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FAQs

Please check frequently asked questions before sending us inquiries.

  • Q: [Payment] What is supplying rate?
    A:

    Supplying rate is the contrary concept of discount rate.


    If the supplying rate of A brand is 55%, it means we supply A brand at 45% of the retail price.


    For example:

    The retail price of A product is 10,000 won and supplying rate is 55%,

    5,500 won (=10,000 X 55%) is the wholesale price of A product.

  • Q: [Payment] I want to pay by my own country's currency.
    A:

    We generally inform the total amount in KRW / USD for T/T payment method. 


    However, we can also accept USD, HKD, RMB, etc..any currencies are acceptable.


    In this case, we suggest exchange rate and clients must follow the rate.


    When you send us an order list, kindly let us know your payment currency if you need.


  • Q: [Payment] What is remittance charge and who pays that?
    A:

    Buyers must take care of all remittance charges occurred during international money transfer by wire transfer (T/T) or PayPal.

     

    As per our experience, the charges are usually around USD 30 to USD 50.

     

    That is why we request clients to send us money with USD 50 to cover these charges.


    [ In terms of wire transfer (Bank transfer) ]

    There are 3 kinds of remittance charges:

    -Your bank (local bank) charge,

    -Intermediary bank charge,

    -Our bank (beneficiary bank) charge,

    during international money transfer through wire transfer (bank transfer).


    Some banks need a US Intermediary bank (corresponding bank) to process wire transfers, and this will result in an additional charge.
    The intermediary bank may deduct the fee from the payment, which is why sometimes the amount we receive is less than the amount you transfer.

     

    In addition, there is a beneficiary bank charge which is the transfer charge requested by the head bank of our bank.
    Your transfer money will be sent to a corresponding bank (not directly to our account) and therefore the banks will charge fees from the sent amount.

     


    remittance.PNG




  • Q: [Payment] I want to send money by Paypal.
    A:

    Our only payment method is T/T, wire transfer. 

     

    Paypal takes longer for us to receive the money than receiving it from wire transfer (T/T).


    Then, it takes around 3 to 5 working days for us to withdraw money from our PayPal account after we receive your payment.

     

    However, wire transfer (T/T) only takes around 1 to 3 working days. (Sometimes, it takes only a few hours.)

    Therefore, the period of PayPal transaction is much longer than the period of wire transfer on average.

    PayPal also applies higher exchange rates than normal banks do, the extra charges might be more expensive than T/T. 

    ** Our payment currency is Korean Won(KRW).

    - We use KRW because we do not want to exploit the money using benefit from exchange fluctuation. 

    - Although you send us USD or other currencies, KRW will be automatically deposited in our bank account after being exchanged from USD to KRW.


    Thus, we do NOT accept Paypal payment. 


    Hope you kindly understand our policy. 



  • Q: [Payment] I want to save remittance charges.
    A:

    You can remit money to us by four ways as below.


    - Option A : sending money by US dollars without paying all local and overseas bank charges.
    - Option B : sending money by US dollars with paying all local and overseas bank charges from your account.
    - Option C : sending money by Korean won without paying all local and overseas bank charges after
    exchanging your currency for Korean won.
    - Option D : sending money by Korean won with paying all local and overseas bank charges from your account after exchanging your currency for Korean won.


    Under Option C and D condition, you have to spend extra charges as much higher exchange rate should be applied than the rate of banks in Korea.

    In addition, wire transfer by Korean won is slower than wire transfer by US dollars.
    Therefore, we do not recommend you to remit by Option C or D.


    If you remit by Option B or D, you would be requested much more expensive beneficiary bank charge that would be around USD 20 to USD 40.
    However, if the beneficiary bank charge is requested to us in Korea, the charge would be only KRW 5,000 (around USD 4.7) or KRW 10,000 (around USD 9.4).


    Thus, we strongly recommend you to send us money by Option A.


     


  • Q: [Payment] Which exchange rate is applied?
    A:

    There are different exchange rates depending on how and what currency you exchange because banks get some profits when exchanging the currency.


    Our main bank is Woori bank in Korea (Swift code: HVBKKRSEXXX). So, we request money based on the exchange rates of Woori bank.


    The below image shows you different exchange rate on December 26, 2017. 

    ---------------------------------------------------------------------------

    The standard exchange rate                    : USD 1 = KRW 1,076.00


    The exchange rate when sending by T/T   : USD 1 = KRW 1,086.40

    The exchange rate when receiving by T/T : USD 1 = KRW 1,065.60 (*This is the exchange rate we apply on the invoice.)

    -----------------------------------------------------------------------------


     

    rate.jpg






    For checking current exchange rate, please kindly visit :

    https://spot.wooribank.com/pot/Dream?withyou=FXXRT0011



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