A Turkish buyer required LC MT700 Swift to import Wet Salted Cow Hides from USA. Bronze Wing Trading, the Letter of Credit Providers helped the buyer by providing LC MT700 swift from a rated Bank. Further, with the issued DLC, the Turkish buyer concluded their deal with the US supplier.
The Turkish buyer who runs a leather product manufacturing unit required high-quality cowhides which can be recycled and repurposed to manufacture gloves, footwear, and other leather products. So, the buyer searched for a reliable seller to meet the legacy of Turkish leather products. Further, they posted their requirement in many B2B Portals. And, they received a response from a US Supplier, who had the stock of 10000 Metric Ton available for ready shipment. Since both the buyer and seller were doing overseas trade; they both decided to secure their transaction by using a Letter of Credit, as a payment term.
The client applied for the LC from their bank. But the bank demanded them to provide a 100% cash margin to issue the Letter of Credit. Since the buyer didn’t want to liquidate the cash funds; they looked for other options to get the required LC. Also, they contacted many of the trade finance providers nearby, but almost all asked for collateral or a certain percent of trade value as cash margin. And then, they tried posting their requirement in many of the Facebook Groups. And, it was spotted by our team and we contacted them with a Free Quote.
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Once the client received our email, they contacted us immediately. First and foremost, they thanked us for our offer to provide DLC MT700. And then, we explained our Letter of Credit Process to them. Further, the Client agreed with our terms and signed the service agreement & paid the service charges. And then, we started working on their LC transaction. Also, we sent them the LC draft for their approval. After receiving the approval from the client, we asked them to pay the issuance fee charges to issue the DLC from our bank account. Finally, once everything was done, we requested our bank to issue the DLC to the supplier’s bank via MT700.
The supplier received the MT700 on behalf of the buyer company. And then, they started shipping the salted cowhide in a 20ft container, as agreed in the signed contract.
Once the transaction was done, the buyer contacted us to share their experience with us. Further, they stated as follows: “I have more pleased with their services. When I was desperately in need of LC MT700 for my trade deal, they lend their hand for help. Thank you, Bronze Wing, for your timely help.”
If you are in need of a Letter of Credit to import goods from your overseas supplier, then you can contact our experienced LC Providers in Dubai with a valid PO. Our team will assist you by providing the right guidance which will help you to get the deal concluded on time.
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