Fudian Bank

L/C review / accounts received

Product descriptions

The L/C review refers to the comprehensive services the Fudian Bank provides to exporters under the L/C, which consist of document review, document reimbursement, and receiving accounts.

Product functions

The product is used to meet the exporter’s settlement and collection requirements under the L/C.

Product features

1. Low risk. The bank credit of the issuing bank of the L/C replaces the commercial credit of the importer, providing the exporter with conditional bank payment commitments;

2. High initiative. An unconditional payment commitment from the issuing bank can be obtained under normal circumstances as long as the quality of the documents can be guaranteed, and the quality of the documents is completely under the control of the exporter;

3. The cost is passed on. The bank expenses such as opening the L/C can be borne by the importer, which is more beneficial to the exporter.

Applicable customers

1. The exporter does not know or believe the credit information of the importer and requires additional commitments from the counterparty bank;

2. The exporter needs to apply for financing at the bank that located in the export place.

Application conditions

1. The applicant has been approved and registered in accordance with the law, and has an annually verified legal person business license or other valid documents which can prove its business legitimacy and business scope;

2. The applicant has the import-export operation rights.

Handling process

1. After the exporter (the beneficiary of the L/C) has prepared the shipment in accordance with the terms of the L/C, he submits the export document to the Bank;

2. After the Bank reviews the document, it will be sent to the foreign issuing bank or designated bank for reimbursement;

3. Upon receipt of the document, the foreign issuing bank prompts the applicant under the L/C;

4. The foreign issuing bank shall pay the Bank at maturity, and the Bank shall pay the exporter.