FAQ – Frequently Asked Questions

FREQUENTLY ASKED QUESTIONS

  • I generally open letters of credit through my bank. How are your letters of credit different?
  • Why do you charge processing /application fees and why is this not refundable?
  • Why do I need to pay your fees before you open the letter of Credit? Can you take your fee out of the profits of the transaction?
  • Can I cancel my Letter of Credit after it has been Opened?
  • What type of collateral do you require to open a Letter of Credit?
  • What is the charge for opening a letter of credit?
  • What is the maximum size letter of credit that you open?
  • For what type of goods do you open Letter of Credit?
  • I opened a letter of credit to my supplier, but he did not ship the goods. Will you refund my fee?

I generally open letters of credit through my bank. How are your letters of credit different?

 The letters of credit that we open are opened using our bank accounts held with Financial

Institutions. When you open the letter of credit through your bank, you use your credit line.

When you open through us, you use our credit lines.

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Why do you charge processing/application Fees and why is this not refundable?

In reviewing your application we incur a number of costs. The fee payable is for application

processing and decision making service not for guaranteed approval or issuance of an

operative financial instrument. Once you sign the application form and hand it over to us,

you have given us your consent to proceed with the processing of your application. As a

result irrespective of the outcome of such application, the costs are already incurred and

paid and the fees cannot be refunded.   If you are not in agreement, please do not sign the

Application forms or where signed cancel both the first page and signature page to evidence

withdrawal of your application. Be mindful that this can only be done where the application

form has not been handed to us.

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Why do I need to pay your issuance fee before you open the letter of credit? Can’t you take your fee after issuance or out of the profits of our transaction?

Instruments issued through us are irrevocable and as such once issued cannot be cancelled by you or us. We do not participate in the transactions of our clients as a party to the transaction other than a provider of certain financing. Therefore, we do not participate in the profits of our client’s transactions. Our fees are the same regardless of the profit margin in the transaction.

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Can I cancel my letter of credit after it has been opened?

All of the instruments that we issue are irrevocable and cannot be cancelled except by the beneficiary.

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What type of collateral do you require to open a letter of credit?

In most cases we do not require a specific collateral deposit to open a letter of credit. We offer transactional based finance. When a client wishes to open a letter of credit, he presents us with the details of his transaction so that we can make a decision about the transaction on its merit. The final decision by our company to enter into a transaction is made according to a set of criteria

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What is the charge for opening a letter of credit?

The letter of credit charge depends on a number of factors. Our agents can provide you with an up to date Tariff schedule.

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What is the maximum size letter of credit that you open?

We are able to open letters of credit of almost any size. We consider the complexity of the transaction; the goods that are being traded; and, other factors having to do with the parties to the transactions and where they take place.

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For what type of goods do you open letter of credit?

We can open letters of credit for any type of goods provided they fall into our ethical and legal criteria. That said, we will not get involved in transactions involving weaponry or ammunition under any circumstances.

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I opened a letter of credit to my supplier, but he did not ship the goods. Will you refund my fee?      

Once the letter of credit is opened your fee cannot be refunded. We recommend to all of our

clients that they need to assure themselves of their suppliers’ ability to perform before

opening any banking instruments to them.

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