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International Banking And Payment Options

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  • 1. Essentials of Exporting Program International Banking and Payment Options Auburn, ME September 27, 2007
  • 2. Topics to be Covered
    • External Requirement – KYC / CIP
    • Internal Requirement – Do Not Assume
    • The Sales Agreement
    • Risk and Cost Spectrum
    • Payment in Advance
    • Open Account
    • Overview of Trade Banking Products
      • Import / Export Solutions – Pre-shipment / Post Shipment
      • Types of Bank Borrowing
    • Commercial Letters of Credit
    • Standby Letters of Credit
    • Documentary / Direct Collection
  • 3. External Requirement: “Know Your Customer!!”
    • Very different “global” environment
      • New export markets – who isn’t selling / buying from China?
      • Technology improvements - both good news and bad news
        • Product Delivery vs. Ability to re-create Bank Products
        • Increase in “web” addresses vs. hard copy purchase inquires
    • Compliance, Compliance, Compliance
      • USA PATRIOT Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act), Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Boycott Clauses, OFAC Review
        • Customer Identification Program (CIP) requirements
        • Easier said than done…these are not going away!
  • 4. Internal Requirements: Do Not Assume!!
    • Corporate:
    • Selling goods internationally is the same as a domestic transaction
    • Getting paid internationally is the same as getting paid domestically
    • The money transfer system works the same way overseas as in the US
    • Access your corporate credit appetite; establish policy
      • Sales opportunities vs. credit common sense
      • Establish lines of communication between groups involved with the sale
      • Assess the country of import and any political risks
        • Stable / Unstable / Sanctions in place / FX environment
  • 5. Internal Requirement: Do Not Assume
    • Banking Relationship:
    • Everything is negotiable……!!
      • Leverage services available from your lender / separate provider
      • Know what your bank charges; what did you negotiate?
      • Know your (Bank) Trade Ops contact!!!
    • Pre–shipment Goal: Reduce risk to Trade Customer
      • Provide alternatives; suggest credit mitigation products and programs
      • Provide training when requested
    • Post shipment: Processor / Monitor
      • Act as intermediaries
      • Facilitate payment on your behalf
  • 6. Sales Agreement - The Foundation
    • All transactions:
      • Subject to contractual agreement between buyer and seller
      • Represented by a sales contract
    • Sales contract should include:
      • Merchandise description, quantity and value in specific currency
      • Method of dispatch
        • Expected ship and/or latest ship (or delivery) date
        • Shipping / Freight terms
      • Required export / import documentation
      • Who pays the related costs for freight / insurance?
      • Method of payment with applicable credit terms
        • Include bank information
        • Who pays Banks fees?
  • 7. International Methods of Payment Methods of Payment by Risk and Cost TRADE TERMS Open Account Documentary Collections (Time / Sight) Unconfirmed Letters of Credit (Time / Sight Confirmed Letters of Credit (Time / Sight ) Payment in Advance HIGH EXPORTER RISK LOW IMPORTER RISK LOW HIGH
  • 8. Risk Assessment Explained Relies completely on seller to ship goods as ordered Payment in Advance No Risk – Unless buyer requests an advance payment guarantee / SBLC Relies on seller to ship goods as described in the L/C and by when, also stated in the L/C Letters of Credit Risk of own non-performance in adhering to all requirements in the L/C Relies on seller to ship goods as described in the documents Documentary Collections Relies on buyer to pay draft on presentation of documents or at maturity No Risk Open Account Relies completely on buyer to pay as previously agreed Low Risk High Risk Buyer / Importer Seller / Exporter
  • 9. Payment in Advance
    • What is it?
      • Buyer places the money at the disposal of the seller prior to shipment of services or provision of services
      • Money received via a wire transfer transmitted by SWIFT between Banks.
    • When appropriate?
      • Small orders
      • New Customer - debatable
      • Buyer has questionable / poor credit history (with you or within industry)
      • Buyer cannot open an Letter of Credit
    • Does the exporter (seller) need the proceeds to finance the production cycle?
    • Will your buyer require the receipt of an advance payment guarantee before sending the down payment? (These are increasing in use!)
    • Is this competitive?
