Imports

Uganda

Import Letters of Credits Services

Import Letters of Credit are designed to facilitate trade-enhancing relationships with your suppliers through efficient document processing and timely payment, while still protecting your rights. Exporters conventionally stipulate Letters of Credit as a mandatory requirement. Citibank opens, advises, amends and pays Letters of Credit on behalf of thousands of importing companies worldwide, enabling commercial trading transactions to proceed swiftly and efficiently.

Documentary Import Collections

Documentary Import Collections are payment mechanisms, which are less expensive than Letters of Credit, but provide more security to the supplier than open account transactions. Import Documentary Collections simplify the administration of commercial trading transactions, and safeguard your title to goods. They also boost trading relationships by reassuring your counter party of due payment.

How the Product Works
- Under a Documentary Collection, the shipping documents are sent to Citibank rather than directly to you, the importer. Citibank acts as the collecting bank, accepting the title documents from the exporter's remitting bank and delivering them to the importer upon payment (sight collections) or upon a promise to pay (acceptance collections).
Citibank guarantees 24hr turnaround time on debit and credit of Import Collection payments.

Bill Avalisation Service

Given our global reach and network, Citibank helps corporates manage their end-to-end flows and risks more efficiently. This undertaking is similar to that of a Letter of Credit and hence provides the same comfort to your supplier but with an easier structure for you. Bill Avalisation is Citibank's undertaking to honour on your behalf, payments of Bills of Exchange. This is applicable to both domestic and international trade.
Citibank receives your import documents with a draft drawn on yourself. Upon the importer's acceptance, Citibank guarantees the draft, releases import documents to the importer and forwards the draft to the supplier's bank, thus enabling fast access by the supplier.