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  Bank of China >> BOC UK >> Corporate Banking >> Trade Services >> Trade Finance

Import Bill Advance


 

Product Name

Import Bill Advance

Product Description

Import bill advance is a kind of short-term finance offered by the bank to the importer according to his demand upon receiving the bills under the letter of credit and the import collection items;

Product Functions

The product is used to meet the short-term financing requirements of importers under import L/C or inward collection. It is classified into import L/C bill advance and import collection bill advance according to the settlement method; foreign currency import bill advance and RMB import bill advance based on negotiation currency types; self-owned funds advance payment and overseas affiliated bank advance payment (import bill advance by overseas institution) according to the advance payment source.

Product Features

1. Reduction of capital tied up. Import and resell merchandise with bank funds and make profits without occupying working capital;

2. Grasp market opportunities. The product can assist importers in obtaining document of title to goods, picking up goods and reselling in the case that payment for goods could not be made immediately;

3. Enhancement of bargaining ability. It can help importers in enhancing their bargaining ability when dealing with exporters by converting the payment at usance into payment at sight, or shortening the duration of forward payment;

4. Less financial expense. Customer can choose funding currency type on the basis of interest rates of different currencies in order to save financial expense.

Eligible Applicants

1. Importers who encounter temporary difficulties in capital turnover, thus cannot get documents against payment timely;

2. Importers get a new investment opportunity before making payment, and the anticipated yield is higher than the import bill advance interest rate.

Application Requirements

1. The business license of enterprises legally approved, registered and annually checked and other valid certifications sufficient to prove the legitimacy and scope of its operation;

2. Loan cards;

3. The account opening permit and a settlement account with Bank of China;

Application Procedures


1. Bank of China shall check and ratify the importer's credit line upon importer's application.

2. The importer submits import bill advance application to Bank of China.

3. Bank of China makes advance payment for the importer and transfers bills to the importer.

4. Importer makes payment to Bank of China for repayment of import bill advance when due.

Gentle Reminder

1.The client is required to bring forward the written application for the import bill advance to the issuing bank or the authorized collection bank;

2.The client is required to maintain the credit line or have the single credit extension approved by the financing bank;

3.The client is required to sign the formal finance agreement with the bank and determine the amount, term, rate, maturity, and etc.;

4.The import bill advance is a kind of special financing, which can only be used to carry out the responsibility of payment under trade items;

5.The financing period is always matched with the durance of resale of imported goods, and the received payment is the main source to repay the bill advance.

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