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.