Import Letters Of Credit (LC)

A Letter of Credit (LC) is an undertaking by a bank, on behalf of an importer (the applicant) to the beneficiary to make payment, provided that the exporter complies with all the terms and conditions stipulated by the credit. Letters of credit can be confirmed or unconfirmed and are irrevocable upon Issuance. Payment is made at Sight, Deferred Payment, and Mixed payment or by Acceptance.

OPNE ACCOUNT

BITCOIN
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CASH BACKED LC

Cash Backed LC involves the applicant providing funds for the opening of the LC.

UNCONFIRMED SIGHT AND DEFERRED LC

CONFIRMATION LINE AND USANCE LC

Import Bills For Collection

A documentary Bill for Collection is an order by the seller to his bank to collect a certain sum from the buyer against the transfer of the shipping documents. Payment can be made by cash or by acceptance of a Bill of Exchange.

This means the handling by banks of documents in accordance with instructions received in order to obtain payment and/or acceptance, or deliver documents against payment and/or against acceptance, or deliver documents on other terms and conditions.

OPNE ACCOUNT

Private Account
Savings Account	Current Account	Business Account	ALREADY HAVE ACCOUNT LOGIN

PAYMENTS

Against Acceptance of Bill of Exchange or Promissory Note or Letter of Undertaking to make Payment

Against acceptance of Bill of Exchange or Promissory note or Letter of Undertaking to make payment involves the release of the shipping document to the buyer based on the release condition stated on the Collection Order.

Release Free Of Payment

Release Free Of Payment implies that the shipping document be delivered to the buyer without extracting any commitment to make payment.

Documents Against Payment

Documents Against Payment implies that the buyer makes payment before documents are released for clearing the imports. Though internationally recognized, this does not apply in this country as the Central Bank guidelines state that the imported items must be cleared from the port before payment can be made to the supplier.

REQUIREMENTS FOR BILLS OF COLLECTION REMITTANCE

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Export Transactions

Export transactions refer to the sales of goods by our customers to buyers outside the shores of the country. Exports of goods may be Commercial whereby payments are received in foreign currency as proceeds of sale, or Non-commercial whereby no payment is expected or received.

The internationally accepted means of payment for commercial exports are Letters of Credit, Bill for Collection and Payment In Advance. Commercial export amount can be FOB (Free on Board) whereby total value of goods does not include freight, or C&F (Cost and Freight) where total value of goods include freight. The exporter will process the Form NXP, forward shipping documents and inflow the Export Proceeds through the bank.

Invisible Remittances

Invisible Remittances relate to payment for services (intangible transactions) such as School fees, Technical fees, Dividends, Airline Tickets, Loans repayment, Judgment debt, Personal Home Remittance, etc.

Payment is by either SWIFT or by Foreign Drafts. However, for Travel allowances, payment is by Traveler’s cheque or Cash. Each payment type has its specific document requirement as stipulated in the Central Bank FX Manual.

Import Letters Of Credit (LC)

BITCOIN

Import Bills For Collection

Export Transactions

Invisible Remittances

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