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Standard Bank foreign exchange services include Issuance of Letters of Credit, Issuance of Drafts and processing of Documentary Collections.
What does it offer me?
- 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
- 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.
- 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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