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- To issue a Letter Of Credit most banks requires a deposit equal to the 105% of the L/C amount. The amount is deposited in a guarantee account and remains blocked as security, until the payment of the L/C.
- The issuing charges will be the opening commission which is approximately 0.2% per month with a minimum of three months, plus some additional charges for correspondent, amendments etc.
The documents required:
- company resolution authorizing the Bank to issue the letter of credit and a person to sign on behalf of the company the related documents
- block/transfer instructions
- guarantee account opening form
Most banks require verification from a lawyer, practicing in the country of registration, confirming company’s powers to issue letters of credit, to bind its assets for that purpose and the persons that bind the company with their signature (directors and secretary).
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