Frequently Asked Questions

No. Trade finance can also be used for local trade, which includes the buying and selling of goods.

Pricing is risk based, however, the interest on a trade finance loan is often lower than on an overdraft.

As a trade finance loan is fixed for the term that you choose when your supplier is paid, you will need to make prior arrangements with the Bank to extend the maturity date of your loan. You can settle the interest or roll over the interest plus principle amount for a further term on maturity date, subject to prior approval by the Bank..

Yes. You will only be charged the interest up to settlement, however, an early breakage charge may be levied.

As trade finance loans are fixed for the tenor you choose when your supplier is paid, an early breakage may be charged for early settlement, depending on how close to maturity the loan is on date of settlement.

Yes, up to the maximum tenor as agreed between you and the Bank, which will be stipulated in your Trade Agreement.

You will receive and advise on the establishment of your loan. On request, the Bank can send you a trade finance loan report.

The Bank will send you a system generated reminder 7 days prior to maturity date so you can arrange for settlement with the Bank.

An initiation fee is negotiated with you when the trade facility is agreed to by the Bank, thereafter an annual review fee will apply.

The signed finance request form, the relevant invoice(s) together with a schedule of these invoices, as well as any other documents as specified by the Bank.

Your supplier will be paid up to 3 working days after submission of your finance request.

The Bank will provide you with a copy of the SWIFT message as payment confirmation for all payments made to other banks.