The import L/C is a payment undertaking by XacBank to the foreign importer. XacBank will fulfill its payment obligation when the terms stipulated in the L/C are complied with.

With a structured and clearly defined Letter of Credit you can conduct your business anywhere around the world. A letter of credit is an undertaking by a bank on a buyer’s behalf to make payment for goods or services provided by the supplier within prescribed time period and against stipulated documents, this reliable payment instrument can give you an opportunity to pay for goods after receipt or after a specific time period and increases the opportunities of importers to negotiate better prices.

Advantages: 

• Secures a trade for both buyer and seller; importers submit payment after receiving goods and exporters can sell and/or produce goods regardless of the buyer’s solvency;

• No legal risk as it is regulated by ICC's “Uniform Customs and Practice”;

• Possibility to arrange additional financing with the issuing bank.