SKIP TO SITE NAVIGATION | SWITCH TO GRAPHICAL VERSION
Import Open Account
Purchasing goods overseas on open account terms is attractive in that the decision to pay can be conditioned on receiving and inspecting the products after shipment. Issues with quality and timeliness can then be resolved prior to payment. Bank fees are also minimized, as the role of the banks is simply to process the payment transaction. Trading partners with a long history of doing business together might consider open account terms.
With enhanced functionality and robust features, Import Services allows importers to benefit from the latest advances in Internet technology, along with the security and confidentiality Wachovia customers expect. Import Services is a complete web-based system for managing import and standby letters of credit that now includes support for open account.
Export Open Account
An open account transaction is the least secure of the export methods available. It should not be used unless the exporter is dealing with its own overseas branch or subsidiary or is thoroughly satisfied that most of the risks inherent in an unsecured credit have been eliminated.
Under an open account transaction, there are no financial institutions acting as intermediaries between the buyer and seller, except for the flow of funds. The exporter makes a shipment with the assumption that payment will be received in accordance with the terms of the agreement with the importer.
The potential dangers and complexities inherent in selling on an open account basis are great. They should not be assumed by a U.S. exporter unless the customer merits full confidence and the exporter is willing to assume the political and economic risks associated with the buyer's country.
Contact Us
Trade Products Customer Care
Charlotte (800) 776-3862
Los Angeles (866) 788-6297
Hong Kong (852) 2509-0888
Standby LC (800) 776-3862
International Contacts
Corporate & Institutional