Bank of Switzerland

FAQ

Trade Fianancing

We provide banking services to facilitate the movement of goods and the performance of trade related services and take up the underlying credit and performance risks with limited or no recourse to the exporter.

Trade Finance Services include;

  • Documentary Letters of credit
  • Guarantees and bid bonds.

Telegraphic Transfers
Enables the transmission of money abroad at the customer's request in the currency of the payee and may be credited to the payee's account at a specified bank or paid in cash on application and identification.

Main Features and Benefits

  • Mainly executed in USD, GBPD  but can also be made in any currency at the prevailing USD exchange rates.
  • Can be inward TTs or outward TTs.
  • Outward TTs are charged 0.25% of value
  • Inward transfers are charged USD 10 account holders and non-account holders.
  • Facilities convinient remittance of funds within and without the country.
  • Guarantees safety of funds during the transmission from sender to beneficiary.
  • Inward TTs are received and credited to the beneficiary account at no cost except at th e prevailing exchange rates.

Sender must know and furnish the Bank with particulars of the beneficiary's account and bank(s).
For outward TTs customers are required to have sufficient funds on their accounts.

Documentary Letters of Credit
This is a letter from one bank to another authorizing the payment of a specified sum to a named person in the letter on certain specified conditions.

Main Features and Benefits

  • Can be inward or outward
  • Can be sight or Usance letters of Credit
  • Sight LC is 100% cash covered and Usance is up to 180 days of credit
  • Sight LC is charged 0.5% of value and telex charges od USD 50
  • Usance LC is charged 1% of value (Min USD 50) and telex charges of USD 50
  • Bank(s) mediate(s) between Buyer and Seller thus easing the ordering and payment process
  • Bank protects the buyer against loss in case the supplier does not deliver as per specified terms Bank protects the Supplier against loss as long as the specified contract terms are met

Electronic/Wire Transfer
Enables the transmission of funds from Bank to Bank which may be overseas banks or local banks at the customer's request in any currency and will be credited to the specified account at a specified bank or be paid in cash (i.e on identification) depending on the instructions provided.

 

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