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Import Bill Documents under Documentary Credits



Under letter of credit trade settlement, when exporter presents to us import documents complying with the terms and conditions of our letter of credit, we will honour payment and effect reimbursement to the exporter accordingly.

Product features

1) Exporter is guaranteed payment by the issuing bank provided complying documents are submitted under the letter of credit.

2) Exporter has better control over the goods as documents are not presented directly to the importer but through a bank instead.

3) Improve importer’s working capital position as payment needs only to be effected to the exporter after receipt of documents under the letter of credit.

Eligible Applicants

1) Both importer and exporter prefer to have sales using LC to increase the trade reliability.

2) Exporter insists in letter of credit settlement.

3) Both importer and exporter do not have sufficient capital, and plan to use trade financing.

Application requirements

1) Legally registered in Singapore.

2) Maintain current account with our bank.

3) Granted with letter of credit facilities or provide at least 100% cash deposit.

Application Procedures

1) Importer submits letter of credit application, our bank checks and issues letter of credit taking cash deposit or marking letter of credit limit.

2) Exporter prepares shipment according to LC terms.

3) Exporters presents document under LC to presenting bank which is subsequently sent to our bank for payment or acceptance.

4) Documents in order, our bank accepts the bill or pay out to exporter.

5) Upon maturity of acceptance, our bank pays out to exporter.

Download Forms

Form_Application For Irrevocable Documentary Credit.doc

Form_Application For Amendment to Irrevocable Documentary Credit.doc

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