Operations with documents not goods
Payment obligation of the bank
Import (NOSTRO) letters of credit
If you import goods, a letter of credit offers you a suitable negotiating position towards the exporter. By opening a letter of credit, you insure yourself by specifying the documents on the basis of which you will take over and pay for goods as agreed with the exporter upon the conclusion of a transaction.
- Letter of credit with deposit cover
On the day of opening a letter of credit abroad, the importer authorizes the bank to debit their transaction account or transfer funds onto a special account where they wait until the date of payment abroad under the letter of credit.
- Import letter of credit with deferred payment
On the basis of an approved overdraft and established insurance, SKB concludes with the buyer (importer) a contract on the issuing of letter of credit with deferred payment and issues the letter of credit.
Export (LORO) letters of credit
It is important for an exporter that payment is guaranteed on dispatch. When all the terms defined in the export letter of credit are complied with, you receive a payment, which is guaranteed by the bank that has issued the documentary credit.
SKB Bank experts help exporters:
- Draw on the letter of credit by submitting documents belonging to the letter of credit;
- Specify the payment terms;
- Check the arrival of the letter of credit.
Making a payment under the letter of credit
In accordance with the letter of credit, you can pay as soon as you submit and verify the equivalence of documents (letter of credit on demand) or on deferred terms (60, 90 or 120 days from the date specified in the letter of credit). In the case of a letter of credit, the bank assumes the obligation to pay abroad instead of the importer.
In dealing with letters of credit, Uniform Customs and Practice for Documentary Credits 2007 Revision UCP 600 applies.
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- Overview of balance and spending.
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