Trade Services

Standard Bank foreign exchange services include Issuance of Letters of Credit, Issuance of Drafts and processing of Documentary Collections.

What does it offer me?

  1. Issuance of Letters of Credit
    • Letters of Credit facility targets importers and exporters
    • Clients accessing Letters of Credit facility need to be Standard Bank Malawi account holders
    • Letters of Credit applications are subject to Exchange Control requirements
  2. Processing of Documentary Collections
    • Documentary collections target both importers and exporters maintaining their accounts with Standard Bank Malawi
    • This facility is subject to Exchange Control Requirement.
  3. Issuance of Drafts
    • A Bank draft is a cheque drawn by one bank on another, requesting the payment of an amount of currency to the beneficiary.
    • Draft facility targets mainly those clients intending to pay school fees or subscriptions in foreign currency.
    • Import payments can also be paid in form of a draft.
    • Draft applications are subject to Exchange Control Requirements and therefore supporting documents which have been approved are to accompany the application.
  • Safe way of settling bills in foreign currency.

 

To apply?

  • Individuals or companies intending to import goods from outside the country.
  • Individuals or organisations intending to pay their external bills in foreign currency.

 

Documentation required

  • Application letter depicting full beneficiary details, account details inclusive.
  • Proforma invoice depicting full description of goods being imported and their value (Collections/LCs)
  • Approval on the application subject to Exchange Control Regulations of Malawi.

 


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