Letters of CreditAn increase in trade facilitation among many different countries has allowed the U.S. to expand its business transactions with other countries and vice-versa. At IBC Bank, we help you facilitate your engagements in trade by offering Letters of Credit (L/C). Whether you are doing business with a foreign or domestic company, Letters of Credit are one of the most important and secure financial tools available for your trade. Most importantly, a Letter of Credit helps reduce the risk of your trade transactions with foreign individuals or corporations.
At IBC Bank, we have a variety of Letters of Credit to suit your needs:
- Import or Domestic Letters of Credit - guarantee payment to a domestic or foreign supplier on behalf of the importer. Using this type of instrument transfers the financial obligation from the customer to the bank.
- Export Letters of Credit - facilitate international trade for the exporter by offering them a high level of security by stating that they will be paid for their goods or services. This helps the exporter expand their business opportunities internationally while minimizing risk.
- Standby Letters of Credit - issued on behalf of a customer to facilitate engagement in contracts with other individuals. IBC Bank provides assurance that the customer will fulfill the terms of a contract with the beneficiary. A Standby Letter of Credit is also commonly used to support the credit worthiness of a customer.
In order to qualify for Letter of Credit services, you must be an IBC deposit or loan account holder.
If you would like to download a Letter of Credit application, please click on the corresponding link below: