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Buying bulk scrap from overseas

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    jimc123's Avatar
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    There are a few things that you can do to protect yourself when doing international deals. There are a few countries that don't have an international bank and you won't be able to do the following type of transaction. First please check the import / export law regarding the material you are interested in buying because depending on what it is it could end up a customs nightmare. The transaction is called an "International Letter of Credit" and are issued by international banks. Nobody gets a thing until delivery is verified at a port you trust i.e. the U.S.A. You can stipulate anything you want (within reason) in the international letter of credit and scamsters won't participate in an international letter of credit because delivery of the goods and inspection are required to complete the transaction and release the funds to the seller. No verification, no money! You should do your research before attempting this transaction but the protection is way worth it because there are boatloads of international scammers out there. Be careful and good luck.


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