Problem Faced: Need to Open MT700 to Conclude the Deal
A US-based import and export company received an opportunity to supply tractor tyres to buyers in Texas. After finding a suitable supplier in China, the company needed a Letter of Credit to provide payment assurance and complete the transaction.
The supplier requested an LC MT700 as the agreed payment method, so the buyer began searching for a reliable Letter of Credit provider.
Challenges: How the US Trader Found BWT, the Letter of Credit Providers?
The trader first approached their bank to arrange the required LC. However, the bank required a high cash margin and additional financial commitments, which made it difficult for the buyer to proceed.
Looking for another option, the company searched online for trusted LC providers and found Bronze Wing Trading. After reviewing our services, they contacted our team and shared their trade requirements.
Solution: BWT, Letter of Credit Providers Opens LC at Sight
The buyer submitted their trade details, sales contract, and supporting documents for review. Our team assessed the transaction, explained the process, and confirmed the next steps.
After the client approved the arrangement and completed the required formalities, we prepared the MT700 draft for review. Once approved, we instructed our banking partner to issue the LC at Sight through the appropriate banking channel in favour of the supplier.
The buyer successfully moved forward with the transaction while maintaining their working capital and appreciated the support provided throughout the process.
