NEW GENERATION BANKING

Letters of Credit

Through the advice of our specialists, Zuma Bank offers the possibility of having a financial instrument to facilitate their operations buying and selling goods and services related to commercial transactions of imports and exports. The documentary credit or letter of credit is a commitment issued by a bank, which, acting on behalf of a buyer customer (payer), or your own name, you must pay a seller or beneficiary the amount specified in the instruments of rotation or documents, provided that the terms and conditions of the documentary credit or letter of credit are met. There are different types of letter of credit to meet all the needs of our customers.

Characteristics

Aimed at legal entities.

To ensure the purchase or sale of finished products, raw materials or services.

Advantages

Financial instrument accepted worldwide for import and export operations.

Guarantees payment of the purchase / sale of goods between the importer and the exporter.

Letters of Credit are governed by international law, protected by the ICC.

REQUIREMENTS

Have an account with the Bank Zuma.

Have a proform invoice shipment.

Complete application for opening letters of credit, without amendments and signed and sealed.

Requirements established by the Bank to grant credit.

Define collateral.

COLLECTION

It is the agreement by which the goods are shipped and the corresponding bill of exchange by the seller against the buyer is released, sending the direct documents or through a seller's bank with precise instructions to be managed their collection through a correspondent bank located in the purchaser's country.

ADVANTAGES

FOR THE IMPORTER:

Ensures againts payment or acceptance domain receive documents. You may find it less expensive than the opening of an irrevocable letter of credit.

FOR THE EXPORTER:

It has assured that the importer may not have the goods before payment or acceptance of a letter or money. It may be in possesion of a letter or draft, allowing its discount. Collection security is high, although it depends on the creditworthiness of the importer and the country.