SBLC Process

 

Looking to avail Standby Letter of Credit from World Repute Banks? Contact Bronze Wing Trading L.L.C.! We can provide SBLC MT760 from European banks at ZERO Collateral. Please follow the SBLC Process given below to get SBLC within 48hrs:

1. At first, the buyer presents the trade deal requirement by submitting a buy and sell agreement or a proforma invoice.

2. Further, we at BWT will examine the trade deal between the buyer and seller. And, also, will inform the party if their request is approved or not.

3. If they meet our terms, we approve their request. And then, we will sign the service agreement with the client. Meanwhile, we will inform the service charges to the client to start working on their transaction. 

SBLC MT760

4. Accordingly, the client signs the service agreement and pays the service charges to us. Then, we will start working on their request.

5. After that, we will send the MT760 draft for their review. Further, we will inform the client to provide documents and charges for the issuance of Standby LC.

6. And then, upon receipt of draft approval, the documents, and the issuance fee, we will initiate the request to issue Standby LC. Further, being Genuine SBLC Providers in Dubai, SBLCs will be issued from our own accounts in European Banks via Swift MT760. Also, the entire process will not take more than 48 hours.

SBLC Process – Standby Letter of Credit

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    Standby Letter of Credit Video

     

    What SBLC Stands For?

     

    SBLC stands for Standby Letter of Credit. SBLCs are issued by a bank to provide payment assurance to the seller. Further, it provides a guarantee to the seller that if the buyer defaults in payment, then the banks will be liable to pay the specified amount as per the agreed contract.

    The bank is undertaking the payment commitment on behalf of the buyer. So, before issuing SBLC, the buyer’s bank will verify the credit quality of the buyer. Once the buyer’s bank is satisfied with the credit history, they will provide a written undertaking to the seller’s bank, assuring the seller’s payment commitment; in case of buyer’s defaults on the agreement.

    Since the SBLC is issued after verifying the creditworthiness of the buyer, it stands as a symbol of faith in commercial transactions. Also, it acts as proof of the buyer’s financial ability and payment skills. Also, it can serve as a surety to avail credit lines; for those who want to mobilize their business without liquidating their assets.

    For the business, that is presented with SBLCs, the greatest benefit is that they come out from the worst-case scenario at ease. Further, in today’s competitive world, traders face difficulty competing against bigger and better projects. But having SBLCs can add credibility and help get the deal awarded with ZERO upfront payment to the seller.

    SBLC Issuance 

    Usually, SBLCs are issued as an irrevocable financial tool on behalf of the buyer & in favor of the seller. So, once it has been issued & transmitted via SWIFT MT760, it cannot be revoked or canceled.

    However, it can be transferred or assigned to another party upon written confirmation from the first party. However, the transferring banks must notify the issuing bank of the amount of SBLC transferred with the effective date of transfer.

    Parties Involved in the Standby Letters of Credit

    • Applicant

    It’s a client who requests to issue MT760. However, to get the MT760 issued, they should have enough credit line. Or else, they have to provide financial security or cash margin.

    • Beneficiary

    The supplier, who receives the SBLC in their account.

    • Issuing Bank

    The applicant or buyer’s bank facilitates the issuance of SBLC.

    • Correspondence / Advising Bank

    The bank, who advise the issued MT760 to the supplier’s bank on behalf of the buyer. Further, this happens, in case, if the issuing bank doesn’t have a direct relationship with the supplier’s bank.

    • Supplier’s Bank

    The bank, where the supplier is maintaining their bank account.  Also, the advising bank works for the supplier in keeping the fiscal tool in the banking system.

    Benefits to Avail Standby Letters of Credit

    As a Buyer,

    • You don’t need to provide any financial collateral or cash margin to us. Also, you don’t need to have a direct relationship with our bank. 
    • Having MT760 shows your financial ability to do trade. Also, this may enhance your ability to do business with traders both locally and globally.
    • Also, MT760 helps to reduce risks, maximizes production, and also assists to optimize profit.  Further, this makes the local and global trade deals simpler, safer, and secure.

    As a Supplier,

    • Payment is confirmed, if you comply with the terms and conditions as per the issued MT760s.
    • In case, if the buyer goes bankrupt or fails; the issuing banks will make the payment for you on behalf of the buyer.
    • Issued Standby LC also ensures you will get the payment in a specified currency within a set time period. 

    Cost of SBLC

    The cost of SBLCs mainly includes commission, processing fee, swift charges, and also the advising fee. 

    Further, SBLC charges may also vary depends upon the tenure of MT760. Mostly, the issuance fee of SBLCs is based on the value of the SBLCs amount.

    Also, all these charges are covered by the buyer as per the terms between the buyer and the seller. Further, this should also be stated in the issued SBLC. 

    Usually, to issue the MT760, you may need to provide collateral or cash margin to protect the bank in a default scenario. Further, the level of cash margin required will largely depend on the risk involved. Also, based on the strength of the business.

    If you are looking to get MT760 without a cash margin, you can contact us with your SBLC requirements. 

    As Genuine SBLC Providers, we offer:-

    48 Hours Delivery

    Normally, we deliver the MT760 within 48 hours. i.e. 2 working days from the receipt of documents and the charges.

    Local and Global Reach

    We can provide Standby LC to any country to conclude your trade either locally or globally.

    Competitive Rates

    Our Standby LC issuance charges are more competitive than other financial institutions.

    SWIFT Network

    Also, we use the swift network for the transmission of Standby LC between banks.

    Are you doing imports and exports? Looking for MT760 to conclude your trade over horizons? Contact Bronze Wing Trading L.L.C. to avail SBLC today!

    Bronze Wing Trading L.L.C., the direct SBLC Providers offers Standby LC from the Top Banks in Europe. Moreover, we structure your trade deal perfectly. So, you will be able to meet your business goals; as well as protect your business interests. 

    Above all, we can uniquely help you, that others can’t. Because only we are aware of, what it takes to close your deal successfully. Further, our expert team fully understands the challenges faced by trades; also, we are always available to extend facilitation between buyers and sellers to meet their business needs.

    Being a Standby Letter of Credit Provider in Dubai, we will be glad to assist you with your SBLC MT760 request. Get in touch with us today! 

    To Apply For Standby LCClick Here!

    To Apply For Standby LCClick Here!

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