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Letter of Credit in International Trade – LC Process – LC Providers

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 DLC MT700.

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.

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Letters of Credit in International Trade

Letters of Credit, the written undertaking issued by a bank acts as a payment assurance. Further, availing DLC MT700 ensures that the supplier 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.

 

How to Open LC – Letters of Credit

Are you looking to open DLC on behalf of your company? We, the LC providers in Dubai assist traders by providing LCs from our European Bank Account. Follow the Simple LC Process to Open 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 DLC transaction.
4: Further, our team of trade finance experts will structure the LC and send the LC draft for your review.
5: After the draft approval and receipt of DLC issuance fee charges, we will forward your LC request to the bank. Then, we instruct them to issue the required DLC from our European Bank Accounts.

That’s it! Your supplier will receive the DLC MT700 within 2 banking days!

Have you decided to open LC at Sight to conclude your imports? As mentioned before, our LC Application process is very simple! To start work with your LC transaction, submit your LC request to us now! We will structure your LC & issue the LC from European Banks in just 2 days!

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