Letter of Credit is a payment means that includes payment guarantee of banks, that is widely preferred in international trade since it secures both the importer and the exporter. The bank, upon request and instruction of the seller (importer), undertakes to the seller (exporter), in writing, that the buyer will pay to the seller up to a certain amount, within a certain time period and conditional on the fulfillment of certain terms.
We provide such service to our customers with our wide network of correspondent institutions, our international banking experience and reputation.
Confirmed Letter of Credit
This is the type of letter of credit where the value of the goods is guaranteed in the widest extent.
If a letter of credit has an additional payment confirmation by a bank other than the issuing bank, then it is called a Confirmed Letter of Credit (L/C).
In Confirmed Letters of Credit, both the issuing bank and the confirming bank assume payment responsibility.
An important detail about Confirmed Letters of Credit is that the banks can add confirmation to only irrevocable Letters of Credit.
Non-Confirmed Letter of Credit
This is the type of letter of credit where there is no payment assurance other than that of the issuing bank.
In non-confirmed letters of credit, the advising bank is only responsible to transfer the letter of credit received from the issuing bank to the beneficiary. In non-confirmed letters of credit, the advising bank has no responsibilities regarding payments.
We invite you to a nearby Türk Bankası Branch to utilize such services.
For detailed information, please contact a Türk Bankası Branch or call (392) 444 73 73 our Customer Care Hotline.
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