  • 10. Payment in Advance: Exporter’s Be Aware
    • Payment by Credit Card:
      • KYC
      • Merchant Liability
        • FX Risk
    • International Wire Transfers:
      • What currency is to be received?
        • FX Risk
      • SWIFT Test Key Exchange Required
        • Ask your Bank!
      • Complete transmission instructions must be provided by the sender or the receiving Bank will reject / not accept the transfer
  • 11. Payment in Advance
    • Buyer:
    • Benefits
      • No real benefit
    • Risks
      • Less control
      • No assurance goods contracted for will be supplied or received in a timely fashion or in the quantity ordered
      • High cost
        • Negative effect on cash flow; possibly Bank borrowings
    • Seller:
    • Benefits
      • Low Transaction fees
      • Immediate use of funds
      • Payment is received before shipment
        • Foreign AR turn is impressive
    • Risks
      • Term is not competitive
      • When does seller start their production cycle?
        • If payment is not made by due date?
    • AML Compliance
  • 12. Open Account
    • What is it?
      • An arrangement between buyer and seller whereby the goods are manufactured and delivered before payment is required to be made
        • Stated payment due date
        • No negotiable instrument evidencing legal commitment
    • When appropriate?
      • Established / successful relationship between buyer and seller
        • Credit terms extended by the seller, to the buyer, may have graduated over time
          • Previously used PIA, L/C’s, and / or collections
      • Buyer has a good credit rating
        • Based on external credit information (credit report)
        • Based on financial review by seller (credit review) on buyer’s financial statements
      • Seller has export credit insurance policy for all foreign AR
      • Exporter: Are you borrowing against this “foreign” collateral?
  • 13. Open Account
    • Buyer:
    • Benefits
      • Seller provides financing to buyer for open account term
      • Low transaction fee
    • Risks
      • Possible legal costs in the event of non-payment
      • Impact of word of mouth in event of non-payment
      • Otherwise, none
    • Seller:
    • Benefits
      • Ability to meet competitive terms
        • Exporter might maintain export credit insurance policy?
      • Low transaction fee
    • Risks
      • Releases title to goods without having an assurance of payment
      • Late payment / Non-payment
        • Strain on seller’s collection team?
      • High cost
      • Negative effect on cash flow if terms are financed terms through Bank borrowings –non-eligible collateral
  • 14. Import Solutions
    • Pre–Import: Improves working capital
    • Domestic Borrowing Structure
    • Domestic AR @ 75–85%
    • Domestic Inventory @ 0–25/50%
    • Post Import: Credit Mitigation Products
    • Credit Risk Protection:
    • Import Documentary Collections (non-credit vehicle)
    • Import L/C’s
    • Post Shipment Financing:
    • Banker’s Acceptances
  • 15. Export Solutions
    • Pre–Export - Improves working capital availability using Foreign Collateral
    • Working Capital Programs:
    • Small Business Administration
      • Acceptable Foreign AR @ 90%
      • Advance against PO’s (Subject to..)
      • Assignment of Proceeds
      • Fixed Asset Loans with export working capital
    • EXIM Bank
      • Acceptable Foreign AR @ 90%
      • Exportable Inventory @ 75%
      • Reduced collateral % on performance based L/C issuances
    • Post Export - Credit Mitigation Products and Programs
    • Credit Risk Protection:
    • Export Documentary Collections (non-credit vehicle)
    • Export Letters of Credit
      • Confirmation of the Letter of Credit
      • Discount of Time Drafts
    • Short & Medium Term Export Credit Insurance Coverage (Govit & Private Sector)
      • Discounting insured AR
    • Medium & Long Term Guarantees
    • EXIM Bank War Chest – Direct Loans
  • 16. Types of Bank Borrowing
    • (Assumes a credit line has been approved by a bank)
    • Hard dollar borrowings : based on a cash advance (loan) which is priced using a specific interest rate.
    • Soft dollar borrowings : issuances of contingent liabilities which is priced using a specific fee schedule.
