Commodities|FAQs|Videos|Case Studies
Commodities|FAQs|Videos|Case Studies

Bank Guarantee Facility for an African Buyer to Import Cars from Dubai

What is a Bank Guarantee Facility? It’s a guarantee issued by banks on behalf of its clients to ensure payment towards the supplier. This kind of surety always helps businesses to conclude worthy trade deals, which can be possible only with MT760. Further, by knowing this kind of Sureties, an African buyer decided to import cars from Dubai using the MT760 as payment terms. Read this success story to know the challenges faced by the buyer in availing of such a financial instrument. Also read, how the trader got the MT760 for their car’s import deal from us.

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The Demand for Bank Guarantee Facility

An African buyer got a business proposal for to supply of Renault Cars. They tried their best to find a good supplier on their own terms. Finally, they found a seller from Dubai – UAE. To begin with this deal, the seller asked the buyer to provide a BG MT760. This is to assure the seller that the buyer will oblige to the payment terms, as per the agreed contract. Further, the buyer went to their banks to get the BG MT760. But as they don’t have the credit lines, the banks declined their request.

Challenges to Avail Bank Guarantee Facility

As the banks were not ready to provide the MT760, the buyer consult with their trade finance advisor to find a solution. In today’s globalized world, trade finance is no longer a subject for the sole domain of banks. As per their advice, the buyer looked for BG providers. While they search online, they came across our YouTube video on “How to Avail Bank Guarantees”. Our video was a great help to them and they decided to contact us with their BG MT760 request.

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How We Provide the Bank Guarantee Facility

We provide trade finance services that include Letter of Credit, Standby LC, and Bank Guarantees. Our services are available to companies and individuals. After receiving the BG’s request, our team did a careful study on their car deal. Since their deal complied with all our terms, we agreed to extend our credit lines on their behalf. The buyer signed the service contract and paid the service charges to proceed with their BG request. We then start work on their car deal with our bank and provide the BG draft for their review. The client visited our office to approve the BG MT760 draft and to pay the BG issuance fee. Then, we asked our bank to issue the MT760 on their behalf and in favor of their seller by using our own facilities. Finally, they issued the required BG to the seller’s bank account.

Bank Guarantee Providers

If you’re in need of a BG MT760 for your future trade deals or projects, then you can contact us with your MT760 request. Our trade finance experts can assist you to get the Bank Guarantees from good repute banks without blocking your own cash funds. Our clients include Fortune 500 companies and emerging businesses. We are located in Dubai, UAE with offices in London, UK.

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