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Importer’s L/C Issuing
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Import’s Letter of Credit refers to a settlement method that our bank (the issuing bank) issues a Letter of Credit to the beneficiary (foreign exporter) according to your (the exporter) application, with full set of bills complied with L/C stipulations. According to the terms of L/C, the bank will ensure the payment to the exporter with presentation of full set of bills in compliance with L/C.
The types of Letter of Credit we can open include: Forward L/C, Transferable L/C, Back to Back L/C, Revolving L/C and Stand-by L/C etc.
 Target Customers and Qualifications for Applying Import Letter of Credit | | |
- Target Customers
If your enterprise possess an operating right of import and export, with independent legal entity qualification, and chooses to use L/C as your settlement method, you’re eligible to apply for Letter of Credit with relevant documents.
- Qualifications for Application
If your company needs to apply for an Importer’s Letter of Credit, the following prerequisites have to be met:
(1) Your company has civil behavior capability and property disposition right, with healthy financial status, favorable credit and certain operation and performance competence;
(2) Your company has to open an RMB or foreign exchange basic account or correspondent account with our bank maintaining a frequent settlement correspondence with good record.
(3) Your import merchandise has to comply with relevant regulations of the country and meet certain market demand. It has to be within your operation authorization limit. For merchandise requiring quota management, an import permit should be submitted；
(4) Your enterprise should apply Import L/C Issuing Card from State Administration of Foreign Exchange. If you need to apply import L/C under《Import Forex Payment Reference Form》, you have to apply the form from State Administration of Foreign Exchange；
(5) Your enterprise has to provide RMB or Forex guarantee deposit equivalent to the L/C amount issued by our bank. For customers who have favorable credit and repayment ability, our bank will ratify certain line of credit and exempt guarantee deposit according to the credit status and collateral properties of your enterprise. Application for Issuing an Import Letter of Credit | | |
If you need to apply for an import’s Letter of Credit, you can apply through all our branches or operating offices with the following documents:
- Copy of the legal entity’s business license, the Company’s Charter and other basic documents.
- Import contract, import foreign exchange payment bills and other documents etc.
- Completed Importer’s Letter of Credit Application provided by our bank and neatly typed the articles of Letter of Credit.
- Provide RMB or Forex guaranteed deposit equivalent to L/C amount, deposit with our bank; or with Line of Credit approved by our bank with certain exemption of guaranteed deposit or with guarantee from a third party.
Upon review by our bank, we will open a Letter of Credit according to your application. In addition, the L/C applicant should perform the declaration obligation of International Balance of Payments while processing overseas remittance under L/C. | | | | | | | |
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