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Letter of credit payment (Reimbursement Refinance) refers to the importer apply contact the issuing bank foreign bank or overseas branches of payments, in terms of financial maturity to repay a credit payment, financing, financing of interest andbank charges.
It includes two scenarios:
First importer after opening a letter of credit before the applicant signed the agreement on import payment under the letter of credit, payment from the issuing bank contact foreign banks or branches overseas payments, finance importers due torepayment of principal and interest;
B is importers prior to the due date for payment of the credit if you have financingneeds, the issuing bank under financial strain or the higher cost of capital, issuingbank contact payment on behalf of foreign banks or foreign branches, importers in terms of financial maturity to repay principal and interest.
Letter of credit in the generation of paid business in UCP600 and previous versions are not provided, and no laws specifically regulate this business or practice.
Due to the effects of appreciation of RMB, and generally reduce the stock of foreign assets, Bank foreign exchange stocks less than before. Meanwhile, in overseas financial markets, low financing costs, financing more overseas banks relatively plentiful. Therefore, domestic banks used funds from the overseas banks to become the key to solve this problem, credit and payment business will come into being. At present, workers ' and peasants ' built in four State-owned banks opened letters of credit to pay the business through its financing of overseas branches.
Paid business in the case of importers, cash-strapped to finance its handling, whilenot occupying the issuing bank funds, which develops rapidly in recent years.
Paid to reimburse their biggest difference Bank status. Reimbursing Bank on behalf of the issuing bank to the paying bank for payment, the Bank is financing the beneficiary bank. From any business links to pay, the Bank played a similar payment under the letter of credit Bank's role, there are also some similarities. The difference is that opening of the issuing bank to pay the letter of credit will be able to determine when reimbursing and indicate in the letter of credit, so that beneficiaries know; but in the business of paying, the issuing bank may determine before the payment Bank, beneficiary generally does not know the existence of Bank.
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Copyright 2012-2018. ALL RIGHTS RESERVED (International Trade Law)
Telephone：0086-13315171023 QQ:1215545143
Email：tradelawchina@hotmail.com Technical support：ZW0311