International Banking Services
Wegagen Bank provides comprehensive international banking services that expedite the country’s import-export trade. The Bank has established correspondent banking relationships with 164 internationally renowned banks to facilitate its international banking services and maintains accounts at 11 banks for the use of standard settlement instruction.
Import and Export Trade
The Bank shall provide import and export trade services
through the following modes of payments:
Documentary Letter of Credit (L/C)
It is a written undertaking by a bank given to the seller at a request and/ or the instruction of the buyer to make payment or to accept and pay bills of exchange (draft) drawn by the seller up to a stated sum of money within a prescribed time limit and against stipulated documents provided that the terms and conditions of the credit are complied with. The letter of credit is treated as import letter of credit on the buyer’s side and as export letter of credit on a seller’s side.