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Import Solutions

Manage your risk and cash flow, with options designed specifically for importers.

Why choose Suncorp to support your importing business?

Make the most of your importing business opportunities with finance options that support your unique needs.  With Suncorp, you’ll have a dedicated relationship manager to help you choose options to minimise your risk and maximise your cash flow.

Our fees and charges for import solutions are competitive and are based upon the type of product chosen, and the value of the transactions in question.

Please call us on 1800 281 056 to discuss your options with one of our Trade Finance Specialists.

Import Documentary Collection

How it works

  • Once your supplier has shipped the goods, they present the necessary documents, together with their instructions, to their Bank;
  • Your supplier’s Bank then forwards the documents to us.  We act as your agent and hold all documents of title, retaining control over the goods until you pay, or accept a Bill of Exchange promising to pay on an agreed future date.

Your options

Documentary Collections can be issued in 2 ways:

  • On a 'sight' basis (D/P - documents against payment) meaning that a Bill of Exchange is drawn for immediate payment from you  once we receive the shipping documents, or
  • On a ‘term’ basis (D/A – documents against acceptance) meaning that a Bill of Exchange is drawn for payment at a future date - e.g. 30 days after sight, 90 days from bill of lading date, or at a nominated fixed date.

Why choose to use an import documentary collection?

  • No credit facility required
  • Simple cost-effective payment alternative to Documentary Letters of Credit
  • More secure way to trade internationally than simply transferring funds on open account before the goods arrive
  • Enables you to delay payment or acceptance until arrival of vessel carrying your goods
  • Reduces risk to your supplier as shipping documentation, supporting control of the goods, is managed through the banking system between their bank and ourselves
  • Available in all major currencies 
  • Documentary Collections are governed in accordance with the International Chamber of Commerce (ICC) - Uniform Rules for Collections which clearly define the responsibilities of different parties, along with interest and expense issues

Import Documentary Letter of Credit

How it works

  • You and your supplier agree on the terms of sale. You specify what documentation is required to accompany each shipment, and control payment terms and conditions.
  •  Once we receive the required documentation under the Documentary Letter of Credit, we will issue payment on your behalf to your supplier’s bank.

Documentary Letters of Credit are often used by buyers and sellers where a trusted trading relationship is yet to be built.

You will need an approved trade finance facility for a Documentary Letter of Credit.

Your options

Documentary Letter of Credit can be issued in 3 ways

  • On a 'sight' basis where once we receive the shipping documents, immediate payment is required by you, and we effect payment to your supplier’s bank, or
  • On a 'sight' basis where once we receive the shipping documents, payment is settled by us advancing to you a new Import Finance Loan for up to 180 days from the Bill of Lading date. We then effect payment to your supplier’s bank, or
  • On a ‘term’ basis by agreement with your supplier they accept delayed payment terms which is then stated in the Letter of Credit, e.g. 30 days after sight,90 days from bill of lading date, or at a nominated fixed date. On maturity of the delayed term, we effect payment to your supplier’s bank, and you have the option to pay immediately, or settle by us advancing to you a new Import Finance loan for up to 180 days from the Bill of Lading date

Why choose this option

  • Secure form of payment to facilitate import / purchase of goods
  • Establishes credit worthiness with your supplier, strengthens your negotiation position
  • An Import Documentary Letter of Credit cannot be cancelled, nor can conditions be altered without the consent of all the parties
  • Ensures a supplier has met your terms and conditions before you pay them, protects you and your supplier’s interests
  • Can be used to improve cash flow
  • Available in all major currencies
  • Documentary Letters of Credit are issued subject to the International Chamber of Commerce (ICC) rules for Bank to Bank Reimbursements under Documentary Credit and Uniform Customs and Practice for Documentary Credits current at the time

Documentary Letter of Credit options

Import Cash Secured Documentary Letter of Credit

How it works

You lodge covering funds in the same currency as the Documentary Letter of Credit into an account held with us as security until it is used as payment upon receipt of the required documentation from your supplier.

Cash Secured Documentary Letters of Credit are subject to approval on a case by case basis.

Why choose this option
  • Does not require an “approved trade finance facility” to be in place.
  • If you have an “approved trade finance facility” and there is an insufficient limit available, this option provides for the Cash Secured Documentary Letter of Credit to be issued.
  • Transferable ,or Revolving Documentary Letters of Credit are also supported.

Standby Letter of Credit

How it works

A Standby Letter of Credit is a written commitment issued by Suncorp on your behalf in favour of a third party.It is a guarantee to pay a specific amount to meet your obligations often used where you are providing services, and or goods under a contract.

A Standby Letter of Credit is only activated if specific events trigger a claim or an agreed performance criteria is not met as outlined in the terms of the agreement. You will need approved trade finance facility for a Standby Letter of Credit.

Why choose this option
  • Can be used to guarantee payment in case of default or non-performance
  • Allows you to leverage your credit standing to secure banking facilities for other companies
  • Is highly versatile and can be used to support a wide range of contractual agreements
  • Satisfies the requirement under a contract where a performance guarantee is required
  • Establishes credit worthiness with your trading partner and payment assurance to accept open account trading
  • Can provide substantial savings in transaction fees if you make purchases of similar amounts at regular intervals from the same supplier
  • Accepted in countries such as the US where bank guarantees are not allowed
  • Available in all major currencies

Ready to apply?

Our Trade Finance Specialists are dedicated to supporting your growth in international markets by offering a competitive range of import and export products, tailored to suit your business needs.

If you need some help deciding which option is best for your business, please call us on 1800 281 056 to talk to one of our Trade Finance Specialists.

International Trade Products are provided by Suncorp-Metway Ltd (“Suncorp Bank”) ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence number 229882. To approved applicants only. Fees, charges, terms and conditions apply and are available on request.

A foreign currency facility is affected by exchange rate movements that may result in a higher net funding cost (i.e. exchange rate movements may cost you more or cause you losses). Suncorp Bank has products available that can help minimise the financial risks associated with exchange rate movements. Suncorp Bank recommends that a customer with a foreign currency facility seek independent financial advice in respect of the risks associated with such a facility and the financial products available to help minimise that risk.

Transferable

The beneficiary of the Letter can be transferred to another nominated party.

Revolving

A single Letter of Credit that covers multiple shipments.