Import Services

Import Services

Opening of Letter of Credit

For international trade settlement by the buyer (importer) for importation of goods into Myanmar. LC is issued by the issuing bank on behalf of the buyer/importer in favour of the sell/exporter. It is an undertaking by the Bank at the request of a buyer to honour claims by the seller provided that the documents relating to a shipment of goods are presented within a specific time and in accordance the terms and conditions of the LC. Ideal for commercial businesses where both parties totally do not trust each other and need comfort of a reputable third party, e.g. banks.

Benefits

  • Use of bank expertise and worldwide channels to issue and advise LCs expeditiously and a straight forward process, fast and efficient processing of LC transactions
  • Subject to UCP600, internationally recognised rules and standards governing LCs
  • Same day processing and next day issuance upon submission of required documents

 

Inward Documentary Collections

This is where an exporter collects payment from his overseas buyer (the importer) through the Bank. After the shipment of goods, the exporter entrusts the trade document to the Bank, with specific instructions and terms for their release to the buyer. The Bank releases the documents to the buyer only when he meets the payment terms, either by D/A (Documents against Acceptance) or D/P (Documents against Payment). Short-term financing under Trust Receipts is also available from the Bank.

Benefits

  • Trusted agent (bank) to handle in collection
  • Fast receipt of documents
  • Cheaper than LC
  • Maximum next day notification to customers of in-coming documents

 

Trust Receipts

The Bank provides short-term credit facilities for financing the importer when a Letter of Credit (LC) or collection is due for payment. A credit trade line is required before this facility can be utilized. This is a credit facility granted to the customer to enable him to take delivery of the goods prior to payment. As security, the goods title is with the Bank, and the customer will undertake to hold the documents, the goods and the sale proceeds in trust for the Bank.

Benefits

  • Able to purchase products without having to make payment
  • Important for customer as it provides the liquidity to bridge the time needed to process and sell his goods and the time when settlement is required under this import
  • Flexibility in repayment depending on buyer’s cash flow

 

Shipping Guarantee

Shipping Guarantees are indemnities given by the Bank to the carrier of goods, so that the goods can be released to the consignee without producing the Bill of Lading of Air Waybill. This helps the importer to avoid demurrage charges which otherwise will be imposed if delivery of the goods is not taken up due to the absence of shipping documents.

Benefits

  • Obtain goods fast and without Bill of Lading
  • Save on port charges, storage demurrage charges and etc.
  • Same day processing and next day issuance upon submission of required documents