Export documentary credits

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Guia operativa

When the ordering bank issues the letter of credit and it is received by your branch, you might be contacted with a copy of the Swift message received.

You should check all the terms and conditions to make sure you can fulfil them and that you will be able to present all the documents required within the stipulated timeframe. You should, therefore, make sure that the conditions indicated in the Swift message are as you were expecting, and as previously agreed with your customer.

We can offer you a translation service if you need one. Remember, in order to guarantee collection of payments owing to you, all the relevant documentation must be presented in line with requirements, and to this end, you must understand exactly what you are being asked for in the terms and conditions.

If any of the conditions indicated in the Swift message are not as you were expecting, you can ask the customer to issue a modified letter of credit.

Once the letter of credit has been received, you can apply for Prefinanciación if required, provided you have a Foreign Trade Facility with us. If you need finance once the goods have been loaded you can apply for Financiación using your Foreign Trade Facility.

Once you load the goods and you have all the documentation required in the terms and conditions of the letter of credit, you should present said documents to your branch. If you have any doubts when drawing up the documents, our Foreign Trade experts are here to help on 901 10 11 54 (Monday to Friday, 8pm to 3pm), and you can even send them a draft of the documents for them to check before you present the final versions.

Once the documentation has been presented, we will send it to the corresponding bank quickly. Provided the documents are correct, you will receive your payment on the agreed date. If the documents presented contain discrepancies, your customer will have to waive the discrepancies in order to withdraw the documents, and they will also have the option of returning them and not paying the letter of credit.