Letters of Credit
Letters of credit are a secure method of payment, used in both international and local trade, enabling buyers to secure a period of credit before settling through undertaking to make payment at a later date upon verification of specified documents.
Features
- This is a written undertaking by Family Bank at the request of its customer, typically the applicant
Benefits
- Provides secure method of payment in international trade and the buyer is able to get a period of credit before having to pay for imports
Requirements
- An import letter of credit facility or cash margin
- Duly filled and signed Family Bank application form
- Pro-forma invoice
- Copy of an import declaration form (IDF)
- Insurance, if cover is being provided by the buyer
See also:
Import Duty Financing
Get credit to settle port charges
Pre-Shipment Finance
Get working capital prior to delivery
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