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Letters of credit

This an undertaking by one bank to another that a certain amount of money will be paid to another banks when a customer to the initial bank has performed in accordance with the agreement to the client of the latter bank.

What does it offer me?

  • In cases where one purchases equipment from overseas, it ensures that goods are paid for on condition that they are of correct specification and have been supplied within the agreed period.
  • It eliminates the risk of having to pay for incorrect items and ensures delivery of correct items.
  • Avoid the need to pay in advance to suppliers who are unknown to client.
  • It ensures that delivery will indeed take place.
  • Save costs by way earning interest for funds that would otherwise have been transmitted to supplier before delivery.

 

What do I need to apply?

  • Have an account with us
  • Up to date financial information in order to access risk

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