A. Export Letter of Credit Advising/Negotiation

ICBC Seoul branch provides advice of credits and amendments to exporters. We can offer corporate customers (exporters) export finance which enable the customers receive export proceeds in advance under a complying presentation.  

B. Export Documentary Collection

After receipt of export documents under collection, ICBC Seoul branch provides finance under export collection before receiving payment from the importer.

C Import Letter of Credit Issuance

 Import L/C issuing: Import Letter of credit is payment obligation made by ICBC Seoul to the beneficiary. After receipt of complying documents under the L/C, ICBC Seoul effects payment to the beneficiary.

Import finance under L/C: As requested by L/C applicant and after reaching agreement to transfer the title of the goods to ICBC, ICBC Seoul release documents under L/C after receiving Trust Receipt from applicant and effect payment under import L/C.

D. Shipping Guarantee

Shipping Guarantee: Applicant of import letter of credit can apply for shipping guarantee which allows the customer to collect goods without receiving original transport documents.

Authorization to collect goods: As requested by our customer, after receipt of airway bill (Inland bill) made out in the name of ICBC Seoul, ICBC Seoul authorises L/C applicant to collect goods.

E. Forfaiting

Upon receipt of acceptance from issuing bank or confirming bank of the L/C, ICBC discounts trade-related receivables without recourse to the exporter/beneficiary of L/C.

F. Import T/T Finance

If payment term of importer is cash on delivery, ICBC Seoul Branch provides import T/T finance and remittance service on settlement date to meet your cash needs.

G. Invoice Financing (O/A)

When exporter’s payment term is open account, ICBC Seoul branch provides invoice finance upon receipt of invoices and evidence of shipping from the exporter.

H. Import Factoring

ICBC Seoul branch provides credit service and account management to importers operating on non-L/C terms such as open acccount or documents against acceptance, without issuing a letter of credit.

I. Other Trade Finance Products & Services

*All information contained in this page is intended for reference only. Please check with your local ICBC branch for any detailed product information. ICBC reserves all rights for the content in this website.