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Letter of Credit (LC) Benefits
A letter of credit minimizes risk, maximizes control, and optimizes profits associated with international trade by making transactions simpler, smoother and safer for all sides.
- You may not have the necessary collateral requirements or relationship with the bank to get a letter of credit—but we do.
- You don’t have to leave deposits with your suppliers, since your letter of credit will be opened for the full amount of the transaction—so your cash is not tied up or at risk while your supplier can often borrow against a letter of credit.
- You may significantly increase your ability to do business with companies outside the by bolstering your financial position with your suppliers.
- You can build safeguards into the letter of credit, including inspection of the goods and quality control, and set production and delivery times. This gives you more quality control over your goods.
- Payment is assured as long as you comply with the terms and conditions of the letter of credit.
- The credit risk is transferred from the buyer to the issuing bank, which is obligated to pay even if the buyer goes bankrupt.
- You have easier access to financing and are able to transfer all or part of the letter of credit to another party, e.g., to purchase raw materials.
- Collection time is minimized, as the letter of credit accelerates payment of receivables, and foreign exchange risk is eliminated when it is issued in the currency of your country.
5 Reasons to use Man Global Investments Ltd (MGIL) to deliver Letter of Credit (LC) for you:
- 72 Hour Delivery – We normally deliver Letters of Credit (LC) within 72 hours of all documentation and payments being completed.
- Any Country – We will issue Letters of Credit (LC) for the import/export of goods from ANY country.
- Any Currency – We will issue Letters of Credit (LC) in almost any currency ..
- Lower Fees – Our fees for issuing Letters of Credit (LC) are more cost effective than many larger public banks.
- Less Restrictive – Our required control clauses for a Letter of Credit (LC) are much easier than other banks.
We use the Bank SWIFT Network to have the clients Letters of Credit (LC) delivered Bank to Bank. We operate a reliable, efficient delivery and authentication process to ensure all Letters of Credit (LC) are successfully delivered for our clients.
Client Deposits are 100% Protected with 2 Levels of Protection
We value our relationships with our clients so much that ALL CLIENT DEPOSITS for Letters of Credit (LC) receive 2 Tiers of Protection which are:
- Corporate Refund Undertaking
- Non Performance Penalty
Letter of Credit (LC) Costs
Costs are customized to each Goods transaction and therefore a exact quote can be provided once an completed application is received, but as a pricing guide:
Estimated Completion Time:
- Letters of Credit (LC) are normally issued within 72 hours of all documentation and payments being completed by the Applicant.