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International Payment

1. Issuance of L/C (at sight/ deferred L/C)

PG Bank will open L/C upon customer’ request (importers). L/C can be issued without or with a given amount of cash cover depending on each specific customer as well as agreement between the customer and PG Bank.

How to use:

  • Customers need to present following documents to request PG Bank to open an L/C:
  • Application for a letter of credit;
  • Commercial contracts (import- export contracts) or legally equivalent documents (if available);
  • Import permission of relevant Ministries for conditionally imported goods.
  • Confirmation text of the State Bank of Vietnam on the registration and foreign debt payment for import L/C with deferred period of over 1 year.

2. Payment of L/Cs

After receiving documents sent by overseas banks, PG Bank will check and advise to customers. If documents are in conformity with terms and conditions of the L/C, PG Bank will pay the beneficiary.

Otherwise, PG Bank will advise the customer of the inconformity of the documents. If accepting the documents, the customer will make payment or acceptance to pay and receive the documents. Conversely, PG Bank will refuse to pay the beneficiary.

How to use:

  • For at sight L/C: If documents are in conformity with terms and conditions of the L/C, customers need to pay the amount of money which are not deposited for the cash cover and receive the documents. PG Bank makes the payment to the foreign bank and debits the customer’s account.
  • For deferred L/C: If documents are in conformity with terms and conditions of the L/C, customers will pay the fee of payment acceptance, receive the documents and make payment in due time.

3. Bill of Lading endorsement/Delivery Authorization issuance under L/C, Collection or Shipping guarantee

PG Bank will endorse Bill of Lading or issue Delivery Authorization or Shipping Guarantee for customers to receive goods (if losing shipping documents) from transporters.
Customers present application for endorsement of Bill of Lading/Issuance of Delivery Authorization
After checking terms of payment including cash covers and loans to make payment, PG Bank will endorse Bill of Lading or issue Delivery Authorization under the L/C.

How to use: Customers need to present documents including:

  • Application for Endorsement of Bill of Lading/Delivery Authorization issuance (as PG Bank’s form)
  • Invoices;
  • Under the circumstance of Endorsement of Bill of Lading, present originals of shipping documents
  • Under circumstance of guarantee of goods receipt, present hardcopy of shipping documents, the Form for Guarantee of goods receipt (if available).
  • After checking the conditions of payment guarantee such as escrowing/ borrowing money for making payments, PG Bank will endorse Bill of Lading and guarantee the receipt of goods at the customer’s request.

4. Collection Advising and Payment

Upon receipt of collection documents from overseas banks, PG Bank will advise customers within the same working day. Customers will receive the documents after making payment or accepting to pay.
How to use:

  • For D/P collection (Documents against Payment): You need to make payment in order to receive the documents.
  • For D/A collection (Documents against Acceptance): You need to make payment commitment in writing or sign the bill of exchange.
    Foreign Guarantee/ Standby L/C

5. Advising Foreign Guarantee/ Standby L/C

Upon receiving the guarantee/ standby L/C or the amendment of L/C from the foreign banks through SWIFT or by post, PG Bank will proceed to check the authenticity of the guarantee/ standby L/C or amend and advise to the customers on telephone. The original of the guarantee/ standby L/C of the amendment will be directly handed over to you at PG Bank’s offices or by post.

Issuing Foreign Guarantee/ Standby L/C.

PG Bank will issue Foreign Guarantee/ Standby L/C at the customer’s request. The guarantee/ Standby L/C can be issued without escrowing or escrowing with a certain ratio depending on the customer category and the agreement between customers and PG Bank.

How to use:

  • Customers need to show the following documents after requesting PG Bank to issue the Guarantee:
  • Application for the issuing of the Guarantee/ Standby L/C (as PG Bank’s form)
  • Documents related to the obligation of requesting the guarantee.
  • Other related documents at PG Bank’s request.
  • Based on the production and business situation, professional skills, financial power and prestige of the customer and under the regulations of the Government and PG Bank, PG Bank and the customer can reach an agreement on whether to apply guarantee methods for the customer’s obligation towards the guarantor.

Số lượt đọc:  151  -  Cập nhật lần cuối:  24/06/2011 02:06:08 PM
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