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Under Bills for collection, there is an underlying credit from the supplier for which a Bill of Exchange (an IOU) properly executed by the importer and endorsed by his bank is the underlying “Eligible Instrument”.
Access Bank issues import letters of credit on behalf of customers to her beneficiaries anywhere in the world by utilizing lines availed by highly reputed correspondent banks. These banks are positioned in strategic business locations all over the world.
Click HERE to download the Letters of Credit Application form.
This product is used by a borrower to finance the fulfilment of a sales contract with a credit worthy off taker. The terms of the purchase order financing agreement are very specific, requiring the borrower to use loan funds for the purchase of certain materials and/or services needed to deliver goods to the end-customer.
The Dollar Usance is an outright Dollar Loan and will also ensure that your LC is made operative without having to add confirmation to the letter of credit pending when you are successful at the Dutch Auction bid. To this end, this solution saves you any offshore confirmation charges.
The Letter of Credit Confirmation Line (LCCL) will ensure that confirmation is added to your letter of credit pending when the bid is won on your behalf. The LCCL does not involve actual cash outflow, as it is essentially a payment guarantee from Access Bank Plc accepted by our foreign correspondent bank. However, your offshore suppliers can discount this guarantee on the counters of the same advising/confirming bank.
Our foreign funds transfer ensures funds are transferred efficiently and promptly through our correspondent banking relationship with the first class international banks. We maintain foreign accounts in all the major currencies and correspond through Citibank (London and New York), JP Morgan, Australia New Zealand Bank (ANZ) (London), BNP Paribas Paris, Deutsche Bank, HSBC Bank PLC amongst others.
Trade Service is a unique electronic solution that allows our trade customers to initiate and track transactions electronically. In addition, our clients can customise, schedule and generate reports and retrieve the desired information electronically.
Customers can purchase foreign exchange from the CBN or Interbank/Autonomous sources and transfer funds to offshore beneficiaries FOR ELIGIBLE INVISIBLE TRANSACTIONS ONLY. Examples of eligible Invisible transactions are school fees, mortgage payments, medical fees, consultancy fees, airline remittances, etc. Each transaction must have an ORIGINAL Form A duly filled and signed in line with the customers’ mandate with