Are you importing any items for use in the fulfilment of a contract or for onward sale? The bank offers a variety of documentary credit types which are financial instruments used in international trade to provide more secure methods of payment. A documentary credit is typically an irrevocable commitment by the bank on behalf of the importer or buyer (the applicant) to pay the exporter or seller (the beneficiary) a certain amount of money, provided that the exporter presents specified documents that conform to terms and conditions of the letter of credit.
Finance Trust Bank, with its formidable team of experts in International Trade, will structure a letter of credit matching your cashflow cycle, to enable you to optimize your working capital and save more in financing costs. Contact us through any of our branches, at Head office and online communication channels, for the best service in letters of credit and related facilities.
Benefits:
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Working capital Boost: Helps the buyer (Importer) access goods or services, without sending actual cash.
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Risk Mitigation: payment is done after the buyer has control over the goods, eliminating possibility of fraud especially when dealing with unfamiliar suppliers.
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Trust: Using letters of credit enhances the credibility of both the exporter and importer, as it is an indicator that banks have scrutinized the parties.
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Timely and uninterrupted Supplies: Orders can be made prior even if the buyer has no cash, ensuring continuous supply.
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Pay later options: Letters of credit (Usance) have options to allow the buyer to pay the supplier after sales are made and collections done.
Requirements:
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An operational bank account with Finance Trust Bank
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Copy of proforma Invoice, Sales agreement or contract specifying payment terms
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Completed application form
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Requirements for access to a bank loan