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Farooq

Import Transactions

HomeBusinessImport Transactions

International Banking - Import Transactions

  • Advance Payment

    · This mode of payment is appropriate for imports of small items for values not exceeding USD 5,000.00 or its equivalent in other foreign currencies.

    · Required Documents: Proforma Invoice, License, Insurance cert./policy, undertaking letter for the entry of goods, beneficiary's Bank and A/C details and TIN certificate (additional documents may be requested as and when situations demand).

  • Letter of Credit (L/C)

    · An import letter of credit is an instrument issued by BIB to one of our correspondent banks on behalf of our importing customer to guarantee payment if all terms, conditions, and documentations are in compliance with the L/C terms and condition, UCP 600 rules, NBE Directives and the Bank’s Policies and Procedures.

    · Required Documents: Proforma invoice, Insurance cert./policy, License, L/C application form and TIN certificate (additional documents may be requested as and when situations demand).

  • Cash against Document (CAD)

    · The importer needs to have purchase order approved by BIB before shipment of goods.

    · Required Document: Purchase order, Proforma invoice, insurance cert./policy, License & TIN Certificate (additional documents may be requested as and when situations demand).

    (Note: For all import & export transactions, import/export permit duly filled, signed and stamped is mandatory with NBE A/C number). The Bank doesn't provide foreign trade services for Customers under NBE's delinquency list until they clear their commitments or bring waiver letter from NBE.