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Assignment of Proceeds Under L/C

Assignment of Proceeds Under L/C

 


It is the continuous management of L/C opening/ amendment which is not transferrable L/C. This service allows customers or exporters / beneficiary as stipulated on the L/C to transfer the right of payment by L/C to transferee or manufacturer.

Service Features
The right to transfer payment by L/C is the transfer of payment as indicated on L/C, not the L/C itself (since L/C is not transferable), which is another way for manufacturers or distributors to pay for their products. This way, exporters need not to open Back to Back L/C or D.L/C for the manufacturers.

The transferors (customers / beneficiary by L/C) who transfer the right to payment by L/C have to notify the bank the transferred amount. After such payment according to the L/C document is complete, we will pay the amount stated in the L/C to the transferees.

Type of Service
A service provides customers the fast and convenient for making a payment by Transferable L/C without Back to Back L/C or D.L/C when ordering products from manufacturer.

The right to transfer L/C payment can be transfer partially or as a whole

Service Objectives
To provide convenience for customers (exporters / beneficiary indicated by L/C), whose L/C is not stated as “Transferable”, to transfer the L/C to the transferee without having L/C amendment or opening from the transferor

Applicants’ Qualifications
  • Being international exporters who agree to use L/C payment
  • Being beneficiaries by L/C with or without being the bank customers
 
Service Terms / Conditions
  • Transferor (beneficiary by L/C) submit document / Notice of Assignment along with the original L/C and relevant documents indicated the amount to be transferred
  • This service is only for L/C assignment. Customers need not to follow L/C terms and conditions
  • Submit L/C to the bank
  • The bank will pay the transferee the amount indicated after buying L/C or receiving the L/C payment from transferor
  • The transaction will be completed within 24 hours since the receiving of the application form
 
Required Documents
  • Notice of Assignment
  • Original L/C with L/C Advising Advice
 
For any inquiries, please contact Call Center Trade Finance Service Tel. 0-2208-3777
 
For more information, please contact