- Wide network of correspondent banks available if Maybank acts as the Advising Bank
- Reduces the risk of fraud as the Advising Bank will verify the genuineness of the LC
- Financing is available from the bank upon negotiation of the LC
- Backed by over 400 branches nationwide, a network of over 80 international offices and more than 800 correspondent banks worldwide
How it works
If you are an exporter, you may expect an LC from your buyer, issued by the buyer's bank and transmitted to you via an Advising Bank. The Advising Bank's duty would be to verify the authenticity of the LC and to forward it to you by calling or contacting you via the address available on the LC.
Upon receipt of the LC, you will need to go through it to ensure that you are able to comply with all the terms and requirements of the LC. The Issuing Bank will only pay when all the terms and requirements are complied with or if the applicant (Buyer) accepts the discrepancy. The same procedure applies for advising amendments of the LC.
If you discover something that you are not able to comply with, you should liaise directly with the buyer to amend the LC or agree to other solutions.