Letters of Credit

Letters of Credit

A letter of credit is an undertaking by Bidvest Bank to pay exporters for goods provided specific documents and certain criteria are met. Only once these terms are completed and confirmed, will transfer of funds take place.

A Bidvest Bank LoC facilitates financing, provides legal protection, and assures expert examination of all documents related to the import/export transaction.

Variations of the Letter of Credit

  • Irrevocable (straight) documentary credit
  • Irrevocable negotiation documentary credit
  • Irrevocable documentary credit (unconfirmed documentary credit)
  • Irrevocable confirmed documentary credit
  • Revolving documentary credit