An instrument received through the Bank for paying an exporter the value of the merchandise sold abroad upon presenting the documents required by the importer in the country of origin of the goods being shipped.
- World-wide coverage on the part of an extensive network of correspondent banks.
- Guaranteed payments on exports for new clients
- Reduces the need for exporters to check on the buyer´s creditworthiness, since payment is guaranteed by a bank.
- Provides guaranteed payment for the exporter, providing the terms and conditions stipulated in the corresponding letter of credit are duly complied with.
Advised Letter of Credit:
The advising bank has only to verify the authenticity of the corresponding letter of credit.
Confirmed Letters of Credit:
The exporter´s own bank guarantees payment upon presenting the documents providing these comply with the terms and conditions stipulated in the letter of credit.
Transferable letter of credit:
Allows the beneficiary to make the credit available to a third party, either totally or partially, based on the same terms, conditions, obligations and benefits as laid out in the respective letter of credit, except for the value and price of the merchandise which may well be reduced. The fact that this letter of credit is to be transferred should be stated from the outset, if not it shall be considered as non-transferable.
For more information please contact us at the following email address: firstname.lastname@example.org