Import Electronic Goods from China
Using Letter of Credit at Sight
Presented by, www.importletterofcredit.com
Challenge: Getting LC at Sight from their Bank
Story OverviewBronze Wing Trading facilitated Letter of Credit at Sight on behalf of an Indian trader to import electronic goods from a Chinese Supplier.
Problem: The Client Required Letter of Credit at Sight
Solution: Our Process in Issuing LC at Sight
Problem: The Client Required Letter of Credit at Sight
▣ To meet the product line of the new mobile showroom, the client decided to import best quality electronic goods from China at the lowest price. Accordingly, they found a reliable supplier from China.
▣ The buyer (client) discussed with the supplier regarding the payment term and mutually agreed to use LC at Sight as a payment term to import electronic goods.
Challenge: Getting LC at Sight from their Bank
▣ Our client didn’t have any existing bank facilities, so they contacted their bank to ask the procedure to open LC on their company’s behalf. Since the trader had a good credit score, the bank said “Yes” to issue LC under 100% cash margin.
▣ Since the client’s working capital has been tied with their running business, they were unable to provide cash margin to their bank to open LC.
▣ So, they decided to use some other option and searched for Letter of Credit Providers. And found us via our Company Newsletter and contacted us with their LC request.
Solution: Our Process in Issuing LC at Sight c
▣ Once we receive the LC request from our client, we analyzed and approved their request.
▣ The client paid the service charges & signed the service agreement. Then, we worked with our bank to structure the LC and sent the LC draft for their approval.
▣ The Client approved the LC draft and paid the LC issuance fee charges.
▣ After getting LC approval and LC issuance fees, we instructed our bank to issue the LC to the supplier’s bank via SWIFT MT700.
Watch This Video to Know How to Open LC in 2 Days
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