Letters of Credit
Import Letters Of Credit
Features: This is written undertaking by FAMILY BANK at the request of its customer typically the applicant, in which FAMILY BANK obligates itself to pay a supplier (beneficially) up to a stated amount within a prescribed time frame, upon presentation of documents that conform to ALL the terms and conditions requested by the applicant
Benefits: Provides secure method of payment in international trade and that the buyer is able to get a period of credit before having to pay for the imports.
Requirements for Issuing: -
- An import Letter of credit facility or cash margin.
- Duly filled and signed FAMILY BANK application form.
- Pro-forma invoice.
- Import Declaration Form (IDF) copy.
- Insurance, if cover is by the buyer.
Export Letters Of Credit
Features:
Advising of an LC issued by the importer’s bank in favour of our client (exporter) locally at the request of its customer (the buyer) in favour of the seller where the issuing bank undertakes to pay. Thus, we guarantee the exporter payments so long as shipment is made on terms and conditions of the LC
Other types of Letters of Credits available at Family Bank:
- Revolving letters of credit
- Transferable letters of credit
- Back to back letters of credit
- Red / Green Clause letters of credit
- Standby letters of credit
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