Saudi National Bank offers a range of products to facilitate and finance your import needs. Our qualified staff will ensure that you get the best and speedy service. There are several ways in which you, as a buyer, can finance your imports of goods.
For centuries, exporters and importers have used Letters of Credit as one of the most common methods of financing the exchange of goods and services. As an instrument, it is a written undertaking by Samba (the issuing bank) given to the seller (beneficiary) at the request and on the instructions of the buyer (applicant) to pay at sight or on a determinable future date for a stated sum of money within a prescribed time limit and against stipulated documents, provided that the terms and conditions of the letter of credit are complied with. In other words, the bank substitutes its creditworthiness for that of the buyer.
Samba promptly issues, amends and pays sight and acceptance letters of credit using its strong affiliation with Citibank and correspondent bank relationships around the globe. Upon request, Samba can also arrange for cargo (marine/air/land) insurance coverage through its insurance broker.
Samba handles financial and/or commercial documents according to the instructions received in order to obtain payment and/or acceptance or to deliver documents against payment and/or against acceptance or to deliver documents on other terms and conditions.
A bankers' acceptance is a short-term credit instrument, most commonly used in international trade. It can be created under letters of credit.
Samba can guarantee the payment of a time draft drawn under an import documentary collection by giving its aval. By signing the time draft, the bank commits itself to unconditionally pay the drawer, should the other party default.
Samba can provide an undertaking to tender the original B/L and meet the receiver's obligation in case of failure using the shipping agent's format in order to assist its customers to clear their goods from the port prior to the arrival of the relevant shipping documents. Similar guarantees could cover air shipments as well.
The discounting of usance drafts and bankers' acceptances (the bank's own acceptances or acceptances of other banks) covering the shipment and sale of merchandise is offered. This product allows the seller or exporter of goods to receive immediate payment for a shipment while the buyer or importer need not make the payment until maturity of the draft.