Documentary Credits
Documentary Credits provide a practical solution to credit as well as solvency issues raised in foreign trade transactions. Their usance contributes to the expansion of the turnover between the involved parties through the selection of suitable suppliers based abroad. In essence, by using Documentary Credits, the banks undertake the obligation to proceed payment to the beneficiary on the date agreed against presentation of strictly complied documents according to L/C terms and conditions.
For companies engaged in export trade, Emporiki Bank under conditions, may add its confirmation to the Documentary Credit providing additional guarantee to the exporter, undertaking also the risk of the Bank having issued the Documentary Credit.
The fees applicable for Documentary Credits are as follows:
Import’s Credits
- Issuing fee 0,3% minimum fee € 40.00
- Execution fee 0,5% minimum fee € 45.00
- Confirmation fee per case
- Guarantee fee 1% a minimum fee € 45.00
Export’s Credit
- Advising fee 0,1% with a minimum fee € 20
- Execution fee 0,4% with a minimum fee € 35
- Confirmation fee per case
The fee rates above may be subject to discounts the percentage of which depend on various parameters, such as, enterprise's financial data, the overall cooperation with the Bank, the total volume of documentary credits, possible collaterals etc.
Documentation needed for Documentary Credit
On Imports
- Settlement Application (completed and signed)
- Proforma invoice, order, sales confirmation, performa invoice
- Bank Documentary Credit Contract duly stamped and signed by the principal().
- Principal’s letter with specific terms as agreed between buyer and seller concerning the relative Letter of Credit, in case they cannot be included in the signed Documentary Contract
- Agent’s declaration (in case there is an agent’s mediation)
- Application concerning Insurance Certificate in Bank’s Insurance Company (in case an Insurance certificate is necessary and the customer agrees). In case the customer wishes to proceed to an insurance with another company the product should be insured for 110% of the proforma invoice for all risks and Emporiki Bank should be the pledged party while the contract should be presented to the Bank within the next 2 days).
On Exports
- Shipping Documents
- Any other documents depending on the terms of the credit
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