lettersofcredit

Benefits of import letters of credit

Make overseas transactions simpler – let us receive import documents and facilitate collection of the proceeds. Get the added security and control you need when buying from an overseas seller with an import letter of credit.

  • A stronger trading status, which helps your credit rating
  • More negotiating power when it comes to the credit period or pricing
  • A higher level of security for both yourself and the seller
  • A safer means of payment
  • Deferred payment terms can serve as a form of credit
  • Trade finance transactions can be conducted in convertible currencies in any country worldwide
  • You will need to write a formal letter detailing your request to open a letter of credit and how it will be funded
Benefits of export letters of credit

Let us help secure your transactions and improve your cash flow by receiving export letters of credit on your behalf. Once we receive a letter of credit from your buyer’s bank and you meet the conditions of the letter, you will be paid out for the goods.  

  • Receive payment in a secure and fast way
  • Manage your cash flow better with a known payment date, currency and amount
  • Strengthen your trading relationship by offering better credit terms to overseas buyers
  • Export letters of credit are advised within 24 to 48 hours of receipt.
  • You must meet the terms of the letter of credit and submit all required documents before you can receive payment
  • Bank confirmation can be added upon request
    • Takes away the risk of default by the buyer, bank and country risk
    • Gives you access to finance solutions both before and after actual shipment has taken place

importdocumentarycollections

Benefits of import documentary collections

Make overseas transactions simpler – let us receive import documents and facilitate collection of the proceeds. We act as an agent between your supplier, their bank and you, facilitating the collection of trade finance documents and the payment process.

  • A fast and efficient way to make trade payments
  • Payments of any size in nearly any currency
  • Agreeable payment terms
  • Reduced payment risk
  • Added security and confidence in the deal
  • We receive the documents from the seller and facilitate the collection of the proceeds on behalf of their bank.
  • We may also act as an agent, handling the documents on behalf of the seller’s bank
What to bring to the branch when you apply

  • Commercial invoice
  • Original bill of lading/airway bill
  • Import declaration form
  • Inspection certificate
  • Customs entry form
  • Formal request/transfer application form
  • Bill of exchange
    • What you get

       
      • A fast and efficient way to make trade payments
      • Payments of any size in nearly any currency
      • Agreeable payment terms
      • Reduced payment risk
      • Added security and confidence in the deal
    • What you need to know

       
      • We receive the documents from the seller and facilitate the collection of the proceeds on behalf of their bank.
      • We may also act as an agent, handling the documents on behalf of the seller’s bank.
    • What to bring when you apply

       
      • Commercial invoice
      • Original bill of lading/airway bill
      • Import declaration form
      • Inspection certificate
      • Customs entry form
      • Formal request/transfer application form
      • Bill of exchange

    guaranteesbondsandindemnities

    Get the surety to secure deals and negotiate better terms with a guarantee, bond or indemnity in almost any currency. If you are looking to reduce the risk that comes with international deals and trade finance transactions, let us help you provide the surety you need.

    Benefits
    • Specialist support, both domestically and overseas
    • Guarantees for any amount in almost any freely traded currency
    • Assurance that you can meet your contractual obligations
    • A more attractive deal for your buyer
    • Competitive pricing and excellent service
    Types of bonds and guarantees offered
    • Bid bonds
    • Performance bonds
    • Advance payment guarantees
    • Payment guarantees
    • Retention guarantees
    • Reclamation bonds
    Need more help?

    Call us on:
    +233 (30) 242 9150 (network charges apply)
    0800 222 333 (MTN and Vodafone customers)

    Chat to Abby on WhatsaApp: 
    +233 501 644 644

    Email us: 
    service.excellence.gh@absa.africa