Gold prices around the World have decreased swiftly due to unstable market conditions in the last couple of years. Hence, this attracts investors looking for trading openings. Also, many investors decided to buy Gold as a way of spreading their investments. While they utilize Standby Letter of Credit (SBLC MT760) to purchase Gold Bars from Canada.
A US company decided to purchase Gold bars from Canada, but they faced problems to finalize their deal, due to a lack of cash flow. Further, the supplier demanded the US trader to provide SBLC or BCL MT799 to prove their financial means. Since the offer seemed to be the best one, the trader decided to arrange the financial instruments as per the seller’s demand.
As the first effort, they tried to approach their banks to avail SBLC MT760 from their bank. But the bank requested them to provide some guarantees and cash margin to obtain SBLC MT760 on their behalf. Since the buyer was unable to meet the bank’s demand, they didn’t qualify to avail such SBLC from their bank.
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To find out the right solution for their SBLC Finance needs, they contacted their Financial Advisor. The Financial Advisor has been well-known to us; also, he has taken SBLC from us for their Gold import deal. Since the advisor felt satisfied with their transactions, they referred us to the US buyer. Instantly, the US buyer contacted us with their SBLC request. Further, we, the SBLC Providers in Dubai received their SBLC request and start with the initial step of the process.
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Once we received the SBLC request, we requested the buyer to provide basic details of their trade deal. Accordingly, they provided the SPA of their deal to enable us to process their Standby Letter of Credit request. After receiving the service charges & completing all banking norms, we promptly opened the SBLC on behalf of the buyer. Also, this Standby LC was issued to the supplier’s bank account via Swift MT760.
By providing a Standby Letter of Credit in favor of their seller, the US buyer procured the Gold bars from the seller. The Gold was received at the agreed refinery. Further, the refinery issued an assay report after examining the Gold commodity. Also, the assay report sets the Gold value and its purity. After receiving the assay report, the buyer paid the proceeds of the goods to the seller to get the ownership of the Gold Bars.
The buyer received the ownership of the Gold and then, they sold it to their buyers. Finally, they made a good amount of profit. The buyer praised us for our support in issuing SBLC MT760 for their trade deal.
Get a Standby Letter of Credit at ZERO collateral from us! We, the SBLC Providers in Dubai can support your trade deals by providing SBLC MT760 from European Bank Accounts on behalf of your company & in favor of your supplier. With the SBLC, you can give payment assurance to your seller & can import goods on a credit basis without paying upfront. Submit your SBLC requirements to us & get the SBLC issued in 2 days.
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