Import Letters of Credit
Get better payment terms from foreign suppliers and reduce the risks of international trade with assistance from M&T Bank.
About International Import Letters of Credit from M&T Bank
Obtaining favorable payment terms from foreign suppliers is critical to your company. An Import Letter of Credit allows your foreign supplier to rely upon the strength of M&T Bank, so you can get the credit terms you need to do business.
An Import Letter of Credit can help your company obtain better payment terms because your foreign supplier will be paid by M&T, as long as the terms of the Import Letter of Credit are met. Since your company will not have to make a payment until your supplier has presented documents that comply with the Import Letter of Credit, an M&T Import Letter of Credit also helps to manage the risk of foreign purchases.
How It Works
- You and your foreign supplier decide to use an Import Letter of Credit for payment, so you work with M&T Bank to issue the Import Letter of Credit.
- Your foreign supplier ships the goods and forwards the documents required by the Import Letter of Credit to its bank.
- The foreign bank sends the required documents to M&T Bank where they are checked against the Import Letter of Credit’s terms and conditions.
- If the required documents conform to the terms of the Import Letter of Credit, M&T Bank pays the foreign supplier via the supplier’s bank.
- M&T Bank collects payment from your company and forwards the documents to your company.
Getting Started
To get started, call your M&T Relationship Manager or our International Trade Finance Group to obtain credit approval and complete the necessary legal documentation.
Manage your account online.
Our web-based trade management system, International Trade Online, allows you to efficiently handle your Import Letters of Credit, including the integration of your purchase order data.
Count on support from our dedicated team.
M&T’s International Trade Finance Specialists have the knowledge to help solve your company’s most challenging international payments.