Your export or his bank sends the documents related to export directly to your bank (HDFC Bank) against payment (sight) or for payment against acceptance. As soon as we receive the documents, we will intimate you about the same. All you need to do is authorizes us to debit your account / accept the bill of exchange and the documents will be released to you.
When your exporter agrees to dispatch the goods only after you pre-pay for the goods in advance in full or part payment. You can use our Import Advance service to remit the payment to your exporter.
Advance Import Remittance is one of the most widespread types of settlement in International Trade.
A Letter of Credit is a written commitment to pay, by a buyer's or importer's bank (called the issuing bank) to the seller's or exporter's bank (called the accepting bank, negotiating bank, or paying bank). A letter of credit provides guaranteed payment of a specified sum in a specified currency to the exporter, provided the seller meets precisely-defined conditions and submits the prescribed documents within a fixed timeframe, offering flexibility and better management of cash flows for the SMEs.
When you receive the documents directly from your overseas supplier and you need to make payment against those documents you can approach your bank (HDFC Bank) along with the documents for sending the remittance for your imports. We will ensure that the remittance is done promptly i.e. your exporter receives timely payment