Letters of credit are a special form of cover for transactions involving the import or export of goods or services. On behalf of the importer, the bank undertakes to pay the exporter of goods or services a certain sum of money against presentation of the appropriate documents within the agreed timescales.
Documentary collection is a method of payment which offers guaranteed payment before the goods are dispatched. This means that payment is more secure and more closely monitored once the goods are in the possession of the purchaser/importer.
Before concluding profitable business with new or existing partners it is advisable to verify that the partner can provide the service or make the payment. If you need a payment guarantee or a performance guarantee, RAWBANK can make a binding commitment on your behalf and act as guarantor for your obligations and your debts. It does not accept responsibility for the proper execution of the service, however. Its guarantee relates only to the payment of a maximum specified amount if you have failed to fulfil the obligation.
Endorsement of bank drafts
This is a commitment given by the bank to guarantee the settlement of a draft issued by our customers to third parties.