Our Bank’s Foreign Trade Products:
For more or detailed information about our products please visit our nearest branch.
Our products listed above are used as a source in the international legislation related to foreign trade brochures issued by the the International Chamber of Commerce (ICC)
The banks act as intermediaries in the transactions related to the realization of international goods purchase and sale (import-export) transactions.
The main headings of import and export types as follows.
Letter of Credit
In order to carry out the exchange between the two companies, it is the most satisfactory agreement that the bank facilitates to avoid the parties hesitations. It is used as a payment and guarantee instrument in International Trade. A letter of credit is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. If the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.
The beneficiary will send his goods to another country and worries that the goods will not be paid.
On the other hand, the buyer (Applicant) is also worried about losing the money if he only makes a payment in cash before the goods arrive by a contract made on paper. The company that considers these possibilities wants to guarantee both the payment and the shipment of goods by putting in place the bank it is working and trusting. Here is the letter of credit to put into practice the contract they made on behalf of their customers to ensure this.
Letter of credit is a process that protects both importers and exporters.
There are two types of Letters of Credit :
The documents requested for the letter of credit are generally:
This import / export form is cheaper and easier than Letter of Credit. It is a type of import / export based on mutual trust between buyer and seller and not as secure as letter of credit. It is easier and cheaper for the importer, risk free so that all the risk is on the exporter and frees the importer to accept the documentary / documents. Once the supervisor / exporter has shipped the goods, he / she delivers the necessary documents to the shipping bank. The banks do not examine the documents. Such documents can also be sent directly to the addressee. This is based on mutual trust between the exporter and the importer. In both cases, all responsibility belongs to the supervisor / exporter. The party / buyer / importer is free to accept the documentary.
In addition to lending money in cash to their customers, the letters given by the banks in favor of their customers reveal the customer's reputation and receive non-cash credit treatment. These letters are letter forms such as Guarantee, Bail letter and Aval.
Guarantee Letters are divided into groups within themselves:
Temporary Guarantee Letters
5% of the tender price must be deposited to ensure that the persons who will go to the tender are serious during their participation in the tender, if the tender is awarded to them they will make a definite agreement and they will compensate the lost if they did not give a tender guarantee.
Performance Guarantee Letters
The bank shall ensure that the work to be performed by the Firm is performed and terminated in accordance with the terms of the agreement. If the Firm does not terminate the business in accordance with the terms and conditions in due time, the bank must pay the first amount. It is essential that the final letter of guarantee is deposited by 10% of the tender price.
Advance Letter of Guarantee
The business owner must ask the firm for the surety of a bank when it is necessary for the business owner to give a part of the price of the business / tenderer to the undertaking.
Letters of guarantee can be given for cash blocked, bailment, real estate mortgage.
Letter of Guarantee
Letter of guarantee issued by a bank to another bank, whose contents, amount, duration and duration of the contract are determined by the bank, is called the Letter of Guarantee. Such collateral letters are frequently found in our country. Especially against imported goods.
Attendance checks are checks belonging to foreign banks that are taken from third parties by our customers. The iştira prepared by our bank are sent to our correspondents with the a private courier to be collected quickly. The maximum collection period of checks is 21 days.
A certain amount of money transferred to another person through a bank is called a transaction. The sender is called supervisor and the receiver is called beneficiary. In order to be able to make a transfer from your bank, your signed instructions and the name of the sender, the name of the beneficiary, the account number, the IBAN number, the swift code must be given on this instruction. For company transactions submitting the invoice is a must. Our bank transactions are made quickly and without a valor on the same day through a wide correspondent network throughout the world.
These are the terms that indicates the way in which the product is sold. Determines the buyer and seller's liability limits.
The main terms are as follows:
Ex-Works / Ex-Factory: The seller's liability ends after delivering the goods to the buyer at their premises. The ongoing expense and responsibility as such loading trucks etc. belongs to the buyer. It is the type of sales that carries the least risk to the seller.
FOT: It means “Free of Truck”. The responsibility of the seller ends