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Letters of Credit

Import Letters of Credit

As an importer, you may be asked to provide a bank letter of credit (L/C) to cover purchases. A commercial letter of credit substitutes the credit of the issuing bank (UMB) for that of the buyer, which can assist you in obtaining better terms and/or prices from overseas suppliers. Import Letters of Credit can be processed through our online banking system, UMB Global Trade.

Export Letters of Credit

When you ship overseas, you want to have assurance that you will be paid. Your buyer wants assurance that they will receive the correct documents from you to facilitate clearance of the goods through Customs. This is the primary purpose of an Export Letter of Credit (Export L/C.)

You receive an Export L/C from the purchaser’s bank. When you ship the order, you present the required documents to the bank for payment. Although there are many complexities, UMB Bank can assist you in the preparation of these required documents.