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Confirmation of Letter of Credit

The Confirmation of Letter of Credit here means, the Bank, in addition to the issuing bank, separately undertakes to pay the beneficiary (the exporter) if all the terms and conditions of the letter of credit are complied with. There are two types of confirmation: open confirmation and silent confirmation.


•Reduction of risks and acceleration of the capital turnover. Confirmation of L/C can help exporters prevent the risks from the issuing bank, the country risk of issuing bank and the foreign exchange control risks.

•Double guarantee. Apart from the conditional payment undertaking made by the issuing bank, the exporters can get additional conditional payment undertaking from Bank of China Sydney Branch, placing the exporters under double payment guarantee.

•Payment collection guarantee. The exporters upon presentation that comply with the L/C’s requirements and approval of the Bank, can gain the non-recourse payments or payments promises.

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