Introduction
In global trade activities, the beneficiary of the letter of guarantee designates Bank of China as the notifying bank of the letter of guarantee in business negotiation. No matter the letter of guarantee is issued in paper or by telex, Bank of China can verify the authenticity of the letter of guarantee for customers and notify customers for the original copy in time.
Features
1. Prevent commercial fraud effectively;
2. Simple and convenient procedure with relatively low expenses.
Application Qualifications
1. The issuing bank of the letter of guarantee shall maintain good credit standing without any bad record;
2. The applicant shall possess real relationship of transactions that meets Bank of China's requirements on business compliance.
Process
1. The issuing bank of the letter of guarantee submits an application;
2. Bank of China reviews the documents and notifies the letter of guarantee;
3. Bank of China charges guarantee fees.
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