Services
LC Issuance
The letter of credit issuance takes place upon the individual’s request. This assures the supplier’s payment for a stated amount in a given time. The major benefit it offers is allowing the business to build stronger relationships along with the growth of prospective businesses.
The letter of credit also allows necessary documents are provided for clearance of goods. Alongside, before the LC is issued, the documents are checked for payment and compliance.
We at British Commercial Bank, provide you with all the help to get the letter of credit issued whenever you need it. Our experts can also guide you with product-related guidelines. With us, you can even apply for a letter of credit online. This eliminates all the hassle and long procedures.
SBLC (StandBy Letter of Credit)
A Standby Letter of Credit (SBLC) is a payment guarantee that the bank issues by sending across a SWIFT MT760 message. The bank usually uses this as the payment for a client for the applicant’s default.
Even though it is very similar to Documentary Letter of Credit (DLC), it can be utilized to carry out a wide range of transactions, both commercially and individually. During the submission of this letter of credit, specific types of documents are required, based on the terms and conditions of SBLC.
We at British Commercial Bank, help you get the SBLC which acts as a protection for the sellers and exporters by getting them paid, even if the goods are not shipped or paid for. It is a quite flexible financial instrument that works well for financial deals.
Secured BG
A bank guarantee is like a promise provided by the bank to a third person to carry out the transactions on behalf of the customers. It is given on the basis of a contractual obligation between the customers and the bank. To protect the business from financial losses, these guarantees are mostly used to carry out personal and business transactions.
At British Commercial Bank, we help individuals and businesses in getting a secured bank guarantee, which provides major support to businesses for their growth.
Acceptance SWIFT
How do you send messages across financial institutions, banks and corporate groups? SWIFT messages are just the way to do it. From sending and receiving international payments, we at British Commercial Bank guide you through acceptance SWIFT.
The acceptance message is sent across by either the accepting, paying or negotiating bank, to the bank that issues the payment. Additionally, the bank which receives the documents can also accept SWIFT messages.
Through this message, we are able to advise the individuals better about the credit terms of documents and forward them according to the instructions.
Back to Back LC
Are you involved in buying and selling activities? Or even foreign transactions? You need a document that guarantees your purchase and payment. A letter of credit does that for you.
We at British Commercial Bank help you get the back to back letter of credit, allowing financing a transaction on time. This LC is mainly used when there is an intermediary involved between the buyers and sellers. They can be a broker or suppliers.
Back to back LC majorly consist of two distinct letters of credit. One of them is issued by the bank to the intermediary. While the second one is issued by the intermediary’s bank to the buyer. They mainly serve the purpose of trading between parties that are at a far-off distance, and the verification of each other’s credit is difficult otherwise.
Double Confirmation on LC
Even though most people get the letter of credit, the Double confirmation on LC acts as an additional guarantee to it. This is obtained from the borrower from the second bank.
The second letter so provided guarantees that the second bank will pay the full amount to the seller during transactions if the first bank is unable to do so.
At British Commercial Bank, we help you in providing the double confirmation on LC which are most commonly used to carry out international trade. These are negotiable instruments. The letter of credit eliminates the need to request an advance payment. This allows the buyer to make the complete payment at the time of delivery.
LC Confirmation
The Letter of Credit confirmation is issued by another bank. But, why is it done? It acts as a guarantee and confirmation of payment that the exporter complies with all terms and conditions.
Based on whether the confirmation is disclosed to all associated parties, a form of ‘open or silent confirmation’ needs to be filled.
At British Commercial Bank, you can seek our guidance to get your letter of credit confirmation. This will further make the business trading across borders seamless and quicker.
