Correspondent Banking

Letter of Credit:  The fastest and most secure Letter of Credit service for your import and export transactions is available at Limasol Türk Kooperatif Bank Ltd..  A Letter of Credit represents the guarantee in writing of the bank up to a certain amount, given upon the request and order of the buyer, to make a certain payment to the seller within a certain timeframe against certain documents and on the condition that certain requirements are satisfied, and that it shall accept bills of exchange issued by the payee or discount these.  In a payment with letter of credit the seller holds a Bank guarantee stating that the value of the goods sold shall be paid to him/her.  The buyer on the other hand is certain that the conditions of the Letter of Credit shall be prepared in accordance with his/her demands and instructions and that unless these conditions are met no payment shall be made to the seller.

Letter of Credit transactions which protect both buyer and seller in international trade are conducted at our Bank by our experienced staff in accordance with brochure number 600 of the Uniform Procedures and Practices of the International Chamber of Commerce with regard to Letters of Credit, as well as internal regulations in our country.

Letter of Guarantee:  Limasol Türk Kooperatif Bank provides fast and high quality service where you need to provide Turkish Lira or Foreign Currency Letters of Guarantee to local organizations and institutions.

External Guarantees:  In accordance with agreements and contracts you shall make with companies abroad you may get your Absolute Letters of Guarantee prepared through our correspondent banks and readily secure your import transactions.

Documentation:  Limasol Türk Kooperatif Bank Ltd may facilitate documentation which in International Trade guarantees that the price of goods loaded by the seller shall be paid under the agreed conditions and within the period stipulated, where the documents are submitted to the importer upon which payment is made to the exporter.