Introduction FAQ
WIFFA member
Non- WIFFA member
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FCU is a collective security model among WIFFA members to prevent the risk of documents and freight payment. Each FCU member deposit RMB30,000yuan to WIFFA Service Center (as per China official exchange rate to other currency) as Union Protection Fund (UPF). Through cooperation among FCU members, bill of lading is released within 5 days of BL date, and the freight is paid on mutual fixed time. If there is debt default, all FCU members will share equally in the loss claimed and deducted from each account, but l less than RMB5,000yuan each time and each member.
Each member of FCU enjoy monthly guaranteed amount is RMB500,000yuan (equal in USD) at the highest, and the maximum amount of guarantee for each single business is RMB300,000yuan(equal in USD). Foreign currency exchange rate according to China official rate at the date Credit Application Policy submitted and confirmed. .
Firstly become the member of WIFFA, and then deposit specified amount into Union Protection Fund (UPF). A receipt will be offered by WIFFA Service Centre. WIFFA Service Centre will officially upgrade Freight Wholesalers system, open the UPF handling platform for members.