In this payment method where the importer's bank undertakes to make payment subject to conditions specified on the letter of credit when goods are delivered under said conditions, and this has been established by the exporter by presenting documents again specified on the letter of credit, our bank performs intermediary services for import transactions by preparing letters of credit for customers on request and transferring funds upon receipt of appropriate shipping documents, and for export transactions by providing notification and confirmation for the letter of credit, and payment to the exporter.
Our bank provides intermediary services for the following types of letters of credit:
- Document Against Payment
- Red Clause (Advance Payment)
- Guaranteed (Stand-by)