contacts and agents in the countries you will be doing business with and come backed with positive references.
- Research different payment methods. Finding the most cost-effective way to send money overseas is challenging as the banks that handle all of your other financial accounts are known to have high fees and poor exchange rates. Each transaction can cost you anywhere between $10-$30. Similarly, your bank’s exchange rate is probably significantly lower than the real exchange rate (~5% lower). The point here being that you should always compare the exchange rates and extra fees offered from your bank with special money transfer services (Western Union). You could save a lot of money and avoid bank traps if you do your research.
- Get expert help and advice! As stated before, entering the import and export industry is a daunting task. So, don’t do it alone! Our company, DutyCalc is one resource that you can use to find answers to all of your import and export questions. We have over 40 years of industry knowledge and our team has backgrounds in all areas ranging from drawback solutions to U.S. Customs regulations. We are here to help in any way as we understand that this industry can be very confusing. Use DutyCalc as a resource and we will gladly partner with you through your journey.
For more tips or more information about DutyCalc, visit our website or contact us directly! We look forward to doing business with you!