A letter of credit is the most secure and commonly used instrument in international trade finance. To standardize and unify therequirements
and conditions of letters of credit, the International Chamber of Commerce (ICC) has issued its Uniform Customs and Practice for Documentary Credits, well known as "UCP600". Practically all banks of the world follow UCP600, which means that it does not depend on what country your partner is from; you will have the same approach and definitions in your trade transaction.
1. Import Letter of Credit
| No | Description | Fee Charge |
|---|---|---|
| 1 | Issuance | 0.125% p.m., min. USD50 Plus cable fee USD50 |
| 2 | Amendment | Amount and Expiry Date: 0.125%, min. USD40 plus cable USD30 |
| All other: USD30 flat plus cable USD30 | ||
| 3 | Cancellation | USD50 plus cable USD30 |
| 4 | Acceptance (Usance Bill) | 0.10% p.m, min. USD50 plus cable USD30 |
| 5 | Settlement | 0.15% min. USD25 plus cable USD15 |
| 6 | Reimbursement | USD40 (from Beneficiary) |
| 7 | Discrepancies | USD50 plus cable USD30 (from Beneficiary) |
2. Export Letter of Credit
| No | Description | Fee Charge |
|---|---|---|
| 1 | Advising Charge | USD30 |
| 2 | Confirmation Charge | 0.125% p.m., min. USD50 plus cable USD30 |
| 3 | Acceptance (Usance Bill) | All other: USD30 flat plus cable USD30 (from beneficiary) |
| 4 | Discrepancies | 0.12% p.m, min. USD50 plus cable USD30 |
| 5 | Documents examination/ Negotiation | 0.15% min. USD50 |
| 6 | Transfer | 0.125% min. USD50 plus cable USD30 |
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