What is KBC Import Documentary Credit?
Establishing and maintaining new international relationships is often a real challenge for start-up businesses. Dealing with a totally different culture can seriously complicate things. So how do you go about building a relationship with a foreign supplier? KBC Import Documentary Credit guarantees your supplier that the sale will actually go ahead and that it can count on getting its money. It’s the perfect way to build a long-term relationship with your supplier.
How does it work?
KBC acts as your guarantor! We make an irrevocable undertaking on your behalf (as the Belgian importer) to pay a foreign supplier – following presentation of documents complying with the terms of credit – on demand or at a definite time, or to accept a bill of exchange and to pay it on the due date. KBC Import Documentary Credit ensures that your supplier has peace of mind.
- As importer, you decide in the contract which documents are covered by the documentary credit
- You only pay when the correct documents have been presented
- Documents containing discrepancies are refused
- The buyer avoids paying in advance and tying up funds
- You can use KBC Flexims to manage all your documentary credits quickly and easily
- A new documentary credit will be opened, or modified, no later than the following banking day
- Where the documents are received before 3 p.m., this will be done that same day
- We will call you immediately if there is any discrepancy in the documents
KBC Flexims: your online help!
You can efficiently manage your documentary credits courtesy of KBC Flexims, our online application for managing import and export transactions.
- Submit your instructions to KBC online and fuss-free
- Store your standard texts quickly and easily
- Save time and money by retrieving a previous credit to complete a new instruction
- Access all the details of your documentary credit with a single mouse-click