Commercial Letters of Credit

Reduce your risks when doing business internationally

Commercial Letters of Credit are designed to ensure that payments to or from overseas sources are transmitted and received on a proper and timely basis, so that both the buying and selling parties are mutually satisfied.

How It Works

Procedures you need to know about

Typical conditions

Conditions typically involve the presentation of documents showing shipment has been made (i.e. negotiable bills of lading),  insurance documentation, invoices and inspection certificates.

Two forms of payment

Sight payments demand immediate disbursement when the required documents are presented, examined and approved. Time payments delay payment until a future date following document approval and release.

Specific details

Letters of credit also specify details on the purchase or sale of goods including price, required shipping documents, payment terms, shipping terms, time frames and other transaction details contained in the underlying contract.

Import letter of credit

The issuing bank substitutes its credit standing for yours or that of your business resulting in enhanced purchasing power, reducing the seller’s risk and improving cash flow.

Export letter of credit

The foreign bank substitutes its credit standing for that of your buyer, reducing your risk and improving cash flow.

We Can Help

Here's what we can do

First Citizens can make your overseas transactions easier and more efficient.

  • Issue import letters of credit, ensuring compliance with International trade practices
  • Carefully examine all documents to ensure compliance with the letter of credit
  • Make payment only when documentation conforms to the terms of the letter of credit
  • Consult with you on the proper structure of letters of credit and relevant documentation
  • Provide you with competitive rates and industry expertise

Application Agreement

Commercial (Import) Letter of Credit Application (PDF)

Amendment Request

Letter of Credit Amendment Request (PDF)

Amendment Instructions

Letter of Credit Amendment Request Instructions (PDF)

Business Digital Banking

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Business Digital Banking

Manage your business on the go

Manage your accounts from anywhere

Business Digital Banking

Manage your business on the go

Send and transfer money using ACH and wires

Business Digital Banking

Manage your business on the go

Receive account and security alerts

Purchasing Card

Control business expenses

Simplify business purchases, reduce paperwork and monitor expenses with the First Citizens Visa Purchasing Card.
Remote Image Deposit

Deposit money from anywhere

Deposit checks remotely for faster processing and extended deposit hours.

Normal credit approval applies.

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