Description: The provision of L/C services facilitates and builds confidence between importers and suppliers whereby the bank, seen as being a reliable entity, takes on the responsibility of paying the overseas supplier for the imported goods in place of the importer. Therefore, those who wish to import goods from abroad have to get an L/C from the bank so that the overseas supplier can be sure of receiving payment for the goods from the bank and the importer can also be sure that the bank will pay the supplier for the imported goods provided the importer fulfills the conditions set out in the L/C.

Description: With over 20 years’ experience providing this service, BCEL is a bank accepted by financial institutions worldwide as an intermediary for transactions. You can be absolutely certain that the payment for your goods will be sent to your trading partners smoothly and fast. You can apply for an L/C from the BCEL headquarters and at all branches nationwide.

Benefits:

  • Overseas suppliers can have confidence in importers and feel sure that they will be paid for their goods in full and on time.
  • Importers can feel confident and not have to worry that their suppliers will be paid in accordance with the conditions set out in the L/C.
  • This also saves time, money, and the risks that are taken when you pay for imported goods yourself.
  • Importers can also request the bank for a credit limit when they do not have sufficient cash flow to pay for their imported goods.
  • Applying for an L/C from the bank is fast and easy and the bank will check for you that your supporting documents are correct.

Terms of Service:

  • Importers must present a legally valid import license.
  • Importers who lack the funds to pay for goods can apply for credit from the bank in order to obtain an L/C for goods import.
  • Providing the supporting documents to the bank and filling in the L/C request form.

Supporting Documents: Supporters must present a purchase agreement or invoice together with any forms specified by the bank.

Further Queries: Should you have any further queries, contact our Letter of Credit Section on tel: 021-213200 ext. 211, 213, and 204.

Description: You can collect goods from a port immediately without having to wait for the original documents from the supplier to arrive by using a shipping guarantee from BCEL, which is trusted by the world’s leading shipping companies, so they will allow you to collect your goods easily and speedily, saving you both time and money.

Benefits:

  • Importers can receive goods fast, thereby allowing for their prompt distribution. This avoids having to pay any extra fees such as storage fees.
  • It helps your business run smoothly as the fact that you can receive the goods immediately means that you can distribute them and receive payment for them earlier.

Terms of Service: Importers must present a legally valid import license.

Supporting Documents:

  • An approved request for a shipping guarantee.
  • An export guarantee from the delivery company.
  • A copy of the shipping license.
  • A copy of the invoice.

Description: This is a payment option for importers of overseas goods and services via the bank. Importers and suppliers, who on the basis of mutual trust, have agreed to the sale and purchase of goods with payment to take place based on the billing for the goods imported. When the supplier has sent the goods, they send documents to their bank to bill the importer via the importer’s bank.

 

Benefits:

-          Importers can inspect the imported goods before having to pay for them.

-          This process is cheaper than using an L/C.

-          Importers do not have to pay immediately and get to inspect the goods on arrival.

-          They do not have to request for a credit limit from the bank.

 

Terms of Service:

-          Importers who are existing customers with the bank will be called into the bank to pay or acknowledge the fact that payment is due when the bank is invoiced by the supplier’s bank.

-          In the case of importers who do not hold an account at the bank, the bank will send the relevant documents to the bank where they are account holders.

Further Queries: Should you have any further queries, contact our Letter of Credit Section on tel: 021-213200 ext. 211, 213, and 204.

Description: BCEL can help the finances of your business run more smoothly in the event that you are unable to settle an invoice before collecting the goods first. The bank offers credit to help importers make immediate imports by sea so that they are able to process and distribute the goods first and repay the bank afterwards within 180 days.

Benefits:

  • Importers can receive cash flow so that they can pay suppliers and can repay the bank later according to the agreed terms and conditions.
  • This enables them to receive, process, and distribute the goods first.

Terms of Service: Importers must present a legally valid import license.

Supporting Documents:

  • An approved request for credit to pay for goods .
  • An import bill for collection.

Description: This is an option for importers and suppliers who make numerous sales and purchases and on the basis of mutual trust, have agreed that payment is to take place in advance of or after delivery without having to use an L/C or invoice via the bank. Importers ask the bank to transfer the price of the goods to the supplier by providing their account number and bank.

Benefits:

  • This saves time and money when making small payments for goods.
  • The process is easy and does not involve excessive paperwork.
  • Transfer request documents can be presented to any branch.
  • The importer is responsible for paying for the goods themselves.

Terms of Service:

  • Importers have to present a legally valid import license.
  • If an importer does not have sufficient funds to make the payment, they can request credit from the bank to request for an L/C for the payment of goods.
  • Providing the necessary documents and filling in the bank’s L/C request form.

Further Queries: Should you have any further queries, contact our International Money Transfer on tel: 021-213200 ext. 211, 215.