JSCB «InFinBANK» offers you a convenient and reliable form of non-cash payment - the letter of credit. The using of various types' letters of credit in settlements between the buyer and the seller allows to minimize the risks associated with the fulfillment of the obligations of the parties under the contract.
The letter of credit is one of the main settlement instruments and represents the irrevocable obligation of the issuing bank (JSCB "InFinBANK") to make a payment to the seller (the beneficiary) at a predetermined time (upon presentation or after a delay), provided that the beneficiary presents the documents in accordance with the terms of the letter of credit.
By the way of performance, letters of credit are distinguished upon presentation (payment on the fact of shipment) or with a deferred payment (payment with postponement after shipment). The letter of credit can be unconfirmed or confirmed. When an unconfirmed letter of credit is opened, only the issuing bank ("InFinBank") is liable for proper presentation, upon opening a confirmed letter of credit, in addition to the obligation of JSCB "InFinBANK", its obligation is added by a foreign (confirming) bank by confirming the letter of credit.
Through the using of a letter of credit form, it is possible to ensure compliance with the terms of a foreign trade contract, to balance and reduce the risks of parties to the contract, to control the timely and complex delivery of goods (including the processing and transfer of all required documents), avoid advance payments for goods, get a deferred payment plan, credit resources, provide guarantees of receiving revenue for the supplied goods on comfortable financial terms, etc.
In order to increase the efficiency of foreign economic activity of clients, JSCB "InFinBANK" offers the organization of short-term financing of import transactions using documentary letters of credit with post-financing or deferred payment within the credit lines granted to the Bank by foreign financial institutions.
When making settlements on the territory of the Republic of Uzbekistan, it is possible to open letters of credit in the national currency - UZS. The currency of payment and financing under these letters of credit is UZS, letters of credit are subject to the "Regulations on Non-cash Payments in the Republic of Uzbekistan" (reg. MJ 03.06.2013 No. 2465).
ADVANTAGES OF ACCREDITATIONAL PAYMENT FORM:
- recognized payment instrument in international trade;
- a wide choice of payment schemes that satisfies any trading partner;
- unconditional guarantee of payment;
- free information and consulting support from JSCB "InFinBank" on the organization and conduct of credit operations;
- the cost of financing in the form of a letter of credit is significantly lower than the cost of the loan.