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As an importer, your goal is to receive your goods to specification, on time, with no delays. Exporters want to get paid as quickly as possible. BB&T International Services offers all of the services you need to expedite both sides of the trade transaction. Our team of experts can advise you every step of the way.
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 (LC) 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 US dollars or foreign currencies.
|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 offer guidance on the terms of the letter of credit, which may assist you in minimizing 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 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.
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.
For added convenience, you can monitor and manage standby LC transactions online using BB&T TradeAssist, which provides issuances and amendment functions.
When you trade with international partners that don't require the protection of a letter of credit, you're relying on commercial documentation to ensure that goods and payment will be received as promised.
BB&T International Services can help you avoid costly delays from miscommunication between you and your international partner.
With Documentary Collections, the seller's bank communicates directly to the buyer's bank instructions to release the commercial documents against payment or the acceptance of a time draft drawn on the buyer.
BB&T International Services provides templates of letters used in international trade. Included here are a model Letter of Credit and a Draft Template.
You may download these letters in MS Word format and make edits appropriate for your company.
Model Letter of Instructions for Letter of Credit (15k)
Model letter, defining the terms and conditions of the desired letter of credit, to be customized by the exporter and sent to the prospective buyer.
Draft Template (25k)
This draft template can be modified for use as a required document under a letter of credit and should be completed as per the letter of credit's instructions. It can also be used under a documentary collection.