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Letters Of Credit

What is a Letter of Credit?

 

A Documentary Letter of Credit (L/C) is a method of payment used to facilitate international trade and is considered to be the most secure method of receiving payment for exports other than advance payments

A L/C is a written undertaking given by a bank on behalf of an importer (buyer) to pay an exporter (seller) a given sum of money within a specified time period, providing the exporter presents documents to the bank which comply with the terms and conditions stipulated in the L/C

L/C’s are used and accepted globally, and are governed by a set of rules regulated by the International Chamber of Commerce entitled “ICC Uniform Customs and Practice for Documentary Credits, UCP 600

 

Why use an L/C?

 

Using an L/C will help you to save time, reduce risk and errors, and get your money in the bank faster by using our fully managed low-cost service. This service is designed to provide immediate help for exporters creating less risk, faster deliveries, quicker payment, reduced costs and satisfied customers.