LETTERS OF CREDIT
Import Letters of Credit
Companies that are sourcing products from overseas by letter of credit need a financial institution to issue the letter of credit (L/C), which is an extension of credit on their behalf. When Wachovia issues the L/C, we guarantee payment to the overseas supplier as long as they comply with the terms of the L/C. This allows you to maintain and grow your group of overseas suppliers, which is critical for your company's success.
As an import L/C customer, you can further benefit from CyberImport, the world's first web-enabled L/C initiation product. We are one of the few banks in the world today with an automated L/C initiation system integrated into both our domestic and overseas (Hong Kong) trade processing operations.
Wachovia further helps you manage your international trade business with CyberView. This product allows you to control your entire trade cycle with immediate access to shipping documents and images.
Export Letters of Credit
An export letter of credit ensures that an exporter will receive payment from its overseas customer. This is accomplished by the exporter requiring a letter of credit from their customer's bank, which substitutes its credit standing for that of the buyer, minimizing the risk of non-payment due to political or financial risk. Wachovia acts as the advising or confirming agent on behalf of our customer, the exporter.
Companies using our export L/C services benefit from our extensive correspondent bank network and the numerous foreign banks that have direct account relationships with us. This means faster payment, less expense, and less administrative work for our customers.
Further, Wachovia has once again harnessed the power of the Internet by bringing CyberXport to our customers. Through CyberXport, customers can receive and review advised letters of credit on the Internet as soon as they are received by Wachovia, doing away with paper and the manual effort currently involved. We even send you an email that the document has arrived. CyberXport also allows exporters to initiate new documentary or L/C collection cover letters and track export-related payment activity online.
For an inquiry about your export transactions contact our International Trade Customer Service team.
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