Import Solution

A reliable payment/settlement mechanism is always a reassuring factor for any business. A Letter of Credit in international trade finance is just that! An LC is a written undertaking issued by a bank on behalf of its customer, which confirms the timely payment to the beneficiary, thereby allowing the customer to negotiate on better terms. With IDFC FIRST Bank, you can enjoy a range of import solution options — from efficient management of paper-based requests for LCs to a comprehensive, fully automated online service.

Our Services:

• Initiate an LC and Amendment requests on IDFC FIRST Bank's BXP - Online Trade Portal, our comprehensive Internet banking platform
• 24x7 repository of the LC copy and advises
• Flexibility to provide online acceptance/payment instructions
• Book FX rates/forward contracts seamlessly

Trade Credits play a crucial role in financing your import trade requirements. Through the Buyer’s and Supplier’s Credit facilities, IDFC FIRST Bank facilitates your working capital needs at competitive rates with a wide range of bank tie-ups.

Our Services:

• Timely execution of Trade Credit deals
• Best possible rates for you through our network of tie-up banks.
• Leverage on our wide range of correspondent bank tie-ups

An Import Bill Collection provides a cost-effective mechanism, as we at IDFC FIRST Bank manage the documents, in accordance with the collection instruction received from the remitting bank.

Our Services:

• Handle collections in multiple currencies
• Receive transaction alerts on document arrival
• Improve your payment promptness, with a complete view of all your collection bills, across currencies, beneficiaries and maturities through our BXP – Online Trade Portal
• Book FX rates/Forward contracts seamlessly

As your supplier trusts you on open account transactions, you may rely on us to make the payments to your suppliers globally; along with faster turnaround of the bill of entry regularization on IDPMS. You can provide payment instructions, book forex rate and provide BOE regularization requests all on the same page through our BXP - Online Trade Portal.

Our Services:

• Regular email alerts for outstanding bills
• Post-settlement advises on registered Email
• Paperless transactions on our Online Trade Portal
• Dedicated service desk on all your import trade payments and IDMPS recons