A Chinese Trader Acquired BCL MT799 to Purchase Heavy Machineries for Their Rental Business
As a part of expanding their business, a Chinese-based machine rental firm decided to purchase heavy machinery from a German Based supplier. For this, the seller required Bank Comfort Letter to show Proof of Products. So, to get BCL MT799 on their behalf; they decided to get help from BWT, the Trade Finance Provider in Dubai.
The Problem: Required BCL MT799
A China-based company decided to start a new firm that mainly deals with heavy equipment rental. So, as a one-time investment, the firm decided to purchase heavy equipment for road construction. And it includes Excavators, Loaders, Bulldozers, JCB Wheel Loaders, Forklifts, and Tunnel Boring Machines. For this, they announced a bid to get the best price from genuine sellers. The buyer received many quotes from many suppliers. A German supplier who supplies heavy equipment also participated in this bidding contest. And they won the bid, as they provided a very reasonable quote in their bid.
The seller was ready to supply the required equipment, as per the agreed contract. But, they asked the Chinese firm to provide Bank Comfort Letter to determine their financial strength for purchasing different types of equipment. The firm agreed to their terms and started the process to avail Letter of Comfort on behalf of their new startup firm.
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The Challenge: How to Avail BCL MT799
First, the Chinese trader asked their bank to issue Comfort Letter on their behalf. Even though the trader has a good repute in the market, the bank denied their request, as they requested a Letter of Comfort on behalf of their new startup. So, they looked out for other options to arrange MT799.
They discussed with their business partners & colleagues to find a solution to their problem. By luck, one of their friend named Lian Kang (One of Our Happy Clients from China) referred BWT. Also, the past client explained our process to them. The buyer admired the referral and contacted us with their Letter of Comfort request.
The Solution: We Provided Letter of Comfort
The client submitted their request to us via email and we had a good discussion on phone about their deal. Also, they booked an appointment to meet us at our Dubai office. We scheduled the meeting accordingly; then, they visited our office to discuss their trade deal in person. Our CEO welcomed the client and they both had a fruitful discussion regarding their Bank Comfort Letter request.
The client felt well satisfied after the meeting. So, on the same day, they signed a service agreement with us and paid the admin charges. Also, they provided all the needed documents. We informed them that we would conclude the deal within 48 hours.
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Instantly, we started working on their trade deal and sent the BCL draft for the client’s review. Further, they approved the MT799 draft and paid the issuance fee. And then, we processed their request with our bank and issued the BCL via swift MT799. This BCL proved to the German supplier that the Chinese trader has the financial means to purchase heavy equipment.
Once the supplier received the Comfort Letter at their bank account, they sent the POP (Proof of Product) to the buyer’s bank. After receiving the POP, the buyer again contacted us for the issuance of a Letter of Credit; as they were satisfied with our services.
The Chinese trader became a valued client of BWT. And now, whatever the Trade Finance needs they come across, they would contact us instantly to get our support. This is how we helped the trader to conclude their heavy equipment purchase deal.
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