Import letter of credit

About the product

With import letter of credit (L/C), you settle your trade transactions through Bank Millennium. Acting upon your instruction, the Bank commits to your counterparty (exporter) to pay a specified amount in return for the documents presented by him after shipment of the goods. Payment  under the letter of credit can be made only when the documents are complaint with the terms and conditions stipulated in the letter of credit as well as international rules concerning letters of credit.

You may also use import letter of credit within a line for documentary letter of credit or a multi-product line.


  • You confirm your credit and financial capacity towards the exporter.
  • You may negotiate better terms and conditions of the agreement (for instance, deferred payment or a better price).
  • You protect yourself against unjustified reimbursement – payment will be made only when exporter presents the documents required by the letter of credit, in compliance with its terms and conditions.
  • You are sure that the exporter will perform the trade agreement and will deliver the goods to a pre-agreed place at a pre-agreed time, i.e. in accordance with terms of delivery.
  • Through selection of proper documents required under the letter of credit, you will avoid payment for the goods that do not meet quality requirements.
  • You manage letters of credit over the Internet through the Millenet internet banking system.



Channels of access to product information


Wherever you are, with internet access, you can check account balances and history on a 7/24 basis, also viewing information concerning other products i.e.: cards, loans, guarantees and letters of credit, standing orders or term deposits.

Corporate Branch

Get detailed information about Bank Millennium products by contacting Advisors in the Corporate Banking network.

Contact with Advisor

By phone

Our Consultants will provide you with detailed information and will carry out your instructions. 

801 31 31 31
line available for fixed-line and mobile calls

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Questions and answers

  • 1. In what currencies may letter of credit be issued?

    The basic currencies are PLN, EUR, USD, but – should the need arise – the transaction may be also performed in other convertible currencies.


  • 2. When the payment under letter of credit is made?

    Payment under letter of credit is always made at the date stipulated in the letter of credit. It may be:
    • "By payment" or "at sight", i.e. after the issuing bank or confirming bank (if there is one) ascertains that the documents comply with the terms and conditions of the letter of credit; then payment is made in accordance with the payment instruction of the issuing bank stipulated in the the letter of credit – most frequently it is on the 2nd – 3rd business day after acceptance of the documents;
    • "By deferred payment" – for instance, 90 days after the date of shipment of goods (date on the transport document) or 60 days after the issue date of commercial invoice;
    • "By mixed payment" – part of the amount of the letter of credit is paid at sight and part by deferred payment.

  • 3. What will the issuingopening bank do, if it receives documents not compliantinconsistent with the terms and conditions of the letter of credit?

    Upon receipt of the documents from an intermediary bank (most often it is the beneficiary's bank), the issuing Bank examines them with the terms and conditions of the letter of credit. In case of discrepant documents, it informs the bank from which it received the documents and the applicant, indicating that the latter should:
    • waive the discrepancies and authorise the issuing bank to pay in accordance with the terms and conditions of the letter of credit, or
    • submit other instructions as regards actions towards the discrepant documents.
    In such a situation it is advisable that the beneficiary is active and contacts directly the applicant (importer/buyer) so that he accepts the discrepant documents.


  • 4. Should the content of the contract imply whether the letter of cCredit is to be confirmed or unconfirmed?

    The possibility to confirm the letter of credit does not depend on the contractual provisions between the buyer and seller, but on the terms and conditions of the letter of credit issued in accordance with the instruction of the applicant(importer/buyer).

    The applicant should identify whether the letter of credit is to be confirmed or not in his order to issue letter of credit when applying for its issuance.