Import Letter of Credit (LC) | OCBC Business Banking SG
Import Letter of Credit

Import Letter of Credit

Assures payment when the seller’s documents meet the conditions in the Letter of Credit

Why you will love this

Tap on our reputation to give your seller an assurance of payment

Get your transport documents checked by our trade finance experts

Letter of Credit terms that can be adapted to you and your seller’s needs

Features and benefits

Provides assurance to seller

Assures seller of payment by relying on OCBC’s credit worthiness

Assures seller of payment by relying on OCBC’s credit worthiness

Documents check

Leverage on OCBC’s expertise to check documents.

Leverage on OCBC’s expertise to check documents.

Pay only against complying documents

Stipulate documents to be presented and other terms and conditions as per sales contract.

Stipulate documents to be presented and other terms and conditions as per sales contract.

How it works
Process for pre- and post-shipment

Pre-shipment

Step 1

Submit an application to OCBC

Pre-shipment

Step 2

OCBC sends Letter of Credit to the seller’s bank

Pre-shipment

Step 3

Seller ships out goods and submits trade documents to his bank

Post-shipment

Step 4

We will notify you when trade documents have been received and checked

Post-shipment

Step 5

You accept the bill and/or give payment instruction to OCBC

Post-shipment

Step 6

Collect your trade documents to retrieve the goods
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Don’t have OCBC Velocity?

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Fees and Charges
  • Without trade credit facility with OCBC
  • With trade credit facility with OCBC
Without trade credit facility with OCBC With trade credit facility with OCBC
Issuance fee
For increasing the Letter of Credit amount
For extending the Letter of Credit expiry date
For other amendments
Draft acceptance for Usance Letter of Credit
Cancellation fees
Without trade credit facility with OCBC With trade credit facility with OCBC
0.125% Letter of Credit value (monthly)

Minimum of 2 months but not less than S$200 per Letter of Credit.

If the Letter of Credit value is less than S$20,000, a S$100 fee applies.
0.125% Letter of Credit value (monthly)

Minimum of 2 months but not less than S$75 per Letter of Credit.
0.125% of the additional Letter of Credit amount monthly. Minimum of 2 months but not less than S$75 applies. 0.125% of the additional Letter of Credit amount monthly. Minimum of 2 months but not less than S$75 applies.
0.125% of the Letter of Credit amount monthly. Minimum fee of S$75 applies. 0.125% of the Letter of Credit amount monthly. Minimum fee of S$75 applies.
S$60 S$60
0.125% of the bill amount monthly. Minimum fee of S$75 applies. 0.125% of the bill amount monthly. Minimum fee of S$75 applies.
S$50 $50
Ways to apply

Apply for an Import Letter of Credit on OCBC Velocity today

If you have trade credit facility with OCBC

Please log in to OCBC Velocity to apply for an
Import Letter of Credit

or

If you do not have trade credit facility with OCBC

Download and complete the following forms:

Letter of Credit (Application)
Letter of Credit Cash Margin Letter
Letter of Credit (Amendment)

Submit the completed form at a Trade Service Centre near you.

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