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International Payment

1. Advising and Amending L/C

When receiving L/C or amendment of L/C, PG Bank will check the authenticity of the L/C or the amendment of L/C and inform customers by telephone. The original L/C will be handed over directly to customers at PG Bank’s offices or sent to customers by post.

How to use:
Customers should require importers to open L/C advised by PG Bank
In order to be paid safely, exporters should use charge-free professional advice of PG Bank on payment terms and choosing the issuing bank before signing commercial contracts.

2. Confirming L/C

PG Bank commits to pay or accept to pay in due payment time for the documents presented in conformity with terms and conditions of L/Cs issued by the issuing bank. Customers are ensured to be paid by PG Bank in order to avoid the risk of default of foreign banks and importers and be discounted without recourse.

How to use:

Customers should require the importer to open L/C with terms and conditions as follows:

  • Allow to be confirmed (with confirmation or may add confirmation);
  • Nominate PG Bank to be the confirming bank and paying bank;

Customers should use advice service of PG Bank on paying terms before signing commercial contract including a term of using L/C confirmation through PG Bank.

3. Collecting Documents of L/C
Documents under L/C:

  • PG Bank will receive and check the documents, note all mistakes and recommend amendments.
  • If the documents are not discounted, PG Bank will make a payment order according to the L/C and credit customer’s account as soon as receiving payment from foreign bank.
  • If the documents are discounted, PG Bank will credit the customer’s account according to the discount agreement between the customer and PG Bank.

How to use:

  • Customers need to request importers to open an L/C having a condition that PG Bank is nominated (available with PG Bank) or L/C can be paid at any bank (available at any bank).
  • Customers present the documents within the time-limit stipulated in the L/C. If not stipulated in the L/C, the time-limit is understood to be 21 days from the date of goods delivery.
  • Customers should present the documents before the expiry date so that PG Bank can have enough time to help customers check and correct mistakes.

Do Documents under collection:

PG Bank will receive the documents, make and send a payment order according to the customer’s instructions and credit customer’s account as soon as receiving payment from foreign bank.
How to use: Customers present the documents at PG Bank and make the collection order (as PG Bank’s form)

4. Export Payment

If the documents are not discounted, PG Bank will make a payment order according to the L/C and credit customer’s account as soon as receiving payment from foreign bank.
If the documents are discounted, PG Bank will credit the customer’s account according to the discount agreement between the customer and PG Bank.

How to use: Customers present the documents at PG Bank.

5. Discounting With Recourse

PG Bank will make an advance at a given discounting rate on the amount of the payment documents under L/C or collection. If the foreign bank later refuses to pay the document, PG Bank is entitled to recourse money from customers.

How to use:

  • Customers need to request PG Bank in writing on discounting the documents which must satisfy the following requirements:
  • The documents are completely in conformity with terms and conditions of L/C, applied law, international regulations and practices.
  • All original bills of lading are presented at PG Bank (if discounting the collection documents).

6. Discounting without recourse (Non-recourse discounting)

PG Bank buys the document as a given discount rate
How to use:

  • Customer need to request PG Bank in writing to discount the documents and the documents must satisfy the following requirements:
  • The issuing bank or confirming bank is a prestigious bank having discounting limit without recourse at PG Bank
  • Bills of lading are made to the order of the issuing bank or confirming bank. All original bills of lading are presented at PG Bank
  • The documents are completely in conformity with terms and conditions of L/C, the applied law, international regulations and practices.

7. L/C transfer

PG Bank makes L/C transfers by the request of the first beneficiary. The first beneficiary may request to transfer all or a part of the L/C value.
PG Bank shall advise the second beneficiary
PG Bank shall receive documents and send for payment.

How to use:

  • Customers request the issuing bank to issue a transferable L/C in which does not comprise any term or condition that makes the L/C untransferable. The L/C regulates that PG Bank is the transferring bank or the nominating bank.
  • The first beneficiary can transfer the L/C to one or many second beneficiaries. If partial delivery is not allowed, the first beneficiary transfers the L/C to only one second beneficiary.
  • The second beneficiary is not allowed to transfer L/C to the next beneficiary.


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