Surprise Deal!!

This morning, I did a telegraphic transfer for payment to one of the suppliers. They are based in Malaysia. Their credit terms to us is only 1 week and by the time I receive the invoice from them, it's already past the due date. Hence, I requested for extension of the credit terms to 14 days. However, they requested for our lasted audited accounts for them to review the billing cycle.

Very funny lor... how do they tell the billing cycle from our accounts? I really don't understand. Our Banker's Guarantee amount is sufficient enough to cover for the invoice amount if we were to default on payment. Boss wrote an email to our account manager instead to get her to assist. She replied saying that there's some miscommunication as the request for our accounts is for them to review the billing cycle process. However, I still don't see why they need our accounts to review the billing cycle.

Anyway, we received the bills from them yesterday, which was already the due date. Boss had them checked and I made payment today using SCB account. We also had some problems using that SCB International Trade US$ Account.

Under the promotion period, we were entitled 3 months of T/T charges waived off from the time the account was set up. However, the setting up process was a real chore. In order to use the internet banking for T/T, we had to set up the online treasury so that I can contract the foreign exchange rates online. We had our account opened in April and had the necessary documents submitted in May before I went on leave. However, when I came back from leave in June, the Online Treasury Module wasn't set up yet. I called and checked with the Account Manager, he said that somehow setup was put on hold as they had some documents not received. I told him we already submitted what was required. The Account Manager assured me that he'll see to all the things done and would give me extension for the T/T charges to be waived off. Finally, the Online Treasury module was up in mid July.

Today, I called up the Account Manager again, asking him how long was the extension he was going to grant us, so that I'd know when I'd be paying for the cable charges. When he said that he'll extend till October, I had a shock! Could he have made a mistake? I thought to myself. Nevertheless, I thanked him and hanged up the call. =p

Awhile later, the Account Manager called again. He told me that each time the bank charges us for the cable charges, I can call him and get him to waive off the charges and this will be extended till October. I told him I was going to do a T/T transaction and asked him to waive off for me. Since he called me back, he should know which company I was calling from and what was the issue for the extension of the waiver for T/T charges, right?

I was very glad and happy with myself for being granted another 3 months of free T/T charges and told Boss about it. He was happy too... hehe... At least, I'd be able to save at least thousands of dollars for the company on T/T charges though. Hope I can score points for my bonus next year! ;)