HOW TO IMPORT FROM JAPAN WITH JUMVEA SAFE TRADE
Scroll down this page and click on the links to learn more about using the JUMVEA Safe Trade service to import from Japan.
WHAT IS ESCROW?
Escrow is a process that protects both buyers and sellers in a transaction. It's like putting the payment into a safe until the product has been delived.
It guarantees that the seller gets paid and that the buyer receives the goods and services that they bought.
It does this by having an independent third party receive payment and holding it in trust until the goods or services have been delivered.
WHAT IS JUMVEA?
JUMVEA is short for the Japan Used Motor Vehicle Exporters Association.
It was founded in 1997 from the previous Japan Used Motor Vehicle Exporters Alliance with the approval of the Japanese Ministry of International Trade and Industry.
JUMVEA is the peak body for vehicle exporters in Japan.
JUMVEA is the peak body for vehicle exporters in Japan.
WHAT IS SAFE TRADE?
Safe Trade is an escrow system operated by the Japan Used Motor Vehicle Exporters Association.
It can only be used in conjunction with a JUMVEA member who has been approved for Safe Trade.
Safe Trade is designed to protect both importers and exporters from fraudulent practices.
Using Safe Trade the exporter is guaranteed payment and the importer is guaranteed shipment of the vehicle that they bought in Japan.
Using Safe Trade the exporter is guaranteed payment and the importer is guaranteed shipment of the vehicle that they bought in Japan.
HOW DOES SAFE TRADE WORK?
These are the 3 Steps to using JUMVEA Safe Trade:
1. Importer Sends Funds. The importer sends funds to pay for the vehicle being imported directly to JUMVEA instead of the exporter.
2. Exporter Ships Vehicle & Sends Documents. Once the vehicle has been shipped the exporter provides the importer with the original documents which lets the importer take delivery of the vehicle.
3. Exporter is Paid. Once the importer receives the original documents for the shipment, JUMVEA releases the funds that it’s holding and pays the exporter.
HOW MUCH DOES SAFE TRADE COST?
JUMVEA charges Y20,000 per escrow event. This can cover multiple vehicles shipped at the same time.
If payment is staged then there may be more than one escrow event requiring more than one payment of fees to JUMVEA.
WHAT ARE THE ADVANTAGES OF SAFE TRADE?
- Guaranteed Shipment. If the vehicle you bought is not shipped or the documents are not delivered to you then you pay nothing.
- Independent Overview. The process has independent overview should any problems arise.
WHAT ARE THE DISADVANTAGES OF SAFE TRADE?
- Extra Cost. JUMVEA charges for this service. Not using escrow is cheaper.
- More Administration. There is extra work for the exporter in using escrow compared to being paid directly.
- Delays. Processing shipments through escrow might take longer than shipments done without escrow. While this may not be a problem in destinations with a long voyage time there could be shipments with very short travel times - such as the Pacific Islands, North America or Asia - where every day is critical to ensure that the original documents arrive before your shipment.
While our company is operational 7 days there can be delays over weekends and holiday periods when the JUMVEA office is closed and unable to process the escrow. If there are delays in receiving the original documents you may be forced to pay storage fees at the destination port.
WHO IS SAFE TRADE MOST SUITABLE FOR?
JUMVEA Safe Trade is most suitable for private importers who haven’t yet established a relationship of trust with a Japanese exporter and are willing to pay more for the peace of mind that an escrow service brings.
SUMMARY
There's no substitute for ethical exporters and ethical importers.
However, JUMVEA Safe Trade is ideal in cases when importers are unsure about the exporter they are dealing with and willing to pay extra in order to make sure that they receive the vehicle that they bought in Japan.
However, JUMVEA Safe Trade is ideal in cases when importers are unsure about the exporter they are dealing with and willing to pay extra in order to make sure that they receive the vehicle that they bought in Japan.