Letters of Credit
A Letter of Credit is a guarantee from a bank that the seller will receive payment from a buyer and can save you time, reduce risk and accelerate payments.
We offer three tiers of service:
Tier 1 - Feasibility Check
It is not uncommon for Issuing Banks to raise non-feasible Letters of Credit. On receipt of the LC, simply email the Letter of Credit to us and we will check it to ensure the conditions can be met by your company, which supporting documents (plus how many copies) are required, how they must be worded to meet LC conditions and make aware of any time limited rules.
- Members price per check: £60+VAT
- Non-member price per check: £120+VAT
Tier 2 – Pre-presentation Check
Prepare and collate all your documentation as per the LC ready for presentation to the bank. We will check through all documentation to ensure everything is in line with the LC and highlight any possible discrepancies/anomalies.
Price to be confirmed subject to number of documents to check.
Tier 3 – Full Management
Sheffield Chamber will deal with your Letter of Credit from the outset. Including liaising with your freight forwarder to make sure the transport documents are correctly prepared, together with any other 3rd party (such as issuing banks and port authorities), as well as generating the remaining documents and presenting them to the bank on your behalf. Should the bank have any queries, we will address them for you.
For more information please contact our team on 0114 201 8888 or email international@scci.org.uk.
