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Our team of International Managers covers the UK, providing businesses with expert support and guidance on trading overseas.
A secure way to pay your suppliers
With a letter of credit, you can pay for the goods you import while covering your trading risks.
Import letters of credit give you an extra cover and control so you get exactly what you need, when you need it. You’ll know that your seller can claim payment only if they comply with all the terms in the letter of credit.
Payment is only made against documents you specify – an advantage when dealing with new suppliers. We’ll explain which documents to ask for and how to word the terms.
You could negotiate longer periods and reduce costs on the basis of the benefits your supplier gains when you use letters of credit.
Suppliers know that banks will only issue letters of credit on behalf of creditworthy customers, which can raise your competitive position.
We can issue a Letter of Credit on your behalf to provide a secure means of payment to your overseas suppliers. The beneficiary of the Letter of Credit, your supplier, will only receive payment if they present documents that comply exactly with the terms and conditions of the Letter of Credit.
Depending on the agreed terms, these documents might include a bill of exchange, bill of lading or air waybill, invoice, insurance policy and certificate of origin.
This product is available to clients of Barclays Bank UK PLC through referral to Barclays Bank PLC. Referred products will be owned and administered by Barclays Bank PLC. A portion of the revenue generated from referred products may be shared with Barclays UK PLC. Alternative service providers in the market may offer similar products.
Our team of International Managers covers the UK, providing businesses with expert support and guidance on trading overseas.
A collection1 is a simple and efficient tool for settling your trade debts. It can be used to make payments of any size and in any freely traded currency.
What you need to know about importing
From cost savings to competitive advantages, here are 5 reasons why importing could be a good idea.
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