Letters of credit

Letters of credit

is an irrevocable obligation of the bank (issuing bank), which opened the letter of credit by order of the applicant (buyer), to pay in favour of the beneficiary (seller) the amount stipulated by the letter of credit, provided the beneficiary submits, within the specified timeframe, the documents stipulated by the letter of credit corresponding to the terms of the letter of credit and confirming the shipment of goods (provision of services).
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Benefits of the letter of credit form of settlement transactions
other
BENEFICIAL
Cheaper transaction compared to lending
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PRACTICAL
The Bank acts as an intermediary in the settlements between the seller and the buyer
security
RELIABLE
Additional inspection of the package of shipping documents by Bank  employees
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CONVENIENT
Letter of credit - a separate agreement besides the sales contract
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SIMPLE
The Bank fulfills only the terms of the letter of credit, under which it has irrevocable obligations, despite the fact that the letter of credit contains a reference to the relevant sales contract
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CLEAR
The Bank fulfills the terms of the letter of credit (makes the payment) on the basis of verified proper submission of shipping documents
CONDITIONS FOR ISSUANCE OF LETTERS OF CREDIT
01
CURRENCY OF THE LETTER OF CREDIT

any currency that corresponds to the currency of the sales contract
02
AMOUNT AND VALIDITY OF THE LETTER OF CREDIT

corresponds to the sales contract
03
COLLATERAL

monetary coverage on the account with Piraeus Bank; other liquid collateral
Contact details

Bank’s Head Office Trade Finance Department:
Email: tradefinance@piraeusbank.ua Telephone: +38(044)593-75-10
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Head office of Piraeus Bank in Ukraine
mappointAddress: Ukraine, 04119, Kyiv, st. Biloruska, 11
phonePhone.: +38 (044) 495-88-88, 593-75-29
mailE-mail: info@piraeusbank.ua
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