Bronze Wing Trading can provide a Bank Comfort Letter – BCL MT799 on behalf of the buyer’s company to show their financial ability to purchase bulk goods.
Below is the step by step process to get BCL MT799 from rated Banks:
Bank Comfort Letter, a written undertaking by a bank to assure the financial capability of their client to sign the contract. This is issued on behalf of the buyer and in favor of the supplier to indicate the buyer’s financial capability to purchase bulk goods / commodities.
Nowadays, before signing the contract, suppliers want to ensure that they are working with a financial competent trader. Mostly, this is required when engaging in trade deals that involves bulk goods. And, the suppliers look for traders whom they can trust financially. So, they demand BCL MT799 from the buyers to know about the financial ability before signing the contract.
And this Comfort Letter helps to build the comfort level & trust bridge between the buyer and seller to commence their trade.
Having BCL MT799 is an inexpensive way of conveying that the buyer has enough funds in their account and will pay the supplier, once the goods are shipped or delivered.
BCL by no means is a payment assurance by the bank, rather it acts as a Proof of Funds Letter. That is, it is a Swift message from the buyer’s bank that asserts the buyer’s track record with their financial standing.
This is to say that Proof of Funds is not a payment assurance nor cash funding. Rather, it conveys the financial strength of the buyer’s profile; also, showcase the buyer’s ability to purchase bulk commodities.
Usually, Banks may demand tangible collateral to provide a Letter of Comfort on behalf of buyers. But, we at Bronze Wing Trading L.L.C. assist the traders by providing BCL Bank on behalf of their company without obtaining any cash margin.
Once you apply BCL from us and all the formalities are done; we will instruct our bank to proceed with the issuance of BCL. Further, our bank notifies your supplier via Swift MT799. Certainly, this Swift Code MT799 shows your financial ability to buy bulk goods as per the signed contract.
Issued by a bank, Letter of Comfort received in the form of a SWIFT Code MT799. This Comfort Letter is issued by a bank on behalf of its client & in favor of the seller. Once the seller received the swift message, they need to provide a valid POP (Proof of Products) to the buyer. Further, this acts as proof that the seller has the products in ready stock, as per the signed contract.
After receiving the POP from the seller, the buyer needs to provide a Letter of Credit or Standby LC or Bank Guarantee, in favor of the supplier and hereby the trade will be commenced.
Letter of Comfort cost usually includes issuance fee, advising fee, transmission fee, and swift charges. All the charges should be covered by the applicant and to be paid to the issuing bank. Also, this has to be mentioned in the issued Letter of Comfort.
Being an MT799 provider, we too know that it is very hard to get BCL MT799 on behalf of your company without blocking your working capital. Usually, banks will not issue an MT799 without some form of collateral. So, if you’re not ready with a hefty amount of collateral, then obviously your BCL request will get rejected by your bank.
Do you require BCL Letter from Bank without pledging any cash collateral? Contact us today! Bronze Wing Trading L.L.C. has decades of trading experience and knows the challenges that buyers & suppliers face often. We provide Bank Comfort Letter from rated banks without obtaining any cash margin from your end.
Get BCL Bank from us and show your financial capability to your supplier for concluding larger contracts/trade deals!
Apply now to avail BCL MT799 within 48 working hours!