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L/C Opening & Amendment

L/C Opening & Amendment

 


Letter of Credit (L/C) opening is another payment way for international financial trade.

After customers (importers/buyers) agree to pay for products with L/C payment, opening L/C with importers as beneficiary is required. The bank will be responsible for product payment if the importers accurately follow the L/C conditions.

Service Features
We offer a service providing Letter of Credit or L/C opening for customers who own import business. Customers have to open L/C and state the importer or exporter as a beneficiary. The bank will be responsible for goods payment under the conditions of L/C.

This service allows buyers to receive goods under conditions agreed with the sellers, while the sellers receive goods payment after following every L/C process. The bank can only check the accuracy of documents, not the quality of such products.

Our service is available for Irrevocable Credit only. In case of cancellation or amendment, relevant sellers’ approval is required.

After opening L/C, if customers need to make information amendment, a request of such amendment should be required.

Type of Service
  • Sight L/C: L/C with specific payment conditions. Customers need to complete a payment after receiving a document of T/R approval
  • Usance L/C: L/C with a payment period with requirement of T/R approval and need to do a complete payment within a due date

Service Terms/Conditions
  • Having L/C or L/C + T/R
  • In case of not having credit, L/C opening will be approved only
  • Submit L/C opening application at the bank’s branch, Foreign Trade Center, or Foreign Trade Department

Required Documents
  • L/C Opening
    • Application for Irrevocable Documentary Credit
    • Trading documents such as Performa Invoice, Contract or Purchase Order
  • L/C Amendment
    • Application for Amendment to Letter of Credit
    • Contact documents for L/C amendment such as fax, email
 
Benefits
  • Buyers: Receive products as agreed with sellers
  • Sellers: Receive payment in case of L/C conditions is complete

 
 
 

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

For more information, please contact