T/T: You will often see “30% T/T deposit, 70% T/T balance,” meaning a 30% down payment is required by wire before production, with the remainder due before shipping.
How it Works: Funds are moved electronically, typically via the SWIFT network, and take 1 to 5 business days to clear.
Required Info: To send a T/T, you need the recipient’s name, bank name, account number (or IBAN), and SWIFT/BIC code.
Fees: Banks typically charge between $10 and $50 per transaction, plus a currency exchange markup.

L/C: A Letter of Credit is a financial instrument, typically issued by a bank on behalf of a buyer (applicant), that guarantees payment to the seller (beneficiary), provided that the seller presents specific documents as proof that the agreed-upon conditions (e.g., shipment of goods, completion of work) have been met.