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Import letters of credit

Do you import goods and services? Or plan to import?
Do you want more protection when making international payments?
Do you want to receive funding in the absence / shortage of your own funds for payments?
Use import letters of credit in your business.
Protection of the importer’s rights
The issuing bank guarantee
Business expanding
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Protection of the importer’s rights
Possibility for the importer to stipulate under the terms and conditions of the letter of credit the documents necessary for it to receive and clear the goods
The issuing bank guarantee
Control over the respective drafting and timely submission by the exporter of documents stipulated by the terms and conditions of the letter of credit
Business expanding
Increasing the number of new trading partners

Advantages

  • Possibility for the importer to stipulate under the terms and conditions of the letter of credit the documents necessary for it to receive and clear the goods
  • Control over the respective drafting and timely submission by the exporter of documents stipulated by the terms and conditions of the letter of credit
  • Possibility to control the timing and compliance with the schedule of delivery of the goods
  • Payment only upon the exporter fulfillment of all obligations for the delivery of products and submission of documents under the letter of credit
  • Increasing the number of new trading partners

Terms and Conditions

A foreign economic contract should stipulate settlements using documentary letter of credit. Documentary Letter of Credit is a world-recognized and most protected form of international settlements. If you import goods or services, the use of documentary letter of credit will allow you to protect against the risk of payment in case of failure to deliver of products or to fulfill other terms and conditions provided for under the letter of credit, due to the fact that the letter of credit is an obligation of the issuing bank to make a payment only subject to compliance with all terms and conditions of the letter of credit.

Ukreximbank renders services on opening and servicing import letters of credit of all types and structures and different complexity of the terms and conditions thereof:

  • Covered by the importer cash
  • Uncovered by the importer cash

 

Ukreximbank also offers additional services:

  • advising letter of credit issued by other Ukrainian banks
  • granting reimbursement obligations
  • use of import letters of credit as a financing instrument (out of the bank own funds or for the account of a foreign bank - post-import financing)

Import letter of credit is the most preferable option for entering new markets, cooperation with new suppliers.

Due to the wide range of options available Ukreximbank may issue import letters of credit secured by customer cash (covered import letters of credit), or import letters of credit involving financing from the bank (uncovered import letters of credit) or foreign bank (post-import financing).