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Export Letters of Credit are conditional payment undertakings issued by your buyer’s bank on their behalf. They give you certainty that you will receive payment for the goods you’re exporting providing you meet the terms of the Letter of Credit. If you ask us to confirm the Letter of Credit, you will have protection against payment default by the buyer’s bank.
In addition to being a secure and fast way to receive payment, Export Letters of Credit enable you to more effectively manage your cashflow by securing a known payment date, currency and amount.
Import Letters of Credit are conditional payment undertakings issued by us to your supplier on your behalf. They secure payment for your supplier providing they meet the terms of the Letter of Credit, for example presentation of documents such as a Bill of Exchange, Invoice, Bill of Lading or an Airway Bill. This gives you more control, which can be a particular advantage when buying from new suppliers.
Import Letters of Credit can also enhance your trading status by supporting your credit status. They can be valuable for negotiating terms such as a longer credit period or lower prices.
The products referred to in this webpage are subject to separate terms and conditions.
Find out more about our Letters of Credit by talking to your Relationship Director.
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