Bank Comfort Letter Process
To avail Bank Comfort Letter or BCL MT799 from Bronze Wing Trading L.L.C., please follow the simple process given below:
1. At first, the buyer submits the details of their trade requirement in the form of ICPO, FCO, or a SPA.
2. And then, BWT analyzes the deal between importer or buyer and exporter or supplier. Also, it will inform the party whether they are eligible to proceed further or not for their BCL Bank need.
3. If eligible, the buyer needs to sign the service agreement with us. At the same time, we will request them to pay the initial service charges to proceed with their transaction.
4. Following the receipt of the signed agreement and service charges, we will send the BCL draft for the client’s review. Meantime, we will also request the client to provide the relevant documents and pay the issuance fee.
5. Subsequently, upon receipt of issuance fee and documents, we will request our bank to issue the BCL Letter from our European bank account. Further, this BCL Bank will issued via Swift MT799 to the supplier’s account. Even more, it will not take more than 2 working days to process SWIFT Mt799.
Apply For Letter of Comfort
Letter of Comfort Video
Letter of Comfort
A Letter of Comfort, BCL MT799 issued by a buyer’s bank at their request. It acts as a confirmation swift relayed in favor of supplier to assure the buyer’s financial ability to conclude the deal.
Further, MT799 also confirms the buyer’s ability to fulfill their commitment as per the contract. Consequently, the seller should provide a valid POP (Proof of Product) to the buyer. Further, this acts as evidence that the offered goods are available in stock with the seller.
Letter of Comfort Issued by Bank
If a buyer wants to avail of a bigger trade contract, then they need to provide BCL. This should be issued by a buyer’s bank in favor of the seller. However, to arrange such a comfort letter, the buyer should have sufficient funds available at their bank account. If so, then the bank issues such a BCL via Swift MT799.
Through BCL, the seller is conveyed that the buyer has enough cash or credit line to secure the deal. Also, this should be issued to the seller, with reference to the buyer’s ICPO or signed SPA.
For instance: If the issuing bank rejects the BCL request of the buyer due to insufficient funds available at their account. And, the buyer fails to provide a BCL, in favor of the seller at the initial stage of signing the contract. Then, the supplier will not sign the contract of the subject goods with the buyer, as their credit worthiness proved to be negative. In this situation, the buyer will lose the business; either or to win those contracts, they should try some other sources to arrange such BCL.
Bronze Wing Trading provides BCL Bank to those companies who are unable to raise such BCL from their bank account. It should be noted that this BCL doesn’t mean any payment assurance. Rather, it’s an official notification for the Proof of Funds.
MT799 Proof of Funds
MT799 acts as proof of funds provided by a buyer to their supplier for huge commodity contracts. That is also the one among the ways to determine the buyer’s ability to pay. When the supplier shows the proof of product (POP) to the buyer. Then, the buyer opens a letter of credit or standby LC to the seller for the payment of goods.
Certainly, MT799 Proof of Funds is a statement of fact but not a promise of the payment. And also, a Letter of Comfort is not at all as same as an RWA.
BCL cost specifically includes commission and transmission fees. Further, these charges are paid by the buyer to the BCL issuing bank. To get more details on BCL cost, contact our marketing team. Submit your requirements to us, we will get back to you with a Free Quote!
BCL or MT799 certainly doesn’t provide any assurance for payment. But, it can be an inexpensive way to add credit score to your financial profile. And also, it shows your fiscal position for doing global trade.
Nowadays, in the US & Europe, when two business entities are signing the commodity deal, they require BCL Bank. This BCL should be enclosed with the buyer’s ICPO. If the buyer cannot arrange such BCL Bank, then, they might not qualify to avail such a worthy commodity contract.
BCL MT799 helps to establish the comfort level between the buyer and the seller. Also, it builds a trust bridge when engaging in trade deals involving a bulk quantity of goods.
Many suppliers will request the buyers to show POF via BCL before they engage with them at the initial stage. Subsequently, the traders who are not financially sound enough, they may lose lucrative trade deals.
Apply MT799 From Bronze Wing Trading
Banks will normally require some form of collateral to provide MT799 on their clients’ behalf. But, we at Bronze Wing Trading L.L.C. assist traders to avail BCL on behalf of their company without pledging any collateral.
We act as a provider of Letter of Comfort MT799 from rated European Banks. We will instruct our Bank to send a notification to your supplier, on behalf of your company. This will show your financial capability to carrying out your trade deal. Further, we can help you by providing such BCL within 2 working days.
As the MT799 provider, Bronze Wing Trading L.L.C. provides you an effective solution with no hidden cost. Moreover, we walk with you step-by-step to ensure you conclude your deal at the right time.
Having a profitable trade deal pending in your hand? Looking for Proof of Funds or BCL to conclude your deal?
Contact Bronze Wing Trading L.L.C. to avail BCL MT799.