Import Services - SBI Mauritius Ltd
We have a centralized Trade Finance Department at our Ebene Office, manned by expert and experienced officials having knowledge of ICC rules and publications related to trade transactions. Our Parent Bank has a presence in 36 Countries, which allows us global reach across various time zones. Apart from this, we have correspondence relationship across the globe which allows our customer the global access for their trade requirements. This allows easy settlement of your inward and outward transactions. Our import services, inter alia, include issuance of Letter of Credit, Bank Guarantee, remittances for import, handling of import documents, shipping guarantee, Import Loan.
Letter of Credit
As a buyer of goods and services you require to pay the seller and at the same time you need to be certain that the seller has fulfilled his part of the commitment.
A Letter of Credit (LC) is an extremely common instrument in international trade. It is a written undertaking by the Issuing Bank, on behalf of the applicant (buyer/importer), to pay the beneficiary (seller/exporter) a specified sum of money provided documents presented within stipulated time confirming all the terms and conditions of the Letter of Credit have been complied with.
Guided by the Uniform Customs and Practices for Documentary Credits, ICC Publication No. 600, we open irrevocable Letter of Credit at sight or usance, at the request of our customer against the pre defined credit limits.
Our LCs are accepted by all Banks in Mauritius and abroad. We have a dedicated LC desk to take care of your requirements. We issue LC for your inland as well as cross-border import requirement. At the request of our customers, LCs can be confirmed through our correspondents.
We also advise export Letter of Credit to local and overseas beneficiaries.
We have a dedicated and expert team of officials who handle the documents under the LC and having a robust IT system which permits a good customer MIS .
Shipping Guarantee/Air Way bill endorsement
We are committed to help you in channeling your entire energy in growth of your business.
Shipping Guarantee is an indemnity given by the customer, countersigned by the bank, to a shipping company or its agent to allow the shipping company to release the goods to the customer without the presentation of the original Bill of Lading/Airway Bill. By issuing shipping guarantees, we help our customers to avoid bearing heavy demurrage, storage and insurance fees.
Inward Bill collection
We act as your agent for the processing and payment of your import bill. You need not have credit facilities with us to avail this service. We release the documents instantly to you against your payment instruction/ acceptance of the bill as per the instruction of the collecting Banker. Upon receipt of your instruction, we ensure smooth and fast transfer of payment to your seller which allows you to build a healthy relationship with your seller.
An Import Loan is a short-term cash advance (with recourse) that enables the customer to meet its immediate payment obligations. We offer very cometitive rates to our valued customers.
To ease your cash flow so that you can concentrate in growth of your business, we have the unique import financing solution for you called Import loan. Our team of experts assess your financing requirement and trade cycle and sanction a customized pre approved limit commensurate with your working capital cycle/ trade cycle which allow you to bridge the gap between payment for purchases/imports and sales receipts, we grant Import Loan up to a maximum period of 180 days on Letter of Credit, Documentary Collection, and Open Account basis.
International Wire Transfer
International wire transfer is a very convenient and common means of transferring money from one entity to another or between own accounts
We effect such transfers through secure SWIFT network in all major currencies across various countries on the same day provided the request is received within reasonable time frame and supportive documents provided, wherever applicable. These transfers cater for such purposes such as trade, education, medical, insurance premium, dividend, subscription, gift, salary, and private remittances.