One of the very first things when you look forward to importing goods to the US is to know about the freight. Custom and ISF charges that you will have to pay on the product. These are the essentials that must be known by the importers. Therefore, if you have brought any products to the US and looking to get further import them. Then the very first thing that you must inquire about is the customs clearance cost. Even when the product is known to be free of customs duty.
Here are some of the essential ISF charges that need to be paid when you bring the product to the US.
Merchandise processing fee:
This is among those fees that every importer is supposed to pay, and therefore. It is known as to be a merchandise processing fee. The calculation of the fee is dependent upon the cost of the merchandise. That is entering the jurisdiction of the country. And suppose the cost of the merchandise is estimated to be $ 100,000. The MPF that you are required to pay would be $ 346.40.
Harbor maintenance fee:
Another fee that is collected at the time of customs clearance fee is known as the harbor maintenance fee. The fee deduction is valued to be 0.125% of the estimated value of the total of 100,000.
The fee is collected to maintain and safeguard the harbor where most of the shipments are stored for a little amount of time period, and then they are shifted to warehouses or the next destination to be further resold.
This is the fee that is being paid through your broker to the country where you are importing the goods or the merchandise. The purpose of the fee is that the broker files a surety to the country that you will be paying all the custom fees that are owed by shipment owners.
This bond premium is also known as ISF charges which are a confirmation that the customs fees and security will be paid by the cargo owners. If you are trying to make the freight on a regular basis. Then we advise you to buy continuous bonds and premiums that are affordable and need to be reimbursed annually.
The cargo bond premium, or the continuous bonds that are popularly known. Need to be paid as per the cost of the shipment. Suppose you are importing the shipment, which costs you $ 50,000. Then the bond premium that you are expected to pay is $500. Whereas the huge importers are required to pay a hefty amount.
Therefore, when you are paying the bond premium fee to your brokers. Make note that it is dependent upon the cost of the shipment that you have imported to the new country.
However, it is essential to note that if you do not import the goods to the US regularly and it’s only once in a while when your shipment arrives, then you don’t need to go for the continuous custom bond. On the other hand, all you need to buy is to look for a single-entry bond.
Custom’s broker fee:
One of the very first things that you need to do is to custom’ broker fee. A broker is a person who completes all the documentation and processing of the customs clearance.
Using the information that you are providing your custom regulations and also to see the process of shipment. They also work with the surety company to obtain your bonds. It is also important to note that the custom’s broker fee depends upon the nature and complexity of the services of the broker and the shipment that has been imported.
Therefore, if the broker is charging you more than it has charged other members of the importers. Then you should remember the variation of the cost and services of the brokers.
- The custom fee that you have to pay sometime:
There are certain import duties which are applicable to specific sorts of shipments that you need to pay each time that the shipment and merchandise are shipped to the US.
One of the import duties that you are required to pay is known as harmonized tariff schedule. Suppose the shipment that you have imported to the next country is of multiple nature. That is, it contains products of nylon, woodcraft, shingles and different sorts of items in the same shipment you would be required to pay that shipment.
There are certain rules and regulations that one needs to follow when you are importing the shipment to the next country. Once you have cleared the custom duties that are due, you will be easily able to move the merchandise to the next destination. Moreover, it is essential to take care of the documentation as well.