What is a Standby Letter of Credit? A Standby LC is a payment guarantee given by a bank on behalf of its client. It is often referred to as a payment method of last resort. That means the bank fulfils the obligations at the end of the contract only if the client defaults.
Standby Letters of Credit show proof of the buyer’s ability to trade and affirm their repayment ability. Also, a Standby LC gives assurance to the supplier that they will receive their payment. It doesn’t matter whether the buyer declares bankruptcy, the company closes down, or the buyer is unable to make the payment for the received goods/services.
So, are you looking to avail a Standby LC to conclude your deal but don’t know where to get started? As SBLC providers, we can support your import and export business by providing Standby Letters of Credit MT760 on behalf of the buyer and in favour of the supplier.
Standby LC Process
You may find thousands of trade finance companies out there. But what makes us stand out from the rest is that we can provide Standby LC on your company’s behalf without obtaining any cash collateral.
Do you require SBLC to conclude your international trade transaction? Get started with the following steps to avail SBLC MT760 from Bronze Wing Trading L.L.C.
Submit your SBLC Requirements to Us
Steps to Avail Standby LC
- Submit your trade finance requirements to us by providing the SPA contract or the proforma invoice of your deal.
- Then, our team will analyse the deal between you and your supplier and let you know whether your request is approved or not.
- Further, if approved, we will sign a service agreement with you and ask you to pay the admin fee charges.
- Then, after the service agreement is signed and the admin charges are paid, we will start working on your transaction.
- Accordingly, we will structure the SBLC based on your trade deal and provide you with the SBLC draft for your review and approval. Also, we will ask you to pay the SBLC issuance fee.
- Once you approve the SBLC draft, we will ask you to provide a few related documents & pay the issuance fee to proceed further. Once we receive the SBLC issuance fee and the requested documents, we will forward the SBLC request to our bank.
- We will send an SBLC request to our bank on behalf of your company and instruct them to issue a Standby Letter of Credit to your supplier’s bank via authenticated SWIFT MT760.
As an SBLC provider, we will help you by facilitating the required SBLC MT760 within 48 working hours.
Contact us today to avail SBLC on behalf of your company from rated banks!