      • Contingent liability to the customer; subject to something happening (L/C – presentation of “ clean” documents)
        • Reduces borrowing availability under line by value of L/C’s issued
      • Contingent liability to the bank; once issued, bank must pay if there is a presentation of “ clean” documents
    • Other type of borrowing:
    • Cash Collateral:
      • 100% coverage with cash or securities, subject to bank policy; Bank approvals decreasing due to KYC requirements
  • 17. Letter of Credit Definition
    • Summary: An irrevocable mechanism for payment; a payment facility
      • A financial instrument issued by a bank on behalf of its customer (the applicant) by which the bank substitutes its own credit strength in place of its customer (the applicant) in favor of the seller (the beneficiary)
      • The issuing bank undertakes a commitment to the named beneficiary to pay a stated amount within a specific timeframe, provided the beneficiary complies with the terms and conditions of the L/C
      • A Letter of Credit is NOT a Guarantee
        • It’s an assurance of payment to the exporter so long as the exporter performs per the terms contained within the L/C
    • EXPORTER: DO NOT ACCEPT AN REVOCABLE L/C!! Why?
  • 18. Letter of Credit
    • THE IMPORTER
    • APPLICANT
    • BUYER
    • ACCOUNT PARTY
    • DRAWEE
    The Players
  • 19. Letter of Credit
    • THE EXPORTER
    • BENEFICIARY
    • SHIPPER
    • SELLER
    • MANUFACTURER
    • VENDOR
    • SUPPLIER
    • DRAWER
    The Players
  • 20. Letter of Credit
    • THE BANKS
    • ISSUING /OPENING BANK
    • ADVISING BANK
    • CONFIRMING BANK
    • NEGOTIATING BANK
    • PAYING BANK
    • REIMBURSING BANK
    • ACCEPTING BANK
    • TRANSFERRING BANK
    The Players
  • 21. Types of Letter of Credit
    • There are two types of L/C’s:
      • Commercial L/C – Covering the sale / purchase of merchandise
        • Issued by the importer, through their bank, to the exporter, through their bank, as the primary payment vehicle
          • Import L/C = L/C issued by the importer to the exporter through the banking channels
          • Export l/C = L/C advised to the exporter from the importer through the banking channels
      • Standby L/C - Issued as a special purpose L/C to support a contractual, financial or other obligation
        • Used as a payment vehicle in the event the account party / applicant defaults – secondary payment vehicle
  • 22. Advising vs. Confirming Letters of Credit
    • Rules for Documentary Credits:
      • Uniform Customs and Practices for Documentary Credits, ICC Publication 600 (UCP 600) – new as of July, 2007
        • Binding on all parties unless otherwise expressly stipulated in the credit (what does the L/C state…?)
      • Advising Bank – notifies the exporter of the opening of an L/C in their favor. The Advising Bank fully informs the exporter of the conditions of the letter of credit without making a payment commitment.
      • Confirming Bank – underwrites the credit obligation of the issuing bank by adding its own irrevocable undertaking for payment in addition to the issuing bank.
        • If discrepant documents are presented by the exporter, confirmation is voided.
  • 23. Overview of Commercial Letters of Credit
    • The specific terms of the L/C should be negotiated between buyer and seller before it is issued
    • Contingent liability of issuing bank ; no liability of advising bank
    • Contingent liability of confirming bank
    • Exporter ships after review & receipt of letter of credit and any amendments
    • Can be self liquidating…..doesn’t have to be
    • Communicated between banks via SWIFT messages
      • Society for Worldwide Interbank Financial Telecommunication
      • www.bic.com
      • Exporter: Does your advising Bank have a SWIFT exchange with the issuing Bank?
  • 24. Commercial Letter of Credit - Payment Terms
    • Payment Terms:
      • Can be in US$ or FX Currency
        • To hedge or not hedge?
      • Reflected in the Tenor of the Draft (evidence of debt):
        • Sight payment - draft presented
        • Time payment - draft presented (allowed to be discounted?)
          • X Days Date
          • X Days Sight
          • Fixed Maturity
        • Deferred payment - no draft presented
        • Split - 90% @ sight; 10% @ 60 days sight
      • Drafts are required in all Trade Documentary Products .
    • REMEMBER: Banks only deal in documents!!!
  • 25. Draft – The Evidence of Debt Boston, MA U.S.A. after Pay to the order of $ Dollars Value received and charge the same to the account of . To:
  • 26. Commercial Letter of Credit Costs
    • Who is responsible for payment of the L/C charges? What did you negotiate with the Buyer / Importer / Applicant of the L/C?
