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Personal Banking
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Doing business abroad can be a complicated, frustrating and risky endeavor at times. Having an experienced team of trade finance specialists on your side can help ensure that your international transactions proceed faster, easier and trouble-free.
With strong correspondent banks such as Deutsche Bank and Fortis Bank, We have a niche in International Trade Finance, documentation and correspondent banking services, among others:
• Letters of Credit • Foreign currency/exchange accounts • Export/Import finance and related services • Forex services • Structured finance products
We run a Trade office for essential information provision and support to commercial business decisions, to help clients manage risks and reduce exposure to risks in international trade and investment.
Letters of Credit Issued by a Bank on behalf of the importer (buyer) and conditionally guarantees payment to the exporter (seller) provided that the documentation submitted by the exporter complies with all the conditions specified.
An Import Letter of Credit is one issued on your behalf as the buyer. An Export Letter of Credit is one that the Bank has received from another bank in your favor as the seller.
Key Benefits
• Can be the safest and fastest method of obtaining payment (other than payment in advance) • Provide reassurance that the seller will get paid, provided that their documents are strictly in accordance with the terms and conditions of the Letter of Credit • Allows the buyer to do business with trading partners who insist on Letters of Credit being in place before they will trade with you. • Allows the buyer and seller to enter into trading agreements where open account trading would not be suitable.
SWIFT This is a secure international payment service using electronic links between banks. At the customer’s request, we transmit money abroad in the currency preferred by the payee. The recipient’s account at the specified Bank is credited normally within a day or two.
Key features & benefits
• Offers high security and reliability, since payment is made using bank-to-bank electronic links. • Make payments of any amount to most destinations throughout the world. • Provide your beneficiary with funds to arrive normally within 3 working days or less in countries with electronic banking systems. • Enhance your cash flow, as funds are received from abroad as quickly as possible • Eliminate the paper-work involved in handling paper-based payments. • For inward transfers, funds will be credited to your account as soon as possible. This will be either on the value date or, if this is not possible, on the next best possible value date.
Foreign Drafts Foreign Drafts are excellent payment instruments for importers, the travel industry, production companies with temporary projects abroad, as well as numerous other situations that one encounters when conducting business abroad.
All drafts are issued in foreign currency and drawn on a major financial institution in the appropriate country.
Key features and benefits
• Enables you to enclose your payment with documents or deliver in person • Provides a paper-based payment mechanism which will be more acceptable to your beneficiary than a cheque. • Can be sent virtually anywhere in the world (but bear in mind the reliability of the destination country's postal system) • Have the draft drawn on a bank in, and in the currency of, the beneficiary's country, so it is easier for them to clear. • Obtain drafts in a variety of currencies and for any amount. • When you pay your suppliers in their local currency, they are more willing to negotiate prices because they do not have to ..worry about rate fluctuations and costly bank fees. • Your beneficiaries always receive the correct amount in their local currency. There are no collections charges and the funds are available for their immediate use.
Collections Collections are a universally recognised method for settling overseas trade debt through the international banking system, offering some security of payment, though no guarantee. Export Collections (also known as Outward Bills) are sent on your behalf as the seller to the bankers of the overseas buyer. They can enable the seller to maintain control of the goods pending payment or acceptance of the debt by the buyer.
Import Collections (often referred to as an Inward Bills or Inward Collections) are sent to the Bank by the bankers of the overseas seller, in your favour as the buyer. The seller maintains control of the goods pending payment or acceptance of the debt by the buyer.
Key features & Benefits:
• Collections are subject to the globally recognised rules issued by the International Chamber of Commerce, known as ...Uniform Rules for Collection • Export Collections can be initiated electronically via your office PC by using our Roytrade system and sent directly to the ...overseas bank • Provide an element of security over open account trading • Are simpler and cheaper than Letters of Credit (but not as secure)
Structured Finance Our team operates at the cutting edge of structured finance. We adopt a forward-thinking approach and constantly devise innovative solutions to reflect the changing needs of our clients.
We offer a broad range of market leading products including the following:
• Contract Financing This facility helps borrowers to finance contracts awarded to them by reputable third parties. The loan amount and accrued interest is paid from the proceeds of the contract.
• Invoice Discounting Facility The purpose of the facility is to refinance invoices drawn by the borrower on reputable third parties. Invoice Discounting can turn a large percentage of your credit sales into immediate cash.
• Export Advance Facility The purpose of the facility is to refinance exports (against export documents) supplied by the borrower to reputable international buyers. The loan amount and accrued interest is paid from the proceeds of the export.
• Stock Finance Facility The purpose of the facility is to finance stock purchases by the borrower. The stocks are held under collateral management by a third party and provide the security for the borrowing. The loan amount, accrued interest and other relevant charges are paid from the sales proceeds of the stock.
• Import Loans Facility This is short term financing offered to importers of goods from reputable international suppliers. The loan amount and accrued interest and charges is paid from sale of the imports or before release of import documents as may be agreed with client.
• Certificate Discounting Facility The purpose of the facility is to refinance approved work certificates drawn by contractors on reputable employers for construction jobs already done. |
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Commercial Banking
Complementary Services |
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All Rights Reserved. BANK OF AFRICA - UGANDA Ltd |
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