Due to system updates, several of the bank’s services will be of-line in the following hours:

- the Internet and Mobile Banking services will be unavailable on 14th June 2019, between 23:30 – 05:30 (total duration: 6 hours)

- international payments through Internet Banking, Mobile Banking and Alo 24 will be unavailable on 15th June 2019, between 07:00 - 15:00 (total duration: 8 hours)

Import documentary credit

The documentary letter of credit is an efficient method for securing payments, providing the importer with the certainty that the contractual commitments will be kept by the exporter, as they were defined under the pre-approved contractual clauses, with delivery occurring within the set deadline.

Advantages

  • as an importer, you will pay the merchandise only if it has been delivered,  the documents submitted according to the conditions provided in the letter of credit acting as a guarantee that the delivery has happened
  • benefit from the exporter's assurances that the merchandise will be delivered according to the terms of the letter of credit, in compliance with the pre-approved contractual clauses, otherwise the guarantee of payment is lost
  • the standardized norms the documentary letter of credit is subject to (UPC600/Revision 2007) are part of an international standard for the examination of documents, thus mitigating the lack of relevant national legal provisions

Key aspects for the importer:

  • mitigation of the integrity of the exporter and of the risks arising from concluding transactions with a commercial party with no traditional commercial relations
  • strong negotiating position
  • the received documents are in compliance with the contractual clauses (clause for documents, delivery term, payment method)

Talk to a specialist

Silvia Chivu

Documentary Business Expert

Tel: 0373.516.277

E-mail: DTB.TradeFinance.DocumentaryBusiness@bcr.ro

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