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A payment is the trade of value from one party to another for goods, or services, or to fulfill a legal obligation. Paying for goods supplied in domestic trade is a relatively simple matter because payment can be made either in advance or within a reasonable short period after delivery. However, payment in international trade is much more complicated. Both the exporter and the importer face risks in an international trade transaction because there is the possibility that the other side may not fulfill the contract. In order to avoid failure of fulfillment by the other side, different means of payment have been developed.

Modes of Payment in International Trade

There are three major modes of payment in international trade: remittance, collection and Letter of Credit. Remittance and collection are commercial credit offered by companies. The Letter of Credit is banker’s credit offered by banks. Remittance includes Mail Transfer (M/T), Telegraphic Transfer (T/T) and Demand Draft (D/D). Collection includes Documents against Payment (D/P) and Documents against Acceptance (D/A). While payment is sometimes made by remittance and collection, the most generally used method of payment is Letter of Credit.

As far as the seller’s benefit is concerned, Letter of Credit is better than D/P. D/P at sight is better than D/P after sight, whereas D/P is better than D/A. In international trade, payment through collection is accepted only when the financial standing of the importer is sound or where a previous course of business has inspired the exporter with confidence that the importer will be good for payment.

As the simplest method of payment in international trade，remittance means that the payer (usually the buyer) remits a certain sum of money in accordance with the parties’ agreement to the payee (usually the seller) through a bank. This method of payment is often used for down payment, payment of commission and for sample, settlement of claim, or as performance bond, etc. The buyer can adopt three different ways of remittance which are introduced in the order from the fastest to the slowest.

T/T (Telegraphic Transfer)

When remittance is adopted, most of business is done through T/T. Telegraphic transfer transmitted through tested cable/telex or SWIFT is the most expensive, but its safety and speed could save substantial interest payment if the fund transferred is huge. Mail transfer by the bank’s system is a little safer, but its speed is low. Demand draft sent by the customer himself is the least expensive, but is the slowest form of transmission and the customer also bears the risks of theft, destruction or loss in the mail system.

汇付，又称汇款。是买方按合同规定的条件和时间（如预付货款、货到付款、凭单付款等），通过银行将货款汇交卖方。汇付的优点在于手续简便、费用低廉。

汇款根据汇出行向汇入行转移资金发出指示的方式，可分为三种方式：

电汇是汇出行应汇款人的申请，拍发加押电报或电传给在另一国家的分行或代理行（即汇入行）解付一定金额给收款人的一种汇款方式。电汇方式的优点在于速度快，收款人可以迅速收到货款。随着现代通信技术的发展，银行与银行之间使用电传直接通信，快速准确。电汇是目前使用较多的一种方式，但其费用较高。

信汇是汇出行应汇款人的申请，用航空信函的形式，指示出口国汇入行解付一定金额的款项给收款人的汇款方式。信汇的优点是费用较低廉，但收款人收到汇款的时间较迟。

票汇是指汇出行应汇款人的申请，代汇款人开立以其分行或代理行为解付行的银行即期汇票，支付一定金额给收款人的汇款方式。票汇与电汇、信汇的不同之处在于，票汇的汇入行无须通知收款人取款，而由收款人持票登门取款，这种汇票除有限制流通的规定外，经收款人背书，可以转让流通，而电汇、信汇的收款人则不能将收款权转让。

Collection is an arrangement whereby the goods are shipped and a relevant bill of exchange is drawn by the seller on the buyer, and/or shipping documents are forwarded to the seller’s bank with clear instructions for collection through one of its correspondent bank located in the domicile of the buyer.

When funds are not required immediately, or where bills are not sufficiently attractive to a banker for negotiation, they may be handled by an exporter to his bank for collection. The exporter asks his bank to arrange for the acceptance or payment of the bill and the bank will carry out his task through its own branch office or a corresponding bank.

托收是指债权人（出口人）出具债权凭证（汇票等）委托银行向债务人（进口人）收取货款的一种支付方式。托收一般都通过银行办理，故又叫银行托收。银行托收的基本做法是：出口人根据买卖合同先行发运货物，然后开立汇票（或不开汇票）连同商业单据，向出口地银行提出托收申请，委托出口地银行（托收行）通过其在进口地的代理行或往来银行（代收行）向进口人收取货款。

A letter of credit, also known as a Documentary Credit, is a written commitment by a bank issued after a request by an importer (foreign buyer) that payment will be made to the beneficiary (exporter) provided that the terms and conditions stated in the L/C been met, as evidenced by the presentation of specified documents.

A letter of credit is a method of payment that is an important part of international trade. They are particularly useful where the buyer and seller may not know each other personally and are separated by distance, differing laws in each country and different trading customs. It is generally considered that Letters of Credit offer a good balance of security between the buyer and the seller, because both the buyer and seller rely upon the security of banks and the banking system to ensure that payment is received and goods are provided. In a Letter of Credit transaction, the goods are consigned to the order of the issuing bank, meaning that the bank will not release control of the goods until the buyer has either paid or undertaken to pay the bank for the documents.

There are various types of L/C, such as irrevocable documentary credit, revolving credit, standby credit and back-to-back credit. Among them, the irrevocable documentary credit is the most popular.

信用证是指由银行（开证行）依照（申请人的）要求和指示或自己主动，在符合信用证条款的条件下，凭规定单据向第三者（受益人）或其指定方进行付款的书面文件。即信用证是一种银行开立的有条件的承诺付款的书面文件。

在国际贸易活动，买卖双方可能互不信任，买方担心预付款后，卖方不按合同要求发货；卖方也担心在发货或提交货运单据后买方不付款。因此需要两家银行作为买卖双方的保证人，代为收款交单，以银行信用代替商业信用。银行在这一活动中所使用的工具就是信用证。