Import letters of credit
Contact a Global Trade Solutions Sales Representative
Be sure of the outcome
Now you can go into international purchases with a higher level of certainty. With a commercial letter of credit, you, as the buyer, are obligated to pay only when the supplier presents the documents specified in the import letter of credit we issue for you.
So you’ll know what you’re getting, and will effectively minimize your risk of paying for goods that don’t comply with your purchase orders.
We’ll be supporting you every step of the transaction by:
- Providing your foreign suppliers with payment commitments. This can be especially useful in markets where you have not yet established credit
- Helping ensure against payment for goods that do not meet your specifications
- Conserving your cash until goods you order have been shipped—or longer
- Enhancing confidence among all parties involved in your international transaction, thus helping to improve relationships with and payments to foreign suppliers
Stay alert and verify the transaction
Fifth Third will partner with you throughout the international purchase transaction. It’s important to note, however, that while a letter of credit (often referred to as an import credit) does mitigate risk, it is not an unconditional guarantee of payment to the seller or assurance to the buyer that the goods will be satisfactory. As long as the documents provided meet the letter of credit requirements, payment will be effected.
Fifth Third Global Trade DirectSM
Global Trade Direct leverages the power of Fifth Third DirectSM, our secure Internet portal, to allow you to initiate transactions, handle discrepancies, conduct real-time inquiries, and generate, view, and download reports. Through Fifth Third Global Trade DirectSM, you’ll be able to:
- Initiate letters of credit
- Monitor letter of credit drawings
- Receive documentary draft collections
- And more