About the product

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.



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. How may you use export letter of credit?

    In the terms and conditions of the contract, offer to your counterparty a settlement through documentary letter of credit, identifying Bank Millennium (SWIFT: BIGBPLPW) as the bank processing the letter of credit for your company.


  • 2. In what currencies may letter of credit be processed?

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

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

    Payment under letter of credit is always made at the date stipulated in the conditions of 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 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.

  • 4. Can you receive payment from export letter of credit before the due date?

    Yes, it is possible thanks to the discount of the receivables under the letter of credit available by deferred payment. The discount consists in purchasing by the bank from the beneficiary the receivables under the letter of credit before its due date stipulated in the terms and conditions of the letter of credit, after the bank deducts in advance the discount interest for the period of financing. When discounting the export letter of credit the discounting bank assumes the solvency risk of the accepted issuing bank  or confirming bank.