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L/C Confirmation

L/C Confirmation

 


It is a continuous service from L/C opening/ Amendment with the Add Confirmation of the L/C Advising Bank including the L/C confirmation from customers or beneficiary by L/C.

Service Features
In case of customers (sellers/ beneficiary by L/C) are not sure about receiving product payment form the issuing bank and the issuing country, the L/C confirmation will be done as agreed by both parties. Most of the L/C confirmation banks, called Confirming Bank, are the Advising Bank also.

Normally, L/C confirmation will be stated in the L/C opening with the discretion of the bank only whether or not to confirm such L/C because we consider the L/C confirmation as the guarantee of L/C.

The confirming bank will be bound with the exporter (Beneficiary by L/C) in buying all exported document if the exporters follow all L/C terms and conditions, and if such transaction is completed without receiving payment from the issuing bank, the charge of such payment cannot be done.

Service Objectives
To create strong confidence for customers (exporters) who are not sure about receiving product payment from the issuing bank, confirming bank or the importers

Applicants’ Qualifications
  • Being a person who is agreed by international exporter to pay for products with L/C
  • Being or Being not the bank’s customer

Service Terms / Conditions
  • Submit Add Confirm (Application for Confirmation / Unconfirmation of L/C) with the L/C original and L/C Amendment (if any) and Advising Advice or SWIFT/Telex (for foreign bank) with the L/C confirmation
  • Confirmation of L/C should be stated as “Confirm” or “May Add”
  • The issuing bank should be restricted by the bank’s risk with a credit line
  • The bank as the Advising Bank will not be bound to L/C confirmation in any case. We will not confirm the L/C from the issuing bank whose reputation and financial status is not reliable or such bank is located in the high risk area of economy and financial crisis which may cause default of payment
  • We will make L/C confirmation within 24 hours from receiving the application form

Required Documents
  • Application for Confirmation/Unconfirmation of L/C
  • Original L/C with L/C Advising Advice

Benefits
Customers / exporters (beneficiary by L/C) will be confident to receive the L/C payment if they follow service terms and conditions and with the bank as their bondsman

For any inquiries, please contact Call Center Trade Finance Service Tel. 0-2208-3777
 
For more information, please contact