Bronze Wing Trading, the Letter of Credit Providers in Dubai has successfully issued a Letters of Credit on behalf of a Sudanese buyer to import Toyota Hilux Double Cabin Pickups from UAE. We supported the client with their LC issuance by extending our bank limits available in European Banks. Continue reading to find how the client found us & how we served their DLC MT700 request.
The Client’s Requirement for LC Issuance:
Our client is running an automobile showroom in Sudan. To expand their product line, they wanted to import new model cars which are on-demand in the current market. Further, while doing research, they decided to go with Toyota Hilux Double Cabin Pickup Trucks. Since they are more popular in the market for its styling features and off-road stunts.
Further, for the Toyota truck import deal, our client found an auto dealer from Dubai who was ready to export the required pickup trucks to Sudan. Since the situation of the world is upside down due to Covid; both the traders had decided to secure their trade deal by using DLC MT700.
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The Client’s Challenge on LC Issuance:
As the import contract was signed on the basis of the LC Payment Term; the buyer started searching for ways to open LC. Almost all banks asked for a 100% cash margin to open DLC on their behalf. The client has tied up their capital funds in their running business. As a result, they can’t able to meet the banking norms. So, the bank declined their DLC request; also, advised them to get help from private trade finance providers. In the meantime, while discussing with the seller regarding the issues in the opening of DLC; they asked the buyer to contact Bronze Wing Trading L.L.C., the Letter of Credit Providers in Dubai.
How We Served the Client’s LC Issuance Request:
The client sent a detailed email to us explaining their LC need. Our team studied their trade deal. And then, we had a phone conversation with them to get more information regarding their trade deal. We explained our LC process to them. Hence, they felt satisfied with our LC process; they signed the service agreement with us and paid the service charges. Further, our team started structuring their DLC transaction with our bank; also, sent the DLC draft for the client’s review.
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Both the buyer and the seller reviewed the MT700 draft; also, conveyed their approval to us. Further, we asked the buyer to provide the LC issuance fee to move ahead. Accordingly, they paid the DLC issuance fee; and then, we requested our bank to issue the required DLC to the seller’s bank account via SWIFT MT700.
Successful LC Issuance
Once the seller received the DLC, they started the shipment of pickup trucks to the buyer’s port as agreed in the contract.
In conclusion, this is how the car import deal between the Sudanese buyer and the UAE supplier concluded successfully!
How to Get LC MT700?
If you’re looking to open Letters of Credit to import goods from overseas; feel free to contact us with your requirement. Unlike banks, we will demand you to provide a 100% cash margin for LC. Rather, we can facilitate LC Issuance from our own rated Bank Account at ZERO Cash Margin!
