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Import Bill Advance

Overview

The Import Bill Advance is a kind of short-term financing granted by ABC to the importer for payment under the import L/C, import bill under collection or remittance provided that you have submitted the relevant documents.

Features

1. ABC pays the import payment on behalf of customers, enabling them to complete the processing and sales of domestic goods and to have better cash flows.

2. If customers are unable to make payment to redeem the documents  immediately, with the Import Bill Advance, they will be able to obtain the titles of goods, take delivery, resell, or process for sale without making payment to the exporter.

3. Customers may also apply for RMB financing in the case of fluctuation of exchange rate to purchase foreign exchange before the sales of imported goods to mitigate the exchange rate risks.

Procedures

1. The customer completes and submits the Application for Import Bill Advance, the import contract and other documents required by ABC.

2. ABC reviews the application and signs the Contract for Import Bill Advance.

3. ABC releases the documents to the customer and makes payment under Import Bill Advance.

4. The customer repays the amount including principal and interest under Import Bill Advance upon maturity.

Tips

1. Customers need to submit a written Application for Import Bill Advance to the issuing bank or designated collecting bank.

2. Customers are advised to keep close watch of the market interest rates of RMB and the payment currency to choose a currency with the lowest financing cost.

3. The goods subject to the Import Bill Advance are mainly raw materials.

4. The term of the Import Bill Advance is usually the term for resale of imported goods and the main source of the funds for repayment is the sales revenue.
Note: Please contact your local branch for detailed information about the service.

Customer Service Center : 95599

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