Letters of Credit
Gulf Bank offers you the following facilities to support your business needs:
- An Import LC is issued by the Bank on behalf of you (the buyer), the Letter of Credit conditionally guarantees payment to the exporter (the seller) provided that the support documentation you submit complies with all conditions.
- An Export LC is a Letter of Credit received from another Bank in your favor as the seller.
A Letter of Credit Facility from Gulf Bank will facilitate your trading activities and our professional trade finance team will help you secure payment of your receivables.
- A secure and efficient payment process.
- Opportunity to deal with trading partners where an open account is inappropriate.
- You will enjoy the support of Gulf Bank?s dedicated and experienced Trade Finance group.
- It can be included as a part of a complete Banking solution.
- They are normally binding and irrevocable undertakings that cannot be amended without the agreement of all parties.
- They are subject to the standard regulations set out by the International Chamber of Commerce Uniform Customs and Practice for Letter of Credit guidelines.
- All documentation required to initiate payment under the Letter of Credit is clearly defined.
- Our Trade Finance activity is supported by our comprehensive global network of Bank correspondents.