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Import letters of credit

A secure way to pay your suppliers

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  • Payment to your supplier is secured, provided they conform to the terms you’ve specified
  • Make payments of any value in any freely traded currency
  • Gives you the opportunity to negotiate the terms of trade - especially valuable with new suppliers

With a letter of credit, you can pay for the goods you import while covering your trading risks.

How import letters can help your business

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.

Gives you more control

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.

Enhances your bargaining position

You could negotiate longer periods and reduce costs on the basis of the benefits your supplier gains when you use letters of credit.

Improves your competitive status

Suppliers know that banks will only issue letters of credit on behalf of creditworthy customers, which can raise your competitive position.

How it works

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.

Other services that may interest you

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Import documentary collections

Make and receive secure payments around the world

A collection 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.

  • Make payments of any value in any freely traded currency
  • Payment can be made to your suppliers on their immediate presentation of documents or on a fixed or determinable future date
  • You may be able to negotiate a credit period (term bills) by agreeing to use collections
Import collections
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Guide to importing

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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