A South Korean trader got a contract for the supply of crude oil in huge quantities. While searching for a supplier, they came across a well reputed seller in Saudi Arabia. Also, the supplier was ready to supply crude oil in bulk. The trader’s crude oil need was too large, but they are a small company. So, they thought that the seller might be hesitant to deal with them. But luckily, the seller’s payment term was by Bank Guarantee MT760. Also, this was agreed by both the buyer & the seller.
With the sales & purchase agreement in hand, the buyer started looking for help. Initially, they were looking for banks that can provide such a guarantee. Since the trader’s working capital was spread all around other businesses, they were unable to open BG MT760 from their own bank.
As the deal was very worthy and the seller was very genuine, the trader didn’t want to miss this chance. So, they started looking for trade finance providers who can help by issuing the required BG MT760.
During their search on the internet, they found a video of our company on the Youtube channel. After seeing the few seconds video, they decided to contact us for their Bank Guarantee need. Further, they discussed the same with their financial adviser. He also suggested our name to obtain the required BG. So, instantly, they visited our website and explored all our Trade Finance Services.
They have gone through our process and submitted the online form with their BG request. Also, they sent a copy of the SPA of their crude oil deal to BWT. After reviewing their SPA, we asked the buyer to submit some more documents related to the trade deal. Also, they signed an agreement with us.
As the next process, we studied their trade deal and informed them about the approval for their BG MT760 request. And then, the trader paid the BG issuance fee to our bank account. On receipt of the issuance fee, we requested our bank to establish the BG MT760. After completing the internal banking process with our account, they established the BG. Finally, this BG has been transmitted via swift MT760 to the seller’s bank.
The trader got the delivery of crude oil with the provision of BWT’s BG MT760. And then, they supplied the product to their end buyers. Final result: They were gratified and impressed with the outcome of their deal with BWT. And this is how we helped the trader to conclude their crude oil deal with their supplier.