Are you an importer who is looking to import goods from overseas? But are you feeling skeptical to deal as you don’t know the supplier personally & you think that what if, if the supplier defaults in shipping the goods after receiving the payment? Your supplier will also think the same; what if, if you default in making the payment after the shipment of goods. So, to ensure smooth transaction between buyers and sellers, Letter of Credit has been introduced.
What is Letter of Credit?
Letter of Credit is defined as the written undertaking issued by a bank on behalf of buyers to ensure the supplier that the buyer’s bank will release the payment, at once the goods reached the destination port as agreed in the issued LC. Letters of Credit is also called as –Documentary Letter of Credit, LC MT700 & so on. There are different types of Letter of Credit which includes – Usance LC, LC at Sight, Back to Back LC, & Deferred LC. As per today’s trade market, LC at Sight has been mainly used in international trade transactions. How to Open Letter of Credit? If you have decided to use Letter of Credit for your import deals, then you can contact us with your request. To open LC MT700 on behalf of your company, you will require the following Documents:
If you are ready with all these documents, you can visit our website "Letter of Credit" page & submit your LC request to us. You can also forward your LC requirements to us via email: [email protected]
Once we receive the LC request, our team will study your LC transaction carefully to determine whether you are eligible to proceed with the LC issuance or not. If you’re eligible, then your LC request will be approved. Once your request is approved, you need to sign the agreement with us & to pay the admin charges. After the receipt of charges & signed service agreement, we will start structuring your LC transaction with our bank & will send the LC draft for your review along with the banking details. Once you approve the LC draft with the issuing bank details, we will move forward with the step of LC issuance. For this, you need to pay the LC issuance fee charges. Once we receive the LC issuance charges, we will instruct our bank to issue the LC from our bank account on behalf of your company & in favor of your supplier via SWIFT MT700. So, to get the LC issued from good repute European Banks, you need to pay only the admin charges & the LC issuance charges. Unlike banks, there is no need to provide 100% cash margin or collateral to open LC. Submit your LC requirements to us now & get the LC issued in 2 working days!
For more queries, please feel free to contact us by Filling out the Form or Call/WhatsApp: 050-4648761 or Email: [email protected]
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