By issuing an import Letter of Credit on your behalf, uab bank gives the assurance that your overseas supplier/exporter will receive payment if their documents meet the terms & conditions of your LC.
Benefits
Process
Charges
Requirements
Application Form and Terms & Conditions
Benefits
Get your transport documents checked by uab’s trade experts
Secured and reduced financial risk
Same day issuance upon submission of all required documents
Process
Submit application form with required documents to uab bank
uab issues LC and send it to the LC advising bank(Beneficiary/Seller Bank)
The seller ships out goods upon receive of the LC and delivers trade documents to their bank
uab notifies you when trade documents have been checked that received from seller bank
You accept and collect the trade documents at uab with payment instruction
uab honour the payment within 5 banking days after received documents in order for “sight LC”.(or)uab accept to honour the payment at the maturity date within 5 banking days after received documents in order for “usance LC”.
Charges
Trade Finance Department’s standard fees and charges
Requirements
For Import LC Issuance :
Import LC Application Form
Import License(Original) or Non License Undertaking Letter with company letter head
uab bank is acting as trustee and intermediary to handle the processing of documents and payments to your seller on behalf of you. Documents against Payment (DP) uab releases the import documents once the buyer is paid. Documents against Acceptance (DA) uab releases the import documents upon buyer acceptance of the bills of exchange/draft for payment at later date.
Benefits
Process
Charges
Requirements
Benefits
Less banking fees and easy to use as compared with LC
Trusted agent (bank) to handle in collection
Enjoy same day processing of your documents
Process
Seller ships out goods and delivers trade documents to their bank
uab notifies you when trade doucments received from remitting bank
You accept and collect the trade doucuments at uab with payment instruction
uab honour the payment to remitting bank for DP (or) uab send buyer acceptance for payment on the maturity date to remitting bank for DA
Charges
Trade Finance Department’s standard fees and charges
Requirements
Bill acceptance letter with company letter head
Import License(Original) or Non License Undertaking Letter with company letter head
Shipping Guarantee/Airway Bill Endorsement
Product/Service Features
With uab’s Shipping Guarantee, you can take possession of your goods prior to receipt of original shipping and transport documents. This helps to avoid unnecessary demurrage costs due to delays in the arrival of import documents.
Benefits
Process
Charges
Requirements
Application Form and Terms & Conditions
Benefits
Allow immediate possession of goods
Minimise damage to perishable goods due to delays
Avoiding demurrage charges
Process
Submit application form with required documents to uab bank
Issue Shipping Guarantee/Endorse Airway Bill to customer
Charges
Trade Finance Department’s standard fees and charges