Trade Services
Standard Bank foreign exchange services include Issuance of Letters of Credit, Issuance of Drafts and processing of Documentary Collections. We issue both cash covered and cash uncovered letters of credit to enable you to process payment of imports and exports.
Some of the benefits
Assurance
Payment is assured in disputable transactions for as long as you comply with terms and conditions
Quick
Money transfer is done quickly and securely
Convenient
You have easier access to financing and you can transfer all or part of the letter of credit to another party
Guarantee
The buyer's payment to a seller will be received on time and for the correct amount
What you get
- 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.
How to get it
- Individuals or companies intending to import goods from outside the country.
- Individuals or organisations intending to pay their external bills in foreign currency
Documents 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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What you get
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How to get it
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Documents required
- 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.
- Individuals or companies intending to import goods from outside the country.
- Individuals or organisations intending to pay their external bills in foreign currency
- 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.