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Express Letter of Credit (Express LC)
An irrevocable undertaking by the Bank given to a Seller (Beneficiary) at the request and on the instructions of the Buyer (Applicant) against complying presentation.
This service is offered to facilitate speedy issuance of Letter of Credit with no facility required. Each issuance is in exchange of Cash or Fixed Deposit/ Term Deposit-i (FD/ TD-i).
Features
Types of Letter of Credit (LC)
Irrevocable Non-transferable LC.
Eligibility
Account Holder to the Bank either:
1. Sole Proprietor
2. Partnership
3. Corporation
Commission
0.1% per month or part of month thereof (Minimum RM100).
Benefits
Easily Accessible
No pre-approved LC facility is required.
Hassle-Free
Speedy and simplified application process.
Flexible
Various options of deposit in exchange for Express LC.
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Handling of foreign and domestic inward collection documents for buyer/importer based on settlement term agreed with supplier/exporter.
An undertaking by the Bank to pay an agreed sum to the beneficiary in the event that the Guarantee's applicant fails to perform its obligations.
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