A Thailand based trader concluded their steel deal with the help of Standby LC provided by us. The Thai trader deals with buying / selling steel sheets from sellers and then supplies to the local market.
The trader has received a bulk deal to supply steel sheets to buyers in the local market. They started searching for suppliers who are ready to supply tons of steel sheets on a regular basis. And, finally, they had chosen the best exporter from India.
Problem Faced: Need of Standby LC MT760
The seller was ready to supply the required commodity. But they needed some advance payment before signing the contract. The buyer was hesitant because they didn’t have any cash balance or capital flow to give as advance.
The buyer felt helpless & worried. But they really didn’t want to miss out on the trade contract because of the lack of cash flow. So, to secure the deal, they decided to proceed with SBLC or Standby LC MT760.
Challenge: Avail Standby LC from Trade Finance Companies
The trader contacted their bank and also many private sectors to avail SBLC, but nothing worked. Almost the replies are same – Some asked “Cash Margin against SBLC”. Also, some said – “Not Eligible” and some asked “Third Party Assurance”. The buyer was really upset and they don’t know what to do the next.
The buyer informed their situation to the supplier. As a ray of hope, the supplier recommended the buyer to contact us. They informed the buyer that BWT provides SBLC on behalf of the buyer without obtaining any cash margin.
Solution: BWT Provided the Required SBLC
After knowing this, the buyer visited the Import Letter of Credit website and submitted their requirement. At once, we received the email; we sent a response requesting a few more documents & contract details. We studied the documents to check whether we can proceed further or not.
Since the buyer company met all our standards, we approved their request. Also, we informed them to sign the service agreement and to pay admin charges. Instantly, the buyer provided all the documents and paid the charges (admin fee & issuance fees). And then, we requested our bank to issue SBLC. The SBLC was issued directly to the supplier’s bank account. All the processes were done within 48 hrs.
Final Result: The Buyer Felt Satisfied With the Service Offered by BWT
The buyer thanked our team at BWT for this prompt service. Mid-2019, when the buyer visited Dubai, he made a direct visit to our office to meet us. The buyer stated that only because of our timely help, they were able to conclude the steel sheets supply deal. These words from our client really made us feel proud and responsible.
Do You Require Standby LC to Conclude Your Trade Deals?