How to Pay Suppliers for Overseas Purchases?

When importing goods to run your business, paying your suppliers is an essential step. But how can you make those payments conveniently and efficiently?

Today, let’s explore some services that simplify supplier payments for your overseas transactions!

1. Currency Exchange

Currency exchange involves converting your local currency to the one needed for supplier payments.

Exchange rates vary daily, so the cost depends on the rate at the time of exchange.

The most common currencies exchanged are RMB (Chinese Yuan) and USD (US Dollar) due to China’s dominant role as the world’s largest exporter. Many businesses importing goods rely on these currencies for their transactions.

2. Payment Agent (代付)

A payment agent helps businesses pay suppliers by handling the transfer on their behalf.

This service simplifies the payment process, especially for businesses unfamiliar with international transfers.

• Some businesses exchange currency first, then make payments themselves.
• Others work with freight forwarders who handle both the currency exchange and payment, eliminating the hassle of managing these steps individually.

3. Invoice Issuance

Invoice issuance is crucial for proper accounting in Malaysia after importing goods.

With a purchase invoice, businesses can claim tax deductions, reduce costs, and increase profitability.

To request an invoice, businesses need to provide the following:

• Company name and address
• Full details of purchased goods
• Quantity of goods
• Unit price (in MYR)

Note: All details must be submitted under the company’s name, not an individual’s.

Conclusion

Whether you need help with currency exchange, payment agent services, or invoice issuance, we’re here to assist!

Have questions? Contact us anytime for personalized solutions!

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