Import Letter of Credit

Letters of Credit (L/C) play a key role in international trade, protecting importers and exporters to avoid international trade risks, allowing you to trade safely in unfamiliar markets.

Key benefits for the importer:


  • LOWER THE RISK: Easier to do business with new trade partner, and payment is only made if the exporter fulfills the terms of the L/C;
  • SECURE: Documents are examined in compliance with International Chamber of Commerce rules (UCP600) and the L/C terms;
  • FUNDING SOLUTIONS: With L/C post-financing, Importer can purchase goods abroad without paying immediately, and allowing the importer to repay during flexible terms of financing.

 

Unconfirmed import L/C scheme:


 

 

L/C payments are available:


  • By payment (at sight payment);
  • By deferred payment;
  • By negotiation;
  • By acceptance;
  • By mixed payment.

L/C payment sources:


  • Covered Letter of Credit – L/C is paid using customer’s cash margin, placed with the bank before issuance of L/C;
  • Uncovered Letter of Credit – L/C is paid under bank credit approval.

Charges and fees:


Import L/C charges and fees
Issuance

0.2% /USD 150 - USD 350/

Transfer of payment (starting from 2nd payment)

USD 50

Additional service charges (requested by customer)
Increase of L/C amount

0.15% /USD 50 - USD 150/

Amendment in L/C terms and conditions

USD 50

Cancellation

USD 60

Per each discrepant document package

USD 50

SWIFT Inquiry

USD 25

In issuance of uncovered L/C, the risk management fee and L/C interest will be added.

Remark: Other charges and commissions required by international banks will be collected from Applicant as per L/C terms and conditions.

Documents required:


  1. A bank application form PDF download;
  2. Trade contract (commercial invoice);
  3. In terms of uncovered L/C, the loan origination documents will be required.

Contact:


Golomt Bank, Head Office

Financial Institutions Department

Tel: 7011 1646 /Ext: 1553/

E-mail: ibd@golomtbank.com