Export Office: Letter of Credit Service
80% of Letters of Credit are rejected by the banks on their first presentation and over 50% on second presentation, meaning that cash flow is adversely affected whilst problems are sorted out.
Letters of Credit call for specialised knowledge.
Here at the Sheffield International Trade Centre (SYITC), our specialists offer a Letter of Credit management service.
You can choose from 2 levels of involvement, we can carry out a simple check with suggestions for amendments or we can complete all the documentation on your behalf.
Option 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.
Option 2 The Works (Full Letter of Credit Management)
Send us your LC from the outset. We will then check it to ensure its conditions can be met, liaise with your Freight Forwarder to make sure the transport documents are correctly prepared and liaise with any other third party involved to collate documentation. We would then generate the remaining documents as per the LC and present to the bank on your behalf and should the bank have any queries, we will deal with them for you.
Contact the SITC team on 0114 201 8888 for a chat or email email@example.com
Needing a single document completing on your behalf? Visit the Export Office Hub for more information.