Sino-Canada Financial Services
Advantages at Industrial and Commercial Bank of China (Canada):
1. Efficient processing time - Take advantage of the global network and unified system of our Bank group
2. Variety of financing products - Take advantage of the trade finance products and the substantial Chinese correspondent banks of our Bank group
3. Unique RMB products - Take advantage of the China-based banking group and the expected appreciation in RMB
a.) Oversea Loan under Domestic Guarantee
Chinese bank would issue our Bank a Stand-by Letter of Credit ("LS") or Letter of Guarantee ("LG") based on the credit limit of a company located in China. Canadian company would then loan against the LS or LG.
b.) Domestic Loan under Oversea Guarantee
Our Bank would issue bank in China a Stand-by Letter of Credit ("LS") or Letter of Guarantee ("LG") based on the credit limit of a company located in Canada. Chinese company would then loan against the LS or LG.
c.) International Settlement & Trade Finance
1. Letters of Credit
A conditional payment guaranteed by bank; Issuing bank would settle the payment and pay the exporting company when all conditions listed in the L/C are met.
a.) Letters of Credit Advising
When the exporter and importer agree to settle the payment with L/C, exporter will need a bank to advise the incoming L/C by confirming the authenticity and to inform your company in a timely manner.
b.) Back to Back Letters of Credit
Beneficiary of an L/C uses the L/C as security to issue a new L/C. Mainly used by intermediate trader.
c.) Transferable Letters of Credit
Requested by exporter and agreed by importer, issuing bank would issue a Transferable L/C such that the exporter may transfer in parts/full of the listed amount to a third party.
d.) Standby Letters of Credit / Bank Guarantee
A guaranteed payment from the bank. Should the payer fail to make payment, the bank will complete the payment on behalf of the client. It eliminates the risk that the recipient will not be paid.
Based on the usance L/C issued by the importing company, our Bank would provide financing for the exporting company such that it would eliminate any risks on foreign exchange risks and related rates.
a.) Outward Bills for Collection
After shipments have been made, exporter may submit all contract and receipts to our Bank, and our Bank will verify the documents immediately. Collection request would then be sent to the designated bank for payment.
b.) Inward Bills for Collection
When we receive the payment request from correspondent bank, the bills will be settled by either payment at sight or acceptance of usnace Bills of Exchange for payment at a future date.
Whether you are making international investments, settling international trade transactions, or sending funds to third parties, our global remittance service can meet your need in a reliable and efficient way.