It is a method of international trade where the buyer places funds at the disposal of the seller before shipment of the goods/services are done. Payments are done within 24 hours after receipt of customer request.
- Payment is made before goods are delivered to the buyer.
- This method of payment is risky to the buyer as there is 100% exposure in the event of Seller’s non-performance.
- Banks are involved only in the transfer of funds.
- Less expensive as compared to Letters of credit.
- Quick and secure means to transfer funds abroad.
- Customers have access to foreign currency at very competitive rates.
- Visit any of our branches nationwide for an application form (Customer request).
- Attach your Proforma invoice and Import Declaration Form (IDF).
- Ensure there is sufficient funds in your account for the transfer.
- NB: Customs Clearing Documents (Bill of Entry) to be submitted after goods cleared.