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Opening L/C for Corporate
1. What
is L/C?
L/C or Letter of Credit is
the guarantee issued by the buyer's bank, on the buyer's demand,
that the bank will effect payment to the seller provided that the
seller complies with the conditions specified in L/C.
2. What
should I do if I want to open L/C with Bank of Asia?
Customer need to apply with
Bank of Asia to establish L/C facilities. After the L/C facility
is in place, customer can either apply to open L/C at Bank of Asia,
Head Office or at the other four Business Centers. Customer can
also apply through Asia Cyber Banking which is another quick and
convenient choice to open L/C with the bank.
3. What
is Bank of Asia's opening L/C fee?
The bank's normal rate is ?%
of L/C amount per 3 months period.
4. What
are the differences between Opening L/C via Asia Cyber Banking and
via the bank's counter?
Applying via Asia Cyber Banking
is another channel which Bank of Asia offers to the clients who
want to open L/C. With this channel, customers will benefit from
the rapid, convenient as well as the accuracy vehicle to precede
their Trade transactions.
5. What
are the conditions in applying L/C with Asia Cyber Banking?
To open L/C through Asia Cyber
Banking system, the corporate need to establish the L/C facilities
with Bank of Asia. After the limits are in place, they have to apply
both Asia Cyber Banking as well as Asia Cyber Banking for Trade
Finance Transaction prior to opening L/C through the system.
6. Where
can we obtain Asia Cyber Banking application form as well as the
Trade Finance Transaction application form?
You can obtain Asia Cyber Banking
as well as Asia Cyber Banking for Trade Finance Transaction application
forms at any branch of Bank of Asia or at e-International Trade
Section, e-Commerce and e-Banking Division, 13th fl., Head Office
Tel. 0-2343-4944.
7. How Asia
Cyber Banking L/C opening is better than normal bank's L/C opening?
1. Increase the channel to
open L/C
2. Faster and more convenient
3. Enhance the transaction accuracy.
4. Able to follow up and track the transactions, i.e. which stage
are the bank preceding the transaction or have the bank already
open L/C??
8. What
are the supporting documents required to open L/C via Asia Cyber
Banking?
The customer need to forward
all relevant documents, i.e. Contracts, Purchase order etc. to the
bank after open L/C via Asia Cyber Banking.
9. Where
can I send the supporting documents for Asia Cyber Banking L/C Opening?
Customer can fax all documents
to Head Office or Business Center that they deal with, they need
not to present the documents at the bank by themselves. Lists below
are contact numbers of Head Office and International Business Centers:
| Head office:
Customer Service Section |
Tel. 0-2343-3315-17
Fax 0-2285-1412, 0-2213-2618,
0-2285-1620 |
International
Business Center:
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Bang-na
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Tel. 0-2398-9234
Fax 0-2398-9235 |
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Samyak
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Tel. 0-2221-4451-2
Fax 0-2221-4454 |
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Sriracha
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Tel.
0-3832-6765-6
Fax 0-3832-6768 |
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Hatyai
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Tel 0-7424-7671-2
Fax 0-7424-7674 |
10. What
are the procedures to apply L/C opening via Asia Cyber Banking?
You can apply L/C opening through
Asia Cyber Banking by firstly entering your User ID and Password
and then choose "Import" item under "Import &
Export" menu. Fill in the details and get approval from the
bank to open L/C by the company's authorized personnel. After finishing
the transaction, fax all supporting documents to International Business
Center that you deal with to complete the process.
11. Who
can help us solving the problems relating to L/C opening via Asia
Cyber Banking?
Please contact e-International
Trade Section, e-Commerce and e-Banking Division, Tel. 0-2343-4944.
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