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New T/T 1566 local American account

In order to lower buyer's payment cost, eliminate the uncertainty of collected amount and time on the seller's end, the local Americal TT account (started with 1566) is upgraded again to enable the American buyers to tranfer to local beneficiary banks directly, thus the lower payment cost and improved efficiency. This program is expected to launch on Jan.15th, 2018.
 
Key upgrades:
1) To lower buyer's payment cost : ACH credit, buyer's payment cost less than USD 1. Local transfer, and buyer's payment cost is about USD 30;
2) To speed up the funud collection. No processing fees at intermediary banks any more, and 2-3 business days to arrive after payment;
3) 1566 T/T account only supports US dollar payment and collection.
 
Rules to generate1566 T/T account :
1)Both the delivery address on the TA order and place of registration at Alibaba.com are in America;

2)American buyers that meet the the first requirement place TA orders for the first time with Alibaba.com sellers;

3)If the above 2 requirements are met, the system will generate 1566 account automatically after order placed, otherwise 103 account generated.

 

一)Different TT accounts generate for seller-new American buyers and new non-American buyers-old buyers as below:

二)Fund procedures:

1)To generate 1566 T/T account

  • The T/T account started with 1566 automatically generates after order placed for the first time with new buyers in America.

Notification: T/T account management is in the fund management center. Please provide the right account to the buyer. If wrong account provided, fund should be returned and make the buyer repay to the right one.


 

2)Seller TT account check and management

  • Seller should log in My Alibaba platform—Trade Assurance service management center—Fund management—T/T account detail page to check.

3)Buyer chooses T/T as payment method:

  • Buyer clicks on Pay Now  to pay after receiving the TA notification email, chooses T/T as payment method to check the paying account information, and goes to bank to transfer.

4)Seller forex check andTA billing: 

  • Seller goes to My Alibaba backstage—Trade Assurance fund management—TA billing,checks forex and chooses the forex matched to bill to the order ;

Note:The fund collected through TT account needs to be manually billed by seller (for both Onetouch and non-Onetouch orders)


 

5)The seller checks the fund status after TA billing: 

  • Click on the detail page to check forex details and bill order ;
  • Click on the order NO. to go to the order detail page to check credit and the fund in frozen status;

6)The seller  forex withdrawalprocedures:

  • Onetouch TA order fund should be processed at the Onetouch backstage—fund management—fund transfer/withdrawal page ;
  • Non-Onetouch  TA order fund should beprocessed at My Alibaba backstage—Trade Assurance fund management center/withdrawal page ;

 

三)FAQ

1) T/T account and the categories of buyers matched:

103 account,  designed for new global buyers and sellers when placing order (outsideAmerica)

1566 account, designed for  American buyers and new China Mainland sellers when placing orders (scheduled to launch in mid and late January, 2018)

1029 accountdesigned for old global buyers and sellers (only for Onetouch TA orders for now, and scheduled to support all orders for old customers in late January, 2018)      

 

2) Where to check the TA fund after the buyer transfers via TT account?

If the buyer transfers through 103 or 1566 account , please log in My Alibaba backstage to check

If the fund is collected via 1029 account, please go to Onetouch backstage—fund management page to check. It's expected after account upgrade in late January, 2018, the custometr could log in My Alibaba backstage to check. Only after TA billing between orders and forex will the fund matched appear in Onetouch backstage.

 

3)How to wiithdraw theTA forex?

  •  After the forex arrives, the customer should bill order manually at  My Alibaba backstage and then the fund will go to Fund Management Center. For Onetouch TA orders, please check at Onetouch self-help platform—fund management—forex collection list. While for non-Onetouch TA orders, pleacse chech forex at My Alibaba backstage.

4)Note:

1. 1566 account only supports USD payment, other currencies will be rejected by Citibank;
2. the beneficiary bank should be CITIUS. It's found some beneficiary bank is CITIHK, which is invalid;
3. it starts with 1566 and has 17 figures in length, and if paid via the account of inaccurate length, will be rejected too. 

 

 

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