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Import Letter of Credit

Invaluable support for importers

  • Sight Letter of Credit
  • Usance Letter of Credit
  • Mixed Payment Letter of Credit

BankDhofar is the ideal partner at your side if imports play a major role in the success of your business.

 

An Import Letter of Credit is an undertaking issued by BankDhofar in favour of your overseas vendor (beneficiary) in accordance with the instructions from you, the buyer (importer), to honour the payment obligations linked to a transaction. It is issued for a stated amount and time, and payment is made in line with the terms and conditions of the LC and international regulation governing LCs.

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Frequently Asked Questions

BankDhofar issues three types of Import Letters of Credit (LC)based on the payment terms:

  1. Sight LC: BankDhofar undertakes to pay your overseas vendor immediately upon presentation of documents that comply with the terms and conditions of the LC.
  2. Usance LC: BankDhofar undertakes to accept the documents that comply with the terms of the LC upon presentation, and pay the beneficiary on an agreed future date.
  3. Mixed Payment LC: BankDhofar undertakes to pay the beneficiary a part of the amount on Sight basis, and the remaining under agreed Usance terms.

An Import LC is available to businesses licensed to operate in the Sultanate of Oman. Specifically, it is extended to all BankDhofar business clients with pre-approved credit lines, or against 110% cash margins.

The fees and charges are determined as per the Facility Offer Letter. Additional charges, commissions, tariffs, Value Added Tax (VAT) and/or other taxes may be applicable on services. Please contact your Account Relationship Manager for details.

You can drop in at any BankDhofar branch. Find your nearest location click here. 

If you have a query, call us anytime 24x7 on 24791111.

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Do you need further assistance or have questions about Import Letter of Credit? 
We are here to help you. Do not hesitate to contact us.

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