An Indonesian company received a contract to supply iron ore locally and found a suitable supplier in Brazil. Since the seller required payment security, both parties agreed to use an LC MT700. The buyer then searched for a suitable Letter of Credit provider.
Problem: Need to Find Letter of Credit Provider
The buyer first approached their bank for an LC MT700, but the bank required a 100% cash margin. As this was difficult for the small business to arrange, the LC request was declined.
The buyer then searched online for alternative trade finance providers and found Bronze Wing Trading through a B2B trade portal. After reviewing our services, they contacted us with their LC requirement.
Challenge: Letter of Credit Provider Arranged LC MT700
The buyer submitted the trade details, proforma invoice, and supporting documents. Our team reviewed the transaction, assessed the requirements, and approved the LC request.
After the required formalities were completed, we prepared the LC draft for approval and proceeded with the issuance. The LC MT700 was then transmitted through SWIFT to the supplier’s bank.
Result: The Buyer Concluded the Iron Ore Deal
After receiving the MT700, the Brazilian supplier proceeded with the agreed transaction. The buyer successfully received the iron ore and continued supplying it to local customers.
The transaction was completed smoothly with the required Letter of Credit in place.
How to Open a Letter of Credit?
If you need an LC MT700 for an international trade transaction, contact Bronze Wing Trading Ltd with your requirements. Our team can review your transaction and guide you through the Letter of Credit process.
