Letters of Credit are considered to be a very reliable payment option for those who are doing global trade. Since global trading is associated with numerous risks, traders often use LCs to secure their trade transactions. Here, this video talks about Letters of Credit and the process to avail Import LC.
While doing business globally, exporters may have the risk of non-payment by the buyer. On the other hand, importers may face the risk of not receiving the goods for which they have already paid. This is where Letters of Credit come into effect to secure the trade deals.
Letters of Credit, the written undertaking issued by a bank acts as a payment assurance. Further, availing LC at Sight ensures that the seller will receive the payment for the supplied goods, as long as they comply with the T&Cs of the issued MT700.
When it comes to global trading, LCs offer security for both the buyer and the seller, because the trade will be commenced upon the security of banks to ensure that payment is received and goods are shipped.
Are you looking to open Letters of Credit on behalf of your company? We, the Letter of Credit providers in Dubai assist traders by providing Letters of Credit from our European Bank Account. Follow the Simple Letter of Credit Process to open Import LC from us.
1: Submit your MT700 requirements to us.
2: Further, we will analyze your trade deal and approve your transaction, if you’re eligible to proceed further.
3: And then, you need to sign the service agreement with us and need to pay the service charges to start our work on your Letter of Credit request.
4: Further, our team of trade finance experts will structure the Letter of Credit and send the eImport LC draft for your review.
5: After the draft approval and receipt of the Letter of Credit issuance fee, we will forward your LC request to the bank. Then, we instruct them to issue the required Documentary Credit from our rated Bank Accounts.
That’s it! Your supplier will receive the LC MT700 within 2 days!
Have you decided to open LC at Sight to conclude your imports? As stated before, our Letter of Credit Application process is very simple! To start work with your Letters of Credit transaction, submit your Import LC request to us now! We will structure your LC & issue the required Letter of Credit from European Banks in just 2 days!
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