    • Standard L/C clauses for “charges”:
      • All bank charges are for the account of the beneficiary (or applicant).
      • All bank charges other than those of the issuing bank are for the account of the beneficiary.
    • Charge descriptions:
      • Importers: issuance fee and payment commission.
      • Exporters: advising fee, payment commission, confirmation fee (if requested), reimbursement fee, discrepancy fee, and courier fee.
      • “ Subject to” charges...: amendment fee, discount charges, transfer of L/C fee, and assignment of proceeds fee.
  • 27. Typical Commercial Letter of Credit Costs
    • Cost: (For Importer & Exporter)
      • For Importer: Flat issuance fee
      • For Exporter: Flat advising fee
      • For Exporter: Flat or variable confirmation fee
      • For both parties: Flat or variable payment commission - based on draft amount
      • For both parties: Other charges - both flat and variable, such as but not limited to...
        • Discrepancy Fee
        • Amendment Fee
        • Transfer Fee
        • All-in Fee
  • 28. Commercial Letters of Credit
    • Buyer / Importer / Applicant:
    • Benefits
      • Assured payment will not be made until documentation evidencing shipment of the merchandise is submitted to the Bank
      • Extended payment terms may be granted by permitting drafts drawn under the L/C to be payable at a future date
      • Importer can set up a shipping schedule that the exporter must adhere to in order to be paid
      • An inspection certificate issued by an independent third party may be requested in the L/C to provide assurance to the buyer the merchandise being shipped meets their specifications
      • Has ability to complete L/C application manually or “on line”
    • Risks
      • Does not protect against fraud
    • Seller / Exporter / Beneficiary:
    • Benefits
      • Receives a financial instrument from a foreign Bank that substitutes the buyer’s credit risk with that of the issuing Bank
        • Can be confirmed by advising Bank
      • Protects against order cancellation
      • Is a primary payment vehicle that provides the highest degree of protection, short of payment in advance
        • Transaction documents handled through Bank channels
      • Has ability to receive L/C “on line”
    • Risks
      • If unconfirmed, seller is accepting credit risk of issuing Bank
      • Must present “clean” documents
        • If discrepant; importer must approve
  • 29. Standby Letter of Credit
    • Payment Facility
      • Beneficiary obtains payment by presentation to a bank of a draft and some form of written demand, which may include a statement that the applicant is in breach of their contractual obligation(s).
      • Conditions of breach integral part of the language within a SBLC
      • Uses include: Bid Bonds, Performance Bonds, Advance Payment Guarantee, and Credit Line extension supports
      • A majority of Standby L/C’s are used for domestic purposes
        • Lease security, insurance, airline ticket agency’s,
      • Can be confirmed
      • Can include “evergreen” clause (I.E.: auto-renewal - x days prior to expiration date, issuing Bank will indicate if Standby is going to be renewed at next maturity date)
    • Pricing based on risk; % of L/C amount
  • 30. Standby Letters of Credit
    • Applicant:
    • Benefits
      • Flexible Bank instrument that can be used to support a wide range of situations
      • Eliminates tying up cash for long periods of time
      • Is “soft dollar” borrowing; going against your Bank line availability
        • 100% deduction
        • Less, if using a export working capital guarantee program
      • Is the “secondary’ source of funds
        • Subject to something happening or not happening
      • Has ability to complete L/C application
    • Risks
      • Bank is obliged to make payment under the L/C if it received documents that comply with the L/C terms
    • Beneficiary:
    • Benefits
      • Receives a financial instrument from a foreign Bank that substitutes the buyer’s credit risk with that of the issuing Bank
        • Can be confirmed by advising Bank
      • Protects against contractual defaults
        • Flexible Bank instrument that can be used to support a wide range of situations
    • Risks
      • If unconfirmed, seller is accepting credit risk of issuing Bank
      • Must present “clean” documents for payment
        • If discrepant, applicant must approve
  • 31. Documentary Collections / Direct Collections
    • Summary: A method of payment under which documents relating to a particular shipment are released to the importer on payment or acceptance of a documentary draft drawn on the importer (by the exporter)
