Letter of Credit
A Letter of Credit guarantees payment for goods exported overseas, provided you meet all of its conditions. When you export your product or service overseas, your buyer’s bank will open a Letter of Credit. This will contain details of the strict terms and conditions you need to adhere to in order for the bank to release payment. If your company meets all of the stated conditions, payment is guaranteed.
Suffolk Chamber of Commerce provides, via our partnership with Wallis Shipping Services, a comprehensive and cost-effective Letters of Credit Service and has an excellent reputation with all the banks involved with Letters of Credit.
Through our Letters of Credit service, we can:
- Check your Letter of Credit conditions to ensure you meet them
- Inform you of any amendments within two working days
- Prepare all the relevant documents
- Liaise with shippers
- Check bills of lading
- Present all documentation to the bank on your company’s behalf.
National figures reveal that 75% of Letters of Credit are rejected on first presentation, and over 50% on second presentation. We have a reputation for getting it right first time. 95% of the Letter of Credit presentations we make, which have been checked and prepared by us, are accepted first time. 100% are accepted on second presentation.
Suffolk Chamber members get a discounted rate on Letter of Credit Services. To find out more contact our export team on 01473 694839 or email rosemary@suffolkchamber.co.uk
Ensuring that businesses have the right international payment structures in place is vital to a successful export business. Our ‘Letter of Credit’ training course can help exporters explore their options.
