An import letter of credit amounts to the Bank’s written obligation to make payment in favour of the seller against documents that conform to the terms and conditions of the letter of credit. Using a letter of credit as a method of payment is evidence for the seller of the buyer’s financial stability, since UniCredit Bank gives its undertaking at the buyer’s instruction. The UniCredit Bank’s high reputation in the international market may contribute to better pricing conditions for both parties to a trade contract. A wide network of correspondent banks abroad enables UniCredit Bank to forward a letter of credit to the exporter’s bank as soon as practicable and at the lowest cost.
UniCredit Bank opens letters of credit on the instructions of the Russian importers provided that the client provides security acceptable to UniCredit Bank or, in certain cases, within the financial limits placed on the client. Clients can contact their supervisor in UniCredit Bank on matters relating to their credit limits.
Another prerequisite for opening a letter of credit in payment for goods is the submission to UniCredit Bank of the import transaction documents issued in accordance with requirements of current currency legislation.
The advantages of import letters of credit issued by UniCredit Bank:
- the option of extending the repayment period under the letter of credit (funding the payment)
- the low service charges of overseas banks for letter of credit acceptance
- interest charges by the bank on the cover account
Tariff on Import Letters of Credit
| Types of Operation | Commission Rates* |
| 1. Opening of D/C or increase of D/C amount or extension of D/C 1 | 0.15%, min. USD 50 for a quarter (90 days) or part thereof |
| 2. Extension of D/C within the quarter (90 days), for which commission has been already charged in accordance with item 1. | USD 50 |
| 3. Other amendments including cancellation. | USD 50 |
| 4. Payment. | 0.15%, min. USD 50, max. USD 3000 |
| 5. Deferred payment 2. | 0.15%, min. USD 50, max. USD 500 for a quarter (90 days) or part thereof |
* Commissions under item
1 of this Section are applied when D/C is fully cash covered for
the whole period until expiry date for presentation of
documents/date of the last payment. In other cases the commission
rate under this item is subject to arrangement.
1 Commission is charged for
the whole period from the date of D/C opening until expiry date for
presentation of documents/date of the last payment. In case of
increase of D/C commission is charged on the amount of
increase.
2 Commission is charged in
addition to commission under item 4.