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International Settlement Business
 

A. Letter of Credit
Letter of Credit (L/C) is a kind of guarantee document which is issued by the issuing bank to the beneficiary and applied by applicant to make sure that the issuing bank would perform the payment liabilities provided with the defined documents.
1.As for different payment time, it can be divided as sight letter of credit, usance letter of credit,and deferred payment letter of credit.
2. Other special letters of credit, such as Transferring letter of credit, Back-to-Back letter of credit, Revolving letter of credit.

B. Collection
Collection is a kind of settlement service offered to principals (creditors) by ICBC. The principals (creditors) submit financial bills and/or commercial bills to ICBC for Collection. And ICBC collects funds from the payers (debtors) by affiliated banks or agency banks.

C. Remittance
Remittance is a kind of settlement service in which remitter entrusts ICBC to transfer funds to remittee.
Telegraphic Transfer (T/T) is a remittance method in which the remitting bank gives the payment instructions to the paying bank for paying the remittance to the remittee through SWIFT System based on the application by remitter. T/T is a fast, secure and convenient remittance method.


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