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Import letters of credit

 

Import letters of credit

  • Extra cover and control so you get exactly what you need, when you need it
  • Know that your seller can claim payment only if they comply with all the terms in the letter of credit

Working with a new supplier

When you’re building a new business relationship with a supplier, it’s reassuring to know that they’ve met the commitments they agreed to before you pay them.

Offering to pay using an import letter of credit enables you to negotiate the terms of trade, including specific delivery dates and the commercial documents you require. If you need reassurance over the quality of the goods, you can ask for an inspection certificate to be added to the letter of credit.

If your supplier accepts, you’ll have confidence that your delivery will be made on time, and that the consignment will accurately match your order.

Download our fact sheet on import letters of credit.

Import letter of credit fact sheet 190 KB

 

How import letters of credit help you trade

  • Payment to your supplier is secured, provided they conform to the agreed terms
  • You can negotiate the terms of trade, which is particularly valuable with new suppliers
  • It may enable you to negotiate longer credit periods and attribute costs to your supplier
  • Payment can be made for any amount and in any freely traded currency either on delivery of the documents or on a future date

 

What to do next

Contact your local International Trade Manager to talk through your business needs.

 

Once you've spoken to your trade manager or are satisfied that you have all the required information, download a form from the link below to begin completing your application.

Download the form to apply

Application for Import Letter of Credit 572KB

 

Looking for something else?

If you need a practical alternative to paying suppliers in advance, import documentary collections may suit your business.

Visit our international banking services page to find out how else we can help you with importing and exporting.

Working with a current supplier

When you’re focused on managing complex demands from your customers, you need the confidence to know that suppliers will deliver your purchases accurately and on time.

When you use an import letter of credit, your supplier is committed to deliver according to the terms you’ve agreed – and you won’t need to pay unless  those terms have been met.

Download our fact sheet on import letters of credit.

Import letter of credit fact sheet 190 KB

 

How import letters of credit help you trade

  • Payment to your supplier is secured, provided they conform to the agreed terms
  • You can negotiate the terms of trade, which is particularly valuable with new suppliers
  • It may enable you to negotiate longer credit periods and attribute costs to your supplier
  • Payment can be made for any amount and in any freely traded currency on delivery of the documents or on a future date
  • Enhance your trading status and competitive position

 

What to do next

Contact an International Trade Manager to talk through your business needs.

 

Once you've spoken to your trade manager or are satisfied that you have all the required information, download a form from the link below to begin completing your application.

Download the form to apply

Application for Import Letter of Credit 572KB

 

Looking for something else?

If you need a practical alternative to paying suppliers in advance, import documentary collections may suit your business.

Visit our international banking services page to find out how else we can help you with importing and exporting.
 

Trading outside the EU?

If you’re importing from a country that isn’t a part of the European Union, get in touch to see if our VAT payment solution could help your business.
 

Barclays Business Abroad

A free source of expert support and advice for businesses trading internationally, with valuable discounts on trade products and services. Find out how to register for Barclays Business Abroad

Finance to support a longer working capital cycle?

Our financing options can help you bridge the gap and manage your business growth. Talk to our International Trade Managers to review your trade cycle.