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Letter of creadit
JSC “bsb Bank” offers reliable option of payment for imported goods and services – letter of credit.
Letter of Credit is an internationally recognized form of international settlements, which fully meets the requirements of the Belarusian legislation and the legislation of your counterparty.
Letter of Credit is an independent form of payment and it has a number of advantages for importers and exporters, setting Letter of Credit apart from other forms of non-cash payments.
Advantages for an exporter (supplier of goods, service provider):
Before the shipment date the exporter receives the obligation of the bank (in case of confirmed letter of credit – a number of banks) to pay under the Letter of Credit.
The risk of non-payment decreases provided that the exporter observes the conditions of the Letter of Credit.
The buyer cannot unilaterally refuse to pay after the Letter of Credit issuance.
- If the supplier duly performs all the shipment obligations, it will have the opportunity to receive the payment immediately.
- The Letter of Credit can be confirmed by the first-class European bank (in case of confirmed Letter of Credit).
Advantages for the importer (buyer of the goods):
- The importer defines the documents set to be presented according to the Letter of Credit terms (the documents can include the third party audit certificate, goods quality or state certificates, etc.)
- The exporter receives the payment only after submission of the documents, corresponding to the terms of the contract.
- The importer can insist on the shipment within the reasonable time period and set the shipment time limits in the Letter of Credit.
- As the Resolution of the Board of the National Bank of the Republic of Belarus “On the order of settlements under foreign-trade import contracts” #165 of November 11, 2008 entered into force the Letter of Credit is the alternative to the advance payment.
Normative legal acts establishing the major conditions of the Letter of Credit settlement procedure
Please refer to the schematic representation of settlements under foreign economic contracts of supply / provision of services in the form of a Letter of Credit.
Benefits of Letter of Credit operation in BSB Bank:
- Opening a Letter of Credit within one hour provided that you have signed the application and Letter of Credit contract and there are funds in foreign currency enough for coverage on your account;
- Low fees for transactions. You can perform automatic calculations of commissions of BSB Bank which are charged with regard to Letter of Credit;
- Direct supervision of banking specialist at the preparatory stage of opening a Letter of Credit: consulting, assistance in foreign economic contract drafting regarding the terms of payment, filling in application and Letter of Credit contract and other services;
- Individual customer approach - the responsible employee of the Bank shall handle your Letter of Credit matter during the entire period of its validity: provide the requested information, monitor inter-bank paperwork issues, review the documents for compliance with the Letter of Credit, arrange payments as soon as possible providing compliance with all the terms of Letter of Credit and other services.
You can receive the detailed information about Letters of Credit from the specialists of the Correspondent Relationships Center of the Head Office of our Bank (tel. +375 173 064 919, tel. +375 173 062 040).
If you are served by the specialists of the Bank Offices of our Bank, then the administrator of your account shall help you to execute all documents necessary to open a Letter of Credit.
Opening a letter of credit with bsb bank minimizes your finantial costs and time expenditure AND ENSUREs QUALITY SERVICE
In case of divergence of information in Russian and English versions of the site, the Russian version of the site shall prevail.