    • Types:
      • Documentary Collections : The exporter sends the “transaction” documents to their Bank with instructions to forward them to the importer’s Bank for payment on a sight or future (time) basis
      • Direct Collections: The exporter sends the “transaction” documents to the importer’s Bank by using a direct collection cover letter provided by their bank for payment on a sight or future (time) basis
        • Faster; exporter controls mailing of package to overseas bank
        • Cover letter can be completed manually or “on line”
          • On line – exporter tracks activity in real time
    • Use:
      • Quasi-open account - “Know your customer”
        • Buyer is deemed an “acceptable” credit risk
      • The buyer and seller utilize their banks as intermediary collection agents
  • 32. Documentary Collections / Direct Collections
    • Process:
      • Process initiated by Seller (Exporter)
      • Seller ships; forwards documentary collection cover letter and title documents to Buyers bank
      • Buyers Bank acts as a collecting agent for Seller; No credit position taken by Buyers Bank
      • Risk of non-payment still exists
    • Rules for Documentary Collections:
      • Uniform Rules for Collections, ICC Publication 522 (URC 522)
        • Binding on all parties unless otherwise expressly stipulated in the collection instructions (collection cover letter)
  • 33. Documentary Collections / Direct Collections
    • Tenors:
      • Sight payment (D/P or documents against payment)
        • Documents are released to the buyer/importer only against cash payment
      • Time payment (D/A or documents against acceptance)
        • Documents are released to the buyer/importer only upon the buyer’s acceptance to pay at a later date
    • Players:
      • Drawer = Exporter / Seller
      • Drawee = Importer / Buyer
    • Cost:
      • Least expensive of all Bank Trade Products.
      • Because…….?
  • 34. Documentary / Direct Collections
    • Drawee / Importer:
    • Benefits
      • More competitive terms than an L/C
      • Less expensive than an L/C
      • More convenient than opening up an L/C
    • Risks
      • Relies on exporter to ship merchandise described in documents
      • Less control than an L/C
    • Drawer / Exporter:
    • Benefits
      • More competitive terms than an L/C
        • Enhances competitive position within market
      • More secure than Open Account
      • Transaction documents controlled by buyer’s Bank until payment is obtained (sight) or draft is accepted to be paid in the future (time)
      • Bank monitors collection and will send out periodic tracers to buyer’s Bank inquiring about acceptance or payment
    • Risks
      • Less secure than an L/C
      • Process is quasi-open account
        • Know your customer!
        • Relying on overseas Bank as collection agent
  • 35. Summary
    • KYC
    • Apply common sense both internally / externally
    • Internally communicate corporate risk appetite: use / review / amend when and where necessary
    • Negotiate how payment will occur – don’t leave to last minute
    • Seek guidance from your trade bank; freight forwarder; etc…
    • Learn what is available for credit mitigation / export working capital solutions
    • Negotiate what fees are being charged; who pays for what and when
      • Exporter – are you making a profit? Why not?
    • Execute against buyers requirement
    • Review process; access and amend where necessary
  • 36. Incoterms 2000
  • 37. Incoterms
    • INternational COmmercial TERMS
    • Introduced in 1936; subsequently updated 6 times to keep pace with the expansion / development of international trade
    • Developed by the International Chamber of Commerce
      • Accepted by governments, legal authorities and practitioners
    • Standard trade definitions most commonly used in international sales contracts
      • Are not credit terms
      • Are terms of sale –
        • used to define cost responsibilities and transfer of risk of loss for goods shipped
  • 38. Common Shipping Terms Sellers Factory Dock Carrier Dock Buyers Factory EX–WORKS FAS Unpaid: FOB / FCA FAS Paid: CFR CPT / CIF CIP DAF DES DEQ DDP / DDU
  • 39. Incoterms 2000
    • Group E Departure (minimum obligation)
    • Seller only makes goods available to buyer at seller’s premise.
      • EXW Ex Works (…named place)
    • Group F Main Carriage Unpaid (as instructed)
    • Seller is called upon to deliver the goods to a carrier appointed by the buyer.
      • FCA Free Carrier (…named place)
      • FAS Free Alongside Ship (…named port of departure)*
        • *Change in 2000 has the seller clearing the goods for export
      • FOB Free on Board (…named port of shipment)
  • 40. Incoterms 2000
    • Group C Main Carriage Paid (contract for carriage)
    • Seller has to contract for carriage, but without assuming the risk of loss or damage to the goods or additional costs due to events occurring after shipment or dispatch.
      • CFR Cost & Freight (…named port of destination)
      • CIF Cost, Insurance & Freight (…named port of destination)
      • CPT Carriage Paid To (…named place of destination)
      • CIP Carriage & Insurance Paid To (…named place of destination)
  • 41. Incoterms 2000
    • Group D Arrival (responsible for arrival)
    • Seller has to bear all costs and risks needed to bring the goods to the place of destination.
      • DAF Delivered At Frontier (…named place)
      • DES Delivered Ex Ship (…named port of destination)
      • DEQ Delivered Ex Quay (…named port of destination)*
        • *Change in 2000, buyer is required to clear the goods for import and to pay for all duties/taxes/etc...
      • DDU Delivered Duty Unpaid (…named place of destination)
      • DDP Delivered Duty Paid (…named place of destination)
  • 42. Incoterms 2000
    • Group C Main Carriage Paid (contract for carriage)
      • CFR Cost & Freight (…named port of destination)
      • CIF Cost, Insurance & Freight (…named port of destination)
      • CPT Carriage Paid To (…named place of destination)
      • CIP (Carriage & Insurance Paid To (…named place of destination)
  • 43. Incoterms 2000
    • Group D Arrival (responsible for arrival)
      • DAF Delivered At Frontier (…named place)
      • DES Delivered Ex Ship (…named port of destination
      • DEQ Delivered Ex Quay (…named port of destination)
      • DDU Delivered Duty Unpaid (…named place of destination)
      • DDP Delivered Duty Paid (…named place of destination)
  • 44. Incoterms 2000
  • 45. Incoterms 2000 Risk transfers to the buyer at named destination consistent with buyer/seller agreement Any Mode - Air, Ocean, Rail, Truck Delivered Duty Paid (DDP) (named place of destination)   Risk transfers to the buyer at named destination consistent with buyer/seller agreement Any Mode - Air, Ocean, Rail, Truck Delivered Duty Unpaid (DDU) (named place of destination)   Risk transfers to buyer at names destination on the pier Ocean vessel port to port Delivered Ex Quay (DEQ) (named port of destination)   Risk transfers to buyer at name destination, but onboard vessel Ocean vessel port to port Delivered Ex Ship (DES) (named port of destination)   Risk transfers on arrival at the name place at the frontier as agreed in the buyer/seller agreement Any Mode - mainly truck or rail, as long as delivery will be made at a land port Delivered at Frontier (DAF) (named place) Group D Risk transfers to buyer upon delivery to first carrier, even though seller has contracted for insurance Any Mode - Air, Ocean, Rail, Truck Carriage & Insurance Paid To (CIP) (named place of destination0   Risk transfers to buyer upon delivery to first carrier Any Mode - Air, Ocean, Rail, Truck Carriage Paid To (CPT) (named place of destination)   Risk transfers to buyer upon goods crossing the ship's rail, even though seller has contracted for insurance Ocean vessel port to port Cost, Insurance & Freight (CIF) (named port of destination)   Risk transfers to buyer upon goods crossing the ship's rail Ocean vessel port to port Cost & Freight (CFR) (named port of destination) Group C Risk transfers to buyer upon delivery point agreed buy seller and buyer Any Mode - Air, Ocean, Rail, Truck Free Carrier At (FCA) (named place)   Risk transfers to buyer upon goods crossing the ship's rail Ocean vessel port to port Free On Board (FOB) (named port of shipment)   Risk transfers to buyer upon delivery alongside vessel Ocean vessel port to port Free Alongside Ship (FAS) (named port of shipment) Group F Risk transfers when shipper makes goods available to buyer at seller's facility Any Mode - Air, Ocean, Rail, Truck ExWorks (EXW) (named place) Group E Transfer of Risk Mode of Transport Incoterm Group Modes of Transport and Transfer of Risk
  • 46. Questions & Answers
    • Thank you very much!!!!!
    • [email_address]
    • Telephone: 781-229-7134; Cell: 508-380-9541