It is a written undertaking by a bank, at the request of a buyer in favor of a seller, to pay against bills of exchange, drafts or documents that comply with defined terms and conditions of payment.

Pricing

Spot rate on maturity date

Target Clients

Importers

Tenor

Open /as determined per LC Contracts

Benefits

• Guarantees settlement of forex to supplier on due date
• Protects customer from unscrupulous suppliers