Usance payable at sight letter of credit
Benefits for the customers
- Conditions and procedures for issuing UPAS LC are similar to issuing at sight/deferred LC.
- Exporters are paid at sight/under payment conditions agreed with importers. Contract Payment conditions remain unchanged in case of applying UPAS LC.
- Fees for importers are more competitive than normal interest rates on the basis of low interest rates/fees paid to sponsoring banks.
- Extend payment terms with attractive fees corresponding to foreign currency loan interest rates, even if customers are not eligible for foreign currency loans.
Features
- UPAS LC is a deferred LC with at sight payment value.
- VietinBank arranges with the sponsoring bank to pay at sight to the LC beneficiary upon the business presents a valid set of documents.
Eligibility conditions
- Customers meet conditions for L/C issuance at VietinBank and have a demand to receive UPAS LC based deferred payment.
- Correspondent bank VietinBank based on UPAS LC.
- Comply with foreign exchange management regulations, law on anti-money laundering, and regulations by countries.