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If you're shipping goods internationally, your buyer can issue a letter of credit through their bank. Their bank will guarantee payment, but won't make the payment until you've sent documents proving the goods are on the way.
The buyer's bank guarantees payment.
You know you're going to get paid for what you ship.
Your buyer can be more confident that they'll get what they ordered.
Your buyer's bank holds your payment for the goods you're exporting until you send them shipping documents proving that you've shipped the goods.
Costs will vary, so please talk to our business banking team for pricing information.
Your shipping documents could be:
The payment date can be as soon as the buyer’s bank receives the documents, or another date agreed by you and the buyer – either after the shipping documents arrive or after the boat carrying the goods leaves port.
Sometimes, you might need a little more confidence that your risks are covered. If you’re worried about your buyer’s bank – or they’re in a country that you think may not be financially stable – you can contact us to confirm the letter of credit.
If we confirm the export letter of credit, it means that the risk of non-payment will be on us, instead of the buyer’s bank, so you’ll stay protected.
If you want to have a export letter of credit confirmed, call us on 0800 222 490 or email international@kiwibank.co.nz. If we agree to confirm the letter, you’ll be charged a fee.
To find out more about export letters of credit and for pricing information, get in touch with our business banking team.
Find a business banking specialist in your area. Request a call back, or call them directly.
Find a business bankerCall our business banking team on 0800 601 601, or +64 4 803 1646 if you’re calling from overseas.