Export Letters of Credit
Export Letter of Credit is an instrument issued by the bank in favor of the supplier or the exporter on behalf the buyer or the importer, promising to pay the beneficiary after submitting the required documents and meeting the Letter of Credit terms as per underlying contract.
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Payment under the Letter of Credit may be made available to the beneficiary by Sight payment, deferred payment, acceptance (of drafts of documents) or negotiation*
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Possibility of prepaying you export bills (post acceptance or otherwise) at competitive rates of interest to speed up your cash flow
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Adding independent confirmation to the Letter of Credit, so that in case any non-payment risk from the issuing bank of country of import you can get your export proceeds from the confirming bank.
Negotiation is the purchase/prepayment by the nominated bank of drafts (drawn under the letter of credit on a bank other than the nominated bank) and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank from the LC issuing bank.
Please inform the buyer to instruct their Bank to send the LC on our SWIFT Code – RIBLSARI.
To apply please approach any one of our Trade Finance Centers or call us directly on:
- Central region: +966-11-4865652 or +966-11-4865629
- Western region: +966-12-2609060 or +966-12-2609094 or +966-12-2609035
- Eastern region: +966-13-8335733 (Ext: 8539 or Ext: 8540)
Export Letters of Credit facilitates settling trade payments through letters of credit issued in your favor by a local or an Overseas Bank. We assist in thorough document scrutiny, processing of LC Documents and collecting payment under the LCs, in addition to adding confirmation to the LC if requested.
A representative from Riyad Bank will contact you to complete your request.
Keeping in mind that a current account is required to obtain any product or service from Riyad bank, if you do not have one yet, you can open an account from
here
