To use the fast and convenient ICBC L/C service, your company is recommended to request importer to open letter of credit and appoint ICBC as the advising bank so that you are kept informed of the L/C opening progress. ICBC receives your importer's L/C in real-time and sends it for the review by e-mail or fax.
II. Features and Advantages
ICBC experienced international settlement staff in the L/C Document Center will guide you through the steps to help you collect the goods payment once the goods are shipped.
III. Target Clients
1. You as the exporter request payment commitment on bank's credit from your importer whom you have little understanding;
2. You need ICBC to get funding from letter of credit (packing loan is an example), or you wish to use ICBC trade finance services such as export bill purchase, export discounting or forfeiting;
3. You understand that you can get benefits (tax rebate in advance, export cancellation) according to the policy stated by the State Administration of Foreign Exchange.
IV. Operation Guide
Enclosed the "L/C Advice" when submitting the documents against the L/C.
V. Application Conditions
Regardless from which bank you receive the advising L/C, come to ICBC.
1. L/C opening by mail is not recommended since there is potential risk of forged L/C;
2. Request your importer to send a fax copy of the L/C opened by its bank so that ICBC can check the progress and inform you as soon as the L/C is received;
3. Give the correct ICBC's SWIFT Code and address to your importer so that ICBC can receive the L/C via telex;
4. High level of expertise is required in preparing documents for export L/C. Call your local ICBC branch for details. Our staff are happy to serve you.
Information herein is for reference only. Industrial and Commercial Bank of China Limited reserves the final right of interpretation. Refer to the announcements and regulations of local branches for further details.