Early Payment of Import Credit Guarantee

Services at your disposal

You can manage the imports-exports of your business by selecting solutions awarded by Euromoney and Global Finance, two leading and trusted international financial publications.

Improvement of your balance sheets

You can improve your financial indices by scheduling your debt payments on a regular basis, pursuant to the trade cycle of your business.

Strengthening of business relationship

You can strengthen, as well as broaden your relationship with your suppliers or buyers. Additionally, you have the option to form long-term and beneficial trading relationships with them.

Immediate solution for your suppliers

You can become the most immediate solution with respect to supplier liquidity issues, without binding their credit line. Take advantage of your ability to participate in negotiations with them and your customers.

Do you want to discuss your needs?

You can contact an NBG representative regarding the trade services offered by the Bank.

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i-bank Trade Finance

Manage the trading transactions of your business online, through an awarded platform.

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Value chain financing

You have the option to finance your entire supply chain, thus helping the scheduling of cash flows.

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Outward Orientation

You can insure the products you export against specific risks, in cooperation with NBG and the Export Credit Insurance Organization.

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NBG's digital transformation always takes mature and stable steps. This way it becomes a catalyst for us, aiding our operations.

Gianna Ioannidou

Managing Director at All Web Solution SA

I want to improve my imports

You can gain many benefits through our trade services, irrespectively of whether you have a small or medium-sized business.

Do you want more information?

What is an Import Letter of Guarantee and how can it help my transactions? 

It is an irrevocable and independent commitment on behalf of the Importer’s bank (Primary debtor) to pay the Supplier up until a specific amount, within a specified time frame, by presenting the prerequisite documents.

As an Importer, you can pay your supplier only if said terms and conditions of the Letter of Guarantee (timely loading / document procurement) have been met. Additionally, you have access to trade credit (e.g., 60 to 120 days) due to the coverage of the payment through the Letter of Guarantee.

What documents do I need to open an import Letter of Guarantee? 

The documents you have to submit are the following:

Framework Contract of the Terms of Issuance of the Letter of Guarantee
Application for the Issuance of a Letter of Guarantee
Supporting documents on a case-by-case basis (Contract, Pro-form invoice, Invoice, Certificate of Representative, etc.)
Procurement of Periodic V.A.T. Statement
On a case-by-case basis additional documents may be required, such as the Minutes of BoD meeting, etc.)
A current approved customer credit line is a prerequisite

What documents do I need to open an import Letter of Guarantee with early payment?

The documents we will need from you are the following:

Framework Agreement of the Terms of Issuance of the Letter of Guarantee
Application for the Issuance of a Letter of Guarantee
Supporting documents on a case-by-case basis (Contract, Pro-form invoice, Invoice, Certificate of Representative, etc.)
Presentation of Periodic V.A.T. Statement
On a case-by-case basis additional documents may be required, such as the Minutes of BoD meeting, etc.)
A current approved customer credit line is a prerequisite

How much time does it take to open an import letter of Guarantee?

Provided that you have determined the terms for the guarantee with the supplier, it will take two days.

How much time does it take to open an import letter of guarantee with early payment? 

Provided that you have determined the terms for the guarantee with the supplier, it will take two days.

Why should I make an early payment regarding an import Letter of Guarantee?

Both the importer and you, the exporter, have multiple benefits to gain:

For the Importer:

Ability to avoid the addition of a Certification of Letter of Guarantee for the Beneficiary
Access to trade credit
Scheduling of debt payments on a regular basis, pursuant to the trade cycle.
Pre-agreed controllable cost, pursuant to the circumstances of the Greek market.
Increased room for negotiations
Strengthening of relationship with strategic suppliers

For the Exporter:

Increased liquidity through the early payment of the future Letter of Guarantee.
Improvement of financial indices and ability to schedule the collection of receivables on a regular basis.
No binding of their credit line.
Elimination of country / Bank risk.
Simple procedures, fast document handling.
Maintenance and broadening of relationship with their customers.