BBI Bank issues a letter of credit at the request of its client (importer-buyer), thereby committing itself to the user of the letter of credit (exporter-seller) to pay the value of the presented documents, if they are in accordance with the conditions specified in the letter of credit.
Documentary letter of credit, as the most reliable and fair instrument of payment in international trade, equally protects the importer and exporter in the transaction. The risk of default in international trade is completely eliminated, and full and timely payment and delivery of goods is ensured.
Letters of credit are subject to the rules prescribed by the International Chamber of Commerce in Paris. According to Article 2 of the Uniform Customs and Practice for Documentary Credits, a letter of credit means any agreement, regardless of name or description, which is irrevocable and which constitutes a definite obligation of the crediting bank to honor the harmonized presentation. To honor means:
Bosna Bank International issues letters of credit to clients with whom it already has an established business relationship. To issue a letter of credit, you can contact your company’s Account Manager at BBI Bank.
BBI banka can also provide you with professional assistance when filling out the letter of credit request, as well as reviewing and preparing the necessary documents.
The commission for the use of letters of credit is calculated and charged quarterly in advance. The bank will not refund the fee if the letter of credit is not used in full for any reason. The cost of foreign bank confirmation is borne by the client, and the cost of loro letter of credit confirmation is determined individually from the proposed scale depending on the risk of the country and the rank of the bank-issuing letter of credit, the term and amount of the letter of credit.
The prices of the services are defined by the valid Fee Tariff for legal entities of the Bank. The Bank reserves the right to change the Tariff for risky or more complex transactions.
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