UMM Prepares Its Students to Involve in the World of Export Import

Export and import activities are one of the economic processes undertaken by a country. Both processes involve cooperation with overseas to sell and buy.

 

Knowing about import export is very useful in the world of work for D-III Program of Finance and Banking students, Faculty of Economics and Business  (FEB) University of Muhammmadiyah Malang (UMM). This was revealed by the Dean of FEB. Idah Zuhroh, MM, when opening the Import Export workshop event, Friday (25/5).

 

"The laboratory organizes this guest lecture by involving import export practitioners directly. Hopefully, the lecturers and students will get information how the practice of import and export transactions payments abroad when we export imports," added Idah in Hall GKB III UMM.

 

The workshop was divided into two sessions. The first session was the introduction of import export by import export practitioner Ahmad Musyafak, S.Pd., MM and the second session was about foreign payments to be hosted by BCA KCP Sukun Malang leader, Indra Agus Wantoko.

 

In the presence of 117 students, Ahmad Musyafik explained the ways of international payment commonly used in the import export process. There are 7 ways of payment namely, cash, telegraphic transfer, international clearing, bill of exchange, Letter of credit, private compensation, and open account.

 

Ahmad further explained,  in addition to the payment system, the currency used is also diverse such as rupiah or foreign currency.

 

"Can be done by using foreign currency called foreign exchange or domestic currency. It depends on the agreement of both parties," explained Ahmad.

 

In addition to cash, there is also Telegraphist Transfer (TT) or cable order. This is a method of payment by a bank on the orders of a customer by sending telegram, telex or telephone to a bank abroad, in order to pay the money to the entitled to receive it.

 

Meanwhile, Letter of Credit (LC) is a written statement made by bank upon request of customer (importer) to provide some money as payment to exporter. In this system is required one institution in charge of arranging a transaction procedure called clearing house. While private compensation is a way of payment by importers and exporters by exchange debts receivable.

 

"The last is open account, a way of payment by first sending the goods to the importer without a payment order and shipping documents," he concluded.