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Posts Tagged ‘Bank of america’

BG/SBLC/POF/LOC/MT799/MT760

May 5, 2011 5 comments

How much are you looking for?

What type of account? (bank letter, MT760, POF, etc)

what are you needing for?

For how long?

any specific bank?

have you received any other quotes from other companies? if so for how much?

what kind of budget are you or your client working with?

Are you the principal, broker, or other party to the transaction?

Are there other parties involved in the transaction? If so, please explain

here:

Have you ever used this type of instrument before or are you familiar with

how they work?

What are you using the instrument or cash for?

Do you have an Executive Summary?

Shoot me your needs

If you want to start immediately  and want us to work plug and play then write me back  with your answers on
contact@fastletterofcredit.com

Victor William
CALL ME DIRECT +1.214.550.5052
http://www.FastLetterofCredit.com
SWIFT BIC: MTCMUS61

Toll Free:        +1.888.304.1638
Local Phone       +1.214.550.5052
International     +1.214.550.5052
International FAX +1.214.550.5052

Email: contact@fastletterofcredit.com
Skype: info.fastletterofcredit
Web  : http://www.FastLetterofCredit.com

2711 N. Haskell Ave
Suite 550
Dallas, TX 75204

Is a MT760 Negotiable

April 30, 2011 5 comments

In a simple way No.  Once a MT-760 has been issued, it is not negotiable. For this reason, many sugar traders prefer a Letter of Credit, which is negotiable and can be amended in response to unforeseen changes in circumstances, such as a delayed shipping schedule, lower production than anticipated, and other such events.

FastLetterOfCredit.com is in the leased funds business, we have been doing this for over 5 years and deal with the top banks, HSBC, Dutch Bank, Barclay’s, Bank of America, mostly any bank in the world in every continent.  We understand each transaction and work to create a win-win result for our clients.  We manage over $5B in funds, and can fulfill most funding requests, in 2-14 days.  We can issue MT202, MT799, MT760, bank guarantees, sblcs, cash accounts for trade or credit enhancement purposes.

Thanks,
Victor William
CALL ME DIRECT +1.214.550.5052
http://www.FastLetterofCredit.com
SWIFT BIC: MTCMUS61

Toll Free:        +1.888.304.1638
Toll Free Fax:    +1.800.315.4197
Local Phone       +1.214.550.5052
International     +1.214.550.5052
International FAX +1.214.550.5052

Email: contact@fastletterofcredit.com
Skype: info.fastletterofcredit
Web  : http://www.FastLetterofCredit.com

2711 N. Haskell Ave
Suite 550
Dallas, TX 75204

COMPANY PROFILE

April 30, 2011 1 comment

Fast Letter Of Credit.com is the premiere agency for equity and debt-secured cash accounts, on a fixed-return basis, for Proof of Funds uses. We provide organizations and individuals the capability to complete long-term financing or meet other on-going project needs.
 

Fast Letter Of Credit.com Services

  • Proof of Funds ,Bank Guarantee,Stand by letter of Credit,Cash Account
  • Account statements provided
  • Funded from a $217 billion hedge fund
  • Written Verification of Deposit
  • Electronic account verification option

Fast Letter Of Credit.com is the industry leader in providing short-term equity investments for Proof of Funds uses. With extensive experience in providing financial solutions for companies and individuals, we proudly offer you the advantage of dealing with a company that is known and respected in the industry for integrity and efficiency in successfully negotiating investments under the most favorable terms.

Our portfolio allows us to secure financial backing for a single project of up to $5 billion, while providing a superior level of underwriting for our partners in evaluating investment opportunities in order to insure they meet specific criteria that are suitable for the client’s needs.

Our seasoned and industry-experienced representatives are available to discuss with you the wide range of consulting services we offer. We offer personalized services tailored to your situation and are committed to securing equity investments for specialized uses that you and your company might need. Our investment resources provide the flexibility needed to accomplish and meet our client’s investment goals.

Thanks,
Victor William
CALL ME DIRECT +1.214.550.5052
www.FastLetterofCredit.com
SWIFT BIC: MTCMUS61

Toll Free:        +1.888.304.1638
Toll Free Fax:    +1.800.315.4197
Local Phone       +1.214.550.5052
International     +1.214.550.5052
International FAX +1.214.550.5052

Email: contact@fastletterofcredit.com
Skype: info.fastletterofcredit
Web  : http://www.FastLetterofCredit.com

2711 N. Haskell Ave
Suite 550
Dallas, TX 75204

What Happens When My Banks Issue An MT760

April 29, 2011 11 comments

When an MT-760 is issued, the issuing bank puts a hold on the client’s funds, blocking the client from using them. The funds are then at the disposal of the person the MT-760 was issued in favor of. For this reason it is not wise to issue an MT-760 before receiving product, as this can mean a large financial loss for absolutely no gain. In some cases, unscrupulous traders can even use the MT-760 to open a line of credit, which they then default on, leaving the issuer of the MT-760 out of pocket.

Fast Letter of credit is in the leased funds business, we have been doing this for over 5 years and deal with the top banks, HSBC, Dutch Bank, Barclay’s, Bank of America, mostly any bank in the world in every continent.  We understand each transaction and work to create a win-win result for our clients.  We manage over $5B in funds, and can fulfill most funding requests, in 2-14 days.  We can issue MT202, MT799, MT760, bank guarantees, sblcs, cash accounts for trade or credit enhancement purposes.

Thanks,
Victor William
CALL ME DIRECT +1.214.550.5052
www.FastLetterofCredit.com
SWIFT BIC: MTCMUS61

Toll Free:        +1.888.304.1638
Toll Free Fax:    +1.800.315.4197
Local Phone       +1.214.550.5052
International     +1.214.550.5052
International FAX +1.214.550.5052

Email: contact@fastletterofcredit.com
Skype: info.fastletterofcredit
Web  : http://www.FastLetterofCredit.com

2711 N. Haskell Ave
Suite 550
Dallas, TX 75204

How do I get MT760

April 29, 2011 6 comments

A MT-760 can be obtained from your bank. Some banks are not willing to issue MT-760’s however, so if an MT-760 is absolutely essential, you may have to be prepared to move your funds to another banking institution. It is wise to inquire at your bank before committing to any sale that requires a MT-760 as part of its terms and conditions.

Blockedfunds.com is in the leased funds business, we have been doing this for over 5 years and deal with the top banks, HSBC, Dutch Bank, Barclay’s, Bank of America, mostly any bank in the world in every continent.  We understand each transaction and work to create a win-win result for our clients.  We manage over $5B in funds, and can fulfill most funding requests, in 2-14 days.  We can issue MT202, MT799, MT760, bank gaurantees, sblcs, cash accounts for trade or credit enhancement purposes.

Thanks,
Victor William
CALL ME DIRECT +1.214.550.5052
http://www.FastLetterofCredit.com
SWIFT BIC: MTCMUS61

Toll Free:        +1.888.304.1638
Toll Free Fax:    +1.800.315.4197
Local Phone       +1.214.550.5052
International     +1.214.550.5052
International FAX +1.214.550.5052

Email: contact@fastletterofcredit.com
Skype: info.fastletterofcredit
Web  : http://www.FastLetterofCredit.com

2711 N. Haskell Ave
Suite 550
Dallas, TX 75204

Verbiage

April 29, 2011 1 comment

Sample

VERBIAGE OF SWIFT LC OR SBLC

From :               SENDING BANK

TO:

BANK:

ADDRESS:

SWIFT:

ACCOUNT NR:

ACCOUNT NAME:

IN FAVOR OF:

PLACE OF ISSUE:

LETTER OF CREDIT NUMBER:

DATE OF ISSUE:

DATE OF MATURITY:

DATE OF EXPIRATION:

APPLICANT:

BENEFICIARY:

AMOUNT:           USD xx,000,000

WE, BANKNAME, ADDRESS, HEREBY OPEN OUR UNCONDITIONAL, IRREVOCABLE, AND TRANSFERABLE LETTER OF CREDIT IN FAVOR OF xxxxxxxxxxxxxx., FOR THE AMOUNT OF USD xx,000,000 (xxx MILLIO) , DUE ONE YEAR, ONE MONTH AND ONE DAY FROM THE DATE OF ISSUE  month XX 2011, MATURITY DATE  month XX, 2012.

PAYMENT IS AVAILABLE BY THE BENEFICIARY’S FIRST WRITTEN DEMAND VIA BANK WIRE SYSTEM.  DEMAND HEREUNDER MUST BE MARKED “DRAWN UNDER LETTER OF CREDIT NO. NR-XXXXXX, DATED FEBRUARY XX, 2011.”

WE HEREBY ENGAGE WITH YOU THAT THE DRAFT DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT SHALL BE DULY HONORED ON DUE PRESENTATION TO US.  THIS LETTER OF CREDIT IS SUBJECTED TO UNIFORM CUSTOMS AND PRACTICES FOR DOCUMENTARY CREDIT I.C.C. PUBLICATION No. 600.

THIS CABLE IS AN OPERATIVE INSTRUMENT; ALL CHARGES ARE FOR THE ACCOUNT OF APPLICANT.

THIS LETTER OF CREDIT EXPIRES ON month XX, 2012.

FOR AN ON BEHALF OF:

BANK NAME, ADDRESS

Signed by 2 bank officers with ID.

Victor William
CALL ME DIRECT +1.214.550.5052
http://www.FastLetterofCredit.com
SWIFT BIC: MTCMUS61

Toll Free:        +1.888.304.1638
Toll Free Fax:    +1.800.315.4197
Local Phone       +1.214.550.5052
International     +1.214.550.5052
International FAX +1.214.550.5052

Email: contact@fastletterofcredit.com
Skype: info.fastletterofcredit
Web  : http://www.FastLetterofCredit.com

2711 N. Haskell Ave
Suite 550
Dallas, TX 75204

MT799 service

April 29, 2011 4 comments

SWIFT MT799 confirmation

An account with the SWIFT MT799 capability allows bank-to-bank SWIFT electronic verification for Proof of Funds in compliance with the SWIFT Category 7 “Treasury Markets & Syndication” message types. Often there is a misconception that a particular circumstance requires a SWIFT MT760 message, when in fact, the SWIFT MT799 format provides the required bank confirmation for the application.

There is a $1 million minimum account size for a SWIFT MT799, and additional costs apply.

SWIFT MT 799 –  Sample MT-799 PDF

The MT-799 is a free format SWIFT message type in which a banking institution confirms that funds are in place to cover a potential trade. This can, on occasion, be used as an irrevocable undertaking, depending on the language used in the MT-799, but is not a promise to pay or any form of bank guarantee in its standard format. The function of the MT-799 is simply to assure the seller that the buyer does have the necessary funds to complete the trade.

What does the SWIFT MT-799 option provide?

An account with the SWIFT MT-799 capability allows bank-to-bank SWIFT electronic verification for Proof of Funds in compliance with the SWIFT Category 7 “Treasury Markets & Syndication” message types. Often there is a misconception that a particular circumstance requires a SWIFT MT760 message, when in fact, the SWIFT MT-799 format provides the required bank confirmation for the application. There is a $1 million minimum account size for a SWIFT MT-799, and additional costs apply.

The MT-799 is usually issued before a contract is signed and before a letter of credit or bank guarantee is issued. After the MT-799 has been received by the seller’s bank, it is then normally the responsibility of the seller’s bank to send a POP (proof of product) to the buyer’s bank, at which point the trade continues towards commencement.

The actual payment method commonly used is a documentary letter of credit or an MT-103 (wire transfer), which the seller presents to the issuing or confirming bank along with shipping documents. Once the bank confirms the documents, the seller is then paid. An alternative method is to use a bank guarantee in place of a letter of credit. It is normally at the seller’s discretion which method of payment is used.

How Do I Issue An MT-799

The short answer is that you don’t. Approach your bank, and make an arrangement with them to have an MT-799 wired to the seller’s bank. Some banks are reluctant to issue MT-799’s, as these make them liable for the full cost of the trade, which can sometimes be in the millions. A bank will normally not issue an MT-799 without some form of collateral to secure their own interests, so be prepared to put up a hefty amount of collateral.

What Does A MT-799 Look Like?

An MT-799 is an automated message sent electronically from one bank to another, so you won’t really ’see’ an MT-799 at all. The paperwork associated with an MT-799 will vary from bank to bank, though most banks follow a similar format.

What Information Do I Need To Send A MT-799?

You will need the following information to send an MT-799.

• Name of the advising bank.

• LC Number.

• LC Amount.

• Tenor of Draft.

• Latest shipment date.

• Person or entity liable for confirmation fee.

• Whether the LC is restricted for negotiation or not.

• A description of the merchandise.

• Port and/or country where product will be loaded.

• Port and/or country where product will be unloaded.

What does the SWIFT MT-999 option provide?

In order to know what an MT999 is; one must be familiar with an MT799, both are classified by SWIFT as “free format message” .. the difference is that for an MT799, banks must exchange a so called BKE authenticator…which means a test key is automatically coded into the sent message, and decoded at the receiving end.

Victor William
CALL ME DIRECT +1.214.550.5052
http://www.FastLetterofCredit.com
SWIFT BIC: MTCMUS61

Toll Free:        +1.888.304.1638
Toll Free Fax:    +1.800.315.4197
Local Phone       +1.214.550.5052
International     +1.214.550.5052
International FAX +1.214.550.5052

Email: contact@fastletterofcredit.com
Skype: info.fastletterofcredit
Web  : http://www.FastLetterofCredit.com

2711 N. Haskell Ave
Suite 550
Dallas, TX 75204

Letter of Credit

April 29, 2011 2 comments

A letter of credit is a promise to pay. Banks issue letters of credit as a way to ensure sellers that they will get paid as long as they do what they’ve agreed to do.

Letters of credit are common in international trade because the bank acts as an uninterested party between buyer and seller. For example, importers and exporters might use letters of credit to protect themselves. In addition, communication can be difficult across thousands of miles and different time zones. A letter of credit spells out the details so that everybody’s on the same page.

To better understand letters of credit, it may help to know the following:

Abbreviations for ‘letter of credit’ include L/C, LC, and LOC
Applicant – the buyer in a transaction
Beneficiary – the seller or ultimate recipient of funds
Issuing bank – the bank that promises to pay
Advising bank – helps the beneficiary use the letter of credit

Victor William
CALL ME DIRECT +1.214.550.5052
http://www.FastLetterofCredit.com
SWIFT BIC: MTCMUS61

Toll Free:        +1.888.304.1638
Toll Free Fax:    +1.800.315.4197
Local Phone       +1.214.550.5052
International     +1.214.550.5052
International FAX +1.214.550.5052

Email: contact@fastletterofcredit.com
Skype: info.fastletterofcredit
Web  : http://www.FastLetterofCredit.com

2711 N. Haskell Ave
Suite 550
Dallas, TX 75204

Letter of credit

April 15, 2011 Leave a comment

A Letter of Credit (LOC) is used to protect the interests of both buyer and seller in an international transaction. This documentation guarantees that a buyer will make the appropriate payment to a seller in a timely manner, while also making certain that the supplier (seller) does not receive payment until the issuing bank receives a confirmation, informing all parties that the merchandise has been sent.

The letter allows for the credit of the issuing bank to substitute on the client’s behalf in the event that the buyer is not able to make payment. In this situation, the letter of credit ensures that the issuing bank will be responsible for paying the remaining amount and reduces common risks involved with international trading/transactions.

FastLetterofCredit.com specializes in all letter of credit-related services and intercedes as a reliable point of contact between buyer and seller.

We guarantee expedient solutions and can work with you to eliminate all inefficiencies that might arise during your international/foreign business transactions. We have the resources and experience necessary to save your company time and money with our guarantee of faster payments, constant contact, frequent updates, and a customer-focused team of representatives.

Victor William
CALL ME DIRECT +1.214.550.5052
www.FastLetterofCredit.com
SWIFT BIC: MTCMUS61

Toll Free:        +1.888.304.1638
Toll Free Fax:    +1.800.315.4197
Local Phone       +1.214.550.5052
International     +1.214.550.5052
International FAX +1.214.550.5052

Email: contact@fastletterofcredit.com
Skype: info.fastletterofcredit
Web  : www.FastLetterofCredit.com

2711 N. Haskell Ave
Suite 550
Dallas, TX 75204

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