Import Letter of Credit

Advantages

Security that UCB will pay the seller only if the documents comply with LC requirements
Certainty that the goods will be shipped on time and in accordance with the agreed conditions
Expert advice at all stages of the transaction from a dedicated team of professionals

Whom is it Suitable for?

Customers importing or buying various kind of products
Buyers that need a documentary evidence of the shipment of goods, according to negotiated quality and quantity specifications

How to Apply for the Service?

Please contact our Trade Finance Advisory team to discuss the deal and get the following documents:

Framework Agreement for issuance of Documentary letters of credit
Application for issuance of a letter of credit (on paper or by electronic channel)

Frequently Asked Questions

How import L/Cs limit the risks when buying goods?

Payments under L/Cs are conditioned by documents evidencing the proper performance of the seller as per the terms and conditions stipulated in the Letter of Credit.

What happens if the bank establishes that the documents presented by the beneficiary under the L/C are not compliant?

Documents will be presented only after obtaining consent of the acceptance by the Applicant.

Is it possible to amend or revoke the L/C without obtaining the consent of all parties?

No.

What is the procedure for issuing import L/Cs?

Please contact our Trade Finance Advisory Unit.

Is it possible that import letters of credit are chosen as a method of payment for domestic purchases?

Yes.

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Bulbank Online Trade Finance Module

Trade Finance module as a part of Bulbank Online is a new functionality for accepting corporate clients’ orders and processing trade finance deals.

The new platform has been developed to ease and speed up the communication, processing and access to real-time information regarding bank guarantees, Letters of credit and Documentary collections by using the advantages of the online tool.

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