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International_Settlement

Import letter of credit


Introduction:
Customers shall apply to open an import letter of credit with our bank after having signed the contract under L/C. Our bank shall open an L/C to a local bank of the seller’s country which would advise the seller. The seller shall post documents specified in per L/C to our bank, the examination of per documents shall be advised to the customer in line with the rules of “document to document consistency, document to L/C consistency” by our bank.
Feature:
i.A letter of credit shall be opened in compliance with international standard in the form, procedure and specifications;
ii.Banks shall be based on processing documents;
iii.Quick settlement, basically L/C is opened through SWIFT which saves much time for both two parties;
iv.Experienced and professional business personnel, advanced and quick SWIFT system ensure the safety and efficiency of fund;
v.Moderate charge, flexible.
Service object:
Corporate customers that have the operating right on import and export.
Business process:
i.Customer shall present《Irrevocable documentary credit application》and related trade contract;
ii.Our bank opens L/C according to that specified on《Irrevocable documentary credit application》;
iii.L/C amendment(if needed);
iv.Our bank receives and examine the documents under L/C;
v.Redemption of documents shall be made after payment or acceptance.