Global Connect has partnered with many banks as “TradeFinanceSpecialists" . Along with out our Partner Banks we provide customised solutions to our clientele . We have priority processing for our clients.
Standby Letter of Credit (SB L/C)
A written undertaken giving to a beneficiary (the party with whom you have entered into a contract with for the supply of goods) that in the event of your inability to meet the specific financial obligations stated in the contract, will satisfy that obligation on behalf of the beneficiary to the applicant , after which the beneficiary reimburses to the issuing bank/applicant for the payment made.
Transferable Letter of Credit
A Transferable Letter of Credit enables the transfer of payment to be made directly to the Supplier(s) if the Letter of Credit's beneficiary is a middleman.
Documentary Letter of Credit (L/C)
This is an undertaken given to the supplier on behalf of the buyer that payment would be made for goods upon delivery within a stipulated time. An importer who uses the Letter of Credit reduces the risk of having to pay for goods in advance, thereby saving him the situation of having to pay for goods not consistent with the terms stated in the Letter of Credit.
Back to Back Letter of Credit
This is a new letter of credit opened based on an already existing, nontransferable credit used as collateral. A Back-to-Back Letter is used when the beneficiary (client) does not wish to divulge certain information deemed sensitive. A trader receives a letter of credit from the buyer and then opens another letter of credit in favour of the Supplier, thus, the first letter of credit serves as collateral for the second letter of credit.