Letters Of Credit

What is a Letter of Credit?

Understanding a Letter of Credit

A Letter of Credit is a commitment from a buyer’s bank to pay the seller for goods or services, provided specific terms and conditions are met. Many UK exporters who handle their own Letter of Credit documentation face challenges in receiving payments due to non-compliance with the Letter of Credit requirements.

How We Assist with a Letter of Credit

Sussex Chamber excels in preparing export documentation and can simplify the process of managing a Letter of Credit for your business. Our experienced team leverages strong relationships with major global banks to ensure compliant submissions. We offer a comprehensive, fully managed service aimed at securing payment for your exports.

Our managed Letter of Credit services Include:

• Guidance on Letter of Credit terms
• Submission of all documents to the bank
• Preparation of shipping documents
• Compliance checks for third-party documents
• Coordination with freight forwarders, shipping companies, inspection agents, etc.
• Advice on Incoterms® 2020
• Arrangement of cargo insurance

Service Costs

Fees are based on the value (£ equivalent) of the export covered by your Letter of Credit. For detailed pricing and service information, please contact us and we can refer you to our Letter of Credit team 

Alternative Payment Methods

If a Letter of Credit does not suit your needs, other payment options such as Export Collection and Open Account are available.

Want to speak to someone? Call us on 01444 259259 Opt 2, or send the team your questions/ enquiry below and we will get back to you.