Letters of Credit

A commitment through which the bank irrevocably undertakes to pay the exporter, upon presentation of documents complying with the terms and conditions of the letter of credit, based on the instructions received from the client.

Advantages

  • Extended use as modality of payment, guarantee and financing, both for the importer and exporter
  • Safety for importer with respect to payment performed only upon presentation of complying  documents certifying supply of goods
  • Guarantee for exporter with respect to collection of the counter-value of goods, supplied upon presentation of complying documents
  • Improvement of monetary resources flows of the company without the necessity to make preliminary payments
  • Additional protection offered by implementation of international norms

Features

  • Opening the letter of credit is made at the request of the importer to ensure latter's source (own source, bank credit)
  • Documentary letter of credit is a transaction separate of commercial agreement, which forms its basis 
  • Implementation of the letter of credit assumes a circuit of documents without taking into consideration  the goods/services to which the documents relate

Costs

For information on fees applied for operations with Letters of credit, please check Fees and charges for servicing legal entities.

For advice and support contact the Manager responsible for the relations with your company.

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