Export letter of credit (L/C) is a commitment of the importer's bank to pay a specified amount in return for the documents stipulated in the letter of credit and presented by your company through Bank Millennium. The documents compliant with the terms and conditions set forth in the letter of credit, guarantees payment even when importer turns out to be insolvent or refuses to pay.
We will inform you about letter of credit issuance by the bank of your counterparty (importer) and you will also receive terms and conditions of the letter of credit (online through the Trade finance module in the Millenet internet banking system and/or by mail).
- You are certain to receive payment provided you present at proper time documents compliant with terms and conditions of the letter of credit.
- You protect yourself against commercial risk, i.e. importer's resignation from the transaction or refusal to accept the goods.
- You will minimise your commercial risk related to the bank of your counterparty (issuing bank) and the country of its head office, through adding confirmation of Bank Millennium to the letter of credit.
- You may manage your letter of credit over the Internet within the Millenet internet banking system.