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Advance Payment is a payment method whereby the buyer/importer pays the amount of the goods to the seller/exporter prior to the shipment of the goods.
It is a form of payment where the amount of the goods shipped by the seller/exporter are sent to the seller after the goods are cleared from customs by the buyer/importer.
The cash against documents is a payment method used in foreign trade between a seller and buyer. Simply, it is a process where an importer pays for the ordered goods before they are received.
Typically, the cash against document is when an exporter (seller) instructs his bank to release shipping documents to the importer upon the full payment. After payment, the importer receives the documents in order to clear goods from customs.
It is a form of payment that includes the condition that the goods shipped by the seller can be cleared by the buyer from the customs, the Bill of Exchange sent together with the documents representing these goods and the acceptance by the buyer that the price of the goods will be paid on the date specified on this BOE.
Documents representing the goods are delivered to the buyer after the acceptance of the BOE by the buyer. It can be done in the form of Letter of Credit with Acceptance Credit. It gives the buyer the opportunity to purchase goods on a deferred basis.
It is a conditional guarantee of payment. The requirement here is that the documents representing the stipulated goods, which demonstrate the loading of the goods or the performance of the service with the instruction of the buyer/importer, are issued by the seller/exporter in accordance with the text of the letter of credit, UCP600 and ISBP 745 brochures. A guarantee is a bank undertaking that the seller will be paid provided that these documents are submitted to the bank within the specified period. Otherwise, no payment will be made by the bank.
It is an irrevocable bank payment liability, which is issued for the delivery of a good, payment of a debt, and the execution of a work, addressed to the to beneficiary and institutions abroad.
If the commitment which is the subject of the letter, is not fulfilled in due time and in accordance with the contract between the two parties; The amount specified in the letter is paid by our bank to the beneficiary or institutions abroad at the first request. The fact that your debts and commitments abroad are guaranteed by VakıfBank provides your company with flexibility and confidence in foreign trade transactions.
Our Bank can also issue letters of guarantee addressed to its customers, prepared on the order of the beneficiary abroad and forwarded to VakıfBank under the counter-guarantee of the beneficiary's bank. This is a separate commitment from the guarantee, stating that payment will be made upon receipt of a claim for indemnification in accordance with the terms set out in the text of the contract guarantee.
Our Bank, with its extensive correspondent network in many countries around the world, acts as an intermediary in the transactions of our exporting customers by confirming the letters of credit and letters of guarantee opened by importers to the importer's bank and/or country.
Our Bank has signed agreements with IFC (International Finance Corporation) and EBRD (European Bank for Reconstruction and Development) within the scope of Foreign Trade Financing.
Through the agreement signed with the IFC to become a confirmation bank under the Global Foreign Trade Finance Program, the Bank was able to work with banks in many African, Central Asian, Latin American and Eastern European countries. This program covers the risks of 225 issuing banks from 69 countries under the IFC guarantee.
As part of the Foreign Trade Facilitation Program with the EBRD, the risks of 110 issuing banks from 26 countries in Central and Eastern Europe and the Commonwealth of Independent States are covered by the EBRD guarantee, providing our exporting customers with reliable collection opportunities in these markets.
These programs especially facilitate our exporters' access to new markets by diversifying exports in line with Turkey's export policy.
Foreign currency cheques issued by foreign banks in convertible currencies can be collected at our bank. Foreign currency cheques are sent to correspondent banks to be collected, and payment is made after the cheque amount is credited to the Bank's accounts.
With the SWIFT GPI system, you can track your global payments through our Branches and internet banking at every stage along the payment chain.
With the SWIFT GPI system;