Import Procedure Methods


  • Cash Payment

    It is a type of payment in which the value of the goods is paid prior to the shipment of the goods. The exporting company ships the goods upon the receival of the money. The buyer has the opportunity of enjoying a cash payment discount. The buyer avoids paying any fee or commission for letter of credit operations.

  • Cash Against Documents

    It is a service refers to the delivery of documents sent to the buyer by the exporting company abroad through the correspondant bank to take the delivery of goods upon the condition of effectuating the payment. The buyer avoids paying any fee or commission for letter of credit operations.

  • Cash Against Goods

    This payment type refers to payment to be transferred after goods are delivered to the importer. This payment type does not involve any risk for the importer as he makes the payment after taking the delivery of the goods. The buyer avoids paying any fee or commission for letter of credit operations.

  • Acceptance Credit

    This payment type stipulates payment for the goods through a bill of exchange. Once the importer receives the goods, the payment is made on the date mutually agreed and which is also indicated on the bill of exchange. It is possible to prepare the Acceptance credit bills of exchange in terms of a letter of credit, cash-against-documents or cash-against-goods. The due date of the bills of exchange is freely determined starting for the acceptance date. The bills are also possible in acceptance credit transactions, in case the seller demands or accepts it. This enables the buyer to buy goods on deferred payment terms.

Credit Letters

  • Credit Letters

    This instrument is one of the foreign trade financing methods. The letter of credit includes the relevant conditions (i.e.due date of freight, payment method, type and amount of the product) of an importation. By sending the letter of credit to the bank of the counterpart exporting company, the letter of credit provides a commitment on the payment of the relevant amount to the counterpart exporting company following the shipment of the goods to TRNC. In case there is a provision in the letter of credit indicating that the payment will be made after the freight is completed, this operation is referred to as a deferred letter of credit

    It is a type of payment inducing high assurance both for the buyer and the seller: from the buyer’s side, there is a bank commitment for making a payment only for the goods which are in accordance with the contract conditions and freighted on due date. Otherwise, the payment is not effectuated. On the other hand, from the seller’s side, the receival of the payment is guaranteed by a bank upon the compliance with the conditions set forth in the letter of credit.

  • Types of Credit Letters
  • Charges

    You can view the charges and the commission to be paid for letters of credit from the Rates menu.

  • Requirements

    You must first have a credit limit or deposit in order to be able to use the letter of credit product.