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Your MONEY should travel as safely as YOU do. A worldwide foreign exchange network with safety and flexibility. Whether you're traveling or sending money overseas, we at Belize Bank will give you several options. You can choose the one best suited to your business needs. Our Foreign Exchange section can provide you with any one of the following:
LETTERS OF CREDIT
Reduce risk when you buy and sell merchandise around the world. Does your business deal with the Export/Import sector? Based on your business’s performance you can receive Letters of Credit (L/C’s) from Belize Bank to guarantee your supplier that payment will be received and to speed up your overseas shipments and payments.
Commercial import letters of credit
If you're an importer, timely receipt of the goods you agreed to purchase is a basic component of doing business. An import letter of credit assures that you'll only be required to pay for merchandise when the seller meets the terms of the letter. Use an import letter of credit to:
- Increase the likelihood that you'll receive the correct quantity of the right product at the right location
- Increase the probability of timely receipt and/or delivery of the product
Commercial export letters of credit
If you're an exporter, one of the issues you'll need to consider is how to collect payment from your buyer. An export letter of credit increases the possibility that you will receive payment in accordance with the terms of your sales agreement. Use an export letter of credit to:
- Receive conditional assurance of prompt payment for shipped goods
- Receive conditional protection against the buyer's rejection of the merchandise
Standby letter of credit
As a business owner, you'll find there are times when your service providers or suppliers require more than your good name to ensure payment to them. A standby letter of credit assures your suppliers that you'll fulfill the terms of your contract or agreement. Large and small companies across many industries often use standby letters of credit to:
- Increase the possibility of timely invoice payment in trade transaction.
- Increase the likelihood that a buyer will continue to make incremental payments during a project or transaction.
Collections | Guarantees | Wire Transfers | Bank Drafts | Traveller's Cheques
COLLECTIONS
Belize Bank offers both an import and export collection service. Import collection is a simpler alternative to Letters of Credit. When your suppliers send the documents to us through their bankers, we will inform you immediately. Documents are released to you when your supplier’s payment terms are fulfilled.
With our Export Bills for Collection service, you simply present your documents to us and we will send them to your buyer’s banker in a timely manner. Documents will be released to your buyer upon payment or against acceptance.
We'll ensure you get your money into your hands quickly when you complete a foreign sale.
Letters of Credit | Guarantees | Wire Transfers | Bank Drafts | Traveller's Cheques
GUARANTEES
If your customers are concerned about performance we can issue different types of Guarantees or Bonds to suit your needs. A guarantee states that you will comply with the terms of the contract/agreement with your customers; otherwise your customers will be compensated. We typically have bid bonds, performance bonds and advance payment bonds. Stop by our Foreign Exchange Department to apply.
Letters of Credit | Collections | Wire Transfers | Bank Drafts | Traveller's Cheques
WIRE TRANSFERS
We offer international transfers via the secure SWIFT system to any location throughout the world.
Letters of Credit | Collections | Guarantees | Bank Drafts | Traveller's Cheques
BANK DRAFTS
We offer International Bank Drafts (Certified Banker’s Cheques) drawn on numerous banks worldwide. These can be obtained at a fee determined by the amount needed for the cheque.
Letters of Credit | Collections | Guarantees | Wire Transfers | Traveller's Cheques
TRAVELLER'S CHEQUES
Buy them here, cash them virtually anywhere. They’re the most familiar form of global money, and you can get them here in popular currencies - US Dollars, Pounds Sterling and Canadian Dollars. Anyone who’s traveling can buy them (subject to local Exchange Control regulations and availability). Travelers’ Cheques are safe. If they are stolen, you can have them replaced at no cost to you - wherever you are. Now that’s peace of mind!
Letters of Credit | Collections | Guarantees | Wire Transfers | Bank Drafts
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