What's hot
Simplicity
A convenient way for the importer to know that goods have been shipped before payment will be made
Convenience
The exporter is relieved of the administrative burden of collecting the proceeds, handling correspondence and any follow-up action that needs to take place. The importer is given the opportunity to prove to the exporter that payment will be made on all shipments
Security
The goods are controlled until the importer commits to pay for the shipment. The issuing bank will be responsible to ensure that the terms and conditions of the letter of credit are adhered to
Guarantee payment
The exporter is guaranteed payments as long as the terms and conditions of the letter of credit are complied with
Versatility
Caters for diverse commercial and financial transactions. Exporters may also avail of discounting facilities if required. Imports may look at the possibility of refinancing the letter of credit. Traders can use a transferable letter of credit to transfer all or a portion of it to their suppliers
How it works
Do it online
Online
Login and select 'Forex', select 'Trade' then select relevant option from menu on the left
