This is an instrument for an exporter or supplier instructing a local bank to collect payment immediately or at a future date, from an imported or buyer against delivery of relevant commercial documents. The exporter is able to maintain control of the consignment until payment is made or acceptance of the bill of exchange is obtained from an importer.
This is a funds transfer service where the bank remits money on behalf of its clients to foreign countries, in foreign currencies. TInternational Remittances payments are effected on behalf of customers through SWIFT transfers. We deal in all major currencies such as USD, EUR, GBP and ZAR. It is efficient, secure and irrevocable. The rate, charges and value date are specified at the point of doing the transaction. The bank usually settles TT on the same date.
Letters of credit
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.