Would money gram be a safe payment method to use?

Question

I'm purchasing some wholesale items from China, and I was wondering if MoneyGram would be the best safest method. I'm not worried about how fast it goes through, I want the safest method possible. They only accept Moneygram , Western Union ( which ive swore off ) and a bank transfer t/t. Thanks everyone who can help.

Answer 1

The chances of you being ripped off by a supposed Chinese supplier is very high. That could just be some scammer pretending to be a supplier. Have you actually talked to these people on the phone? If not, I would advise you to do so. Since you're paying by Money Gram that person could just take your money and you'll probably never hear from them again. Also, how much product do you plan on purchasing? If you're not buying in really large bulk it's hard to believe you can actually get true wholesale prices. You may even find that the products you're buying are available at a lower wholesale price in your own country.

Answer 2

Moneygram is the same a Western Union.  It's the same as sending cash.  You have no way to prove they ever got the money.  Do you want to send cash to China?  I'd certainly wonder if I'd ever see the merchandise if I did that.  Bank transer t/t is also a way to wire money and is risky.  See the link below.  As it's acknowledged, T/T payment in advance presents risk to the importer if the supplier is not an honest one.  Go through your bank.  Ask them about bank transfer t/t or what method they'd recommend.  They can make sure the money gets to where it's supposed to go.  That's the safest way.  Personally, I wouldn't use any of these method of payment.  It's too easy to be scammed.  You can use a letter of credit or other methods that are safer.

Answer 3

i dont think moneygram is a preferable way to use for business payment transactions.  if both parties have a Bank Account, TT payment is preferrable.

But if you really want to be assured that the supplier will deliver your goods as they collect your payment, Opening a Letter of Credit (LC) is the best and guarranteed payment terms.  in this way, before your supplier gets the money, they have to perform first their obligation.