Import Letter of Credit
Upon receipt of an L/C Application Form from the customer, ICBCS can issue a Letter of Credit to the customer’s exporter based on the terms and conditions specified in the customer’s application. After ICBCS has received all relevant commercial documents sent by the customer’s exporter's bank, ICBCS will proceed with the acceptance (or payment) to the customer’s exporter or its assignee provided all documents are verified as being without discrepancies.
ICBCS can also offer Back to Back L/C, transferrable L/C, revolving L/C and standby L/C services.
Export Letter of Credit
To ensure that the customer receives all relevant information regarding a trade finance transaction and to that such a transaction is trouble free,, ICBCS can open export LCs for the customer’s importer as well as acting as the advising bank.. Upon receipt of the customer’s importer's L/C, ICBCS send it for your review via e-mail or fax on a real time basis.
Acting on the instructions from the overseas remitting bank, ICBCS will present to the customer all relevant commercial documents received for payment/acceptance. Goods will be released once the payment/acceptance is made. The services ICBCS can offer include: photocopy of bills, advising, acceptance, payment, liaison with the overseas remitting bank and exporter.
After goods have been shipped, the customer can submit all his commercial documents to ICBCS. It will immediately check these documents and send to them to the customer’s specified bank in the importing country for collection.
ICBCS in Australia is a direct clearer through the Australian Dollar Real Time Gross Settlement (RTGS) system. Sydney branch can provide clearing and settlement services which include cheques, RTGS payments, Internet Banking platform and Global Remittances.
ICBC can issue Bank cheques and client title cheques. We can also provide cheque deposit services to our clients.
Through the RTGS payment system we can make direct RTGS (by Telegraphic Transfer) to any other RTGS clearer, i.e. provide a fast and efficient service with almost all banks in Australia.
Internet Banking business based on our electronic payment system, can help clients process their payments via internet anywhere.（For further details please see our Internet Banking Introduction）
Our Global Remittance business helps our clients to safely send payments globally through the Swift system. All payments arrive at the beneficiary bank usually within 24 hours provided all transaction details are completed correctly. (For further details please see our Remittance Introduction)
Based on our principle of “Enhance and Advance” and our strong technical support, ICBC Sydney is constantly devising ways to provide new products and improve our existing products to its customers making them more suitable to their requirements.
*All information contained in this page is intended for reference only. Please check with your local ICBC branch for any detailed product information. ICBC reserves all rights for the content in this website.