Issued Letter of Credit at Sight to Import Electronic Goods from China
In the electronics sector, India mainly depends on Chinese suppliers. Out of 40 percent of overall electronic goods are imported, nearly 32 percent are from China. Also, the demand for electronic goods in India is increasing day by day. We, the Letters of Credit Providers in Dubai assisted an Indian trader to import electronic gadgets from China; by issuing a Letter of Credit at Sight.
Our Client’s Requirement
The Client who runs a mobile store in India decided to expand their business by opening a new showroom in another city. For this, they decided to import the latest models of electronic gadgets including – Mobile phones; Tablets, Bluetooth speakers, wireless earbuds, earphones, power banks, etc.; from a reliable supplier in China.
Since the Indian trader was aware of the current crisis of COVID-19; they didn’t want to block their capital until the goods arrive. So, they decided to use LC at Sight as a payment term, instead of cash transfer. As it will secure the trade deal for both the seller and the buyer.
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Our Client’s Challenge to Get Letters of Credit at Sight
The client doesn’t have any existing bank facilities available in their bank to open a Letter of Credit. Also, since all their funds are tied up in their running business; they didn’t want to block the margin to get the MT700 from banks.
With no other option left, they started searching for a solution online to open MT700. In this scenario, the client received a Newsletter from us; which we were sending to our B2B portal clients. The client replied to that newsletter by sending their LC MT700 requirement to us.
Our Process in Issuing Letter of Credit at Sight
Once we received the LC at Sight request from our client; we replied to their email by providing detailed info on our Letter of Credit Process. Also, we requested them to provide the pro forma invoice of their trade deal. Further, as per the client’s request; we had a ZOOM Meeting to discuss their Letter of Credit deal. We explained and forwarded them our service agreement and the invoice for the service charges required to start work on their Letter of Credit. Further, the client signed the service agreement; also, transferred the service charges to our bank account.
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Further, we worked with our bank to structure the MT700 and sent the draft for the client’s approval. The client suggested a few changes in the LC terms. We discussed with our bank in Europe, and get amended the LC draft; as per our client’s request. Then, we sent the final LC Draft to the client for their approval. The client approved the LC MT700 draft and paid the LC issuance fees instantly. We informed our bank about the approval of the final DLC draft; also, requested them to issue the LC accordingly. Our bank has issued the Letter of Credit to the Chinese supplier’s bank via SWIFT MT700.
Our Success in LC Transaction
As we agreed with our client, we issued the required Letters of Credit on behalf of their company from our bank account without availing cash margin! This is how our trade finance team worked on this LC at Sight transaction; it also, assisted the buyer to conclude their import deal successfully!
How to Apply LC at Sight?
Have you decided to use LC at Sight for your next deal? Now you can get LC at Sight at ZERO Collateral in just 2 days by following the simple 5 step process followed by us. We, the Letter of Credit providers in Dubai maintain an easy application platform to make our clients’ LC process smooth & hassle-free. Contact us now to discuss your LC request with us!
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