After signing the sales contract with payment’s method using a L/C, you should request your business partners to send the L/C to Shinhan Bank Indonesia (SWIFT code: SHBKIDJA) via the issuing bank for advising the L/C.
This service is used when you are not the ultimate seller such as trader, middleman,and buying agent. As the first beneficiary, you may request Shinhan Bank Indonesia to transfer all or a part of the L/C value. We shall transfer the L/C to the second beneficiary quickly and efficiently with high accuracy.
It is provided with recourse service which means that we will make payment in advance for all or a part of your export bills’ value. We have the right to use the payment amount received from your partner’s bank to compensate the discounted amount. However, in case your partner’s bank fails to make payment for the export L/C on due date, you should bear the responsibility to refund the discounted amount to Shinhan Bank Indonesia.
Shinhan Bank Indonesia, on your behalf, shall send your collection request along with the document to your business partner’s bank for collection. We then follow up and inform you when the acceptance is performed or crediting the collection amount to your account as soon as the payment is made. There are two kinds of collection, as follow :