| Letters of Credit |
| Import Letters of Credit |
If your company imports goods from overseas suppliers, you may be required to have a financial institution issue an import letter of credit on your behalf. This type of LC shifts the payment responsibility to the issuing financial institution, as long as the terms of the LC have been met by the supplier. BB&T can help you finance your imports by opening letters of credit under which sight or time drafts may be drawn in U.S. dollars or foreign currencies. Our experts will help you structure these credits for maximum protection and flexibility.
For added convenience, you can monitor and manage transactions online using BB&T TradeAssist, which allows importers to initiate and amend import LCs, receive collection notices, accept or reject payments on discrepant documents, and initiate and amend international standby LCs.
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| Export Letters of Credit |
If your company exports, you want to be assured that you'll receive payment from your overseas buyers in a timely manner. This assurance is made by requiring a letter of credit from your buyer's bank. BB&T International Services can serve as the advising or confirming bank for your export LCs and advise you on how to meet documentary requirements and minimize the possibility of nonpayment due to financial or country risk.
For added convenience, you can monitor and manage transactions online using BB&T TradeAssist, which allows exporters to receive notification of export and standby LCs from overseas buyers, receive collection notices, and track documents and payment activity.
BB&T International Services also offers a full suite of export finance products arranged through the Export-Import Bank of the United States. These products are designed to help you hedge against nonpayment risks and provide working capital financing for your exports.
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| International Standby Letters of Credit |
International Standby letters of credit can be used by importers and exporters as a guarantee of payment and added assurance that the applicant will fulfill obligations outlined in the underlying contractual agreement between the buyer and seller. BB&T International Services has specific expertise in structuring these documents, and we can advise you in situations when a standby LC may be more appropriate. |
BB&T International Services offers expert advice and full support to help you expedite your trade transactions. Contact your BB&T relationship manager or one of our International Banking Officers at 1-866-228-4685 for more information. |
