Import
Import Letter of Credit
Product / Service Features
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.
- Get your transport documents checked by uab’s trade experts
- Secured and reduced financial risk
- Same day issuance upon submission of all required documents
- 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”.
Trade Finance Department’s standard fees and charges
- Import LC Application Form
- Import License(Original) or Non License Undertaking Letter with company letter head
- Proforma Invoice
For Import Bill Handling :
- Bill Acceptance Letter with Company Letter Head
- Import LC Application Form
- Terms and Conditions Governing Letter of Credit
Import Documentary Collection
Product/Service Features
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.
- 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
- 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
Trade Finance Department’s standard fees and charges
- 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.
- Allow immediate possession of goods
- Minimise damage to perishable goods due to delays
- Avoiding demurrage charges
- Submit application form with required documents to uab bank
- Issue Shipping Guarantee/Endorse Airway Bill to customer
Trade Finance Department’s standard fees and charges
- Shipping Guarantee Application Form
- Bill of Lading / Airway Bill Copy
- Commercial Invoice Copy
- Specimen of Guarantee Letter from Shipping Line
- Shipping Guarantee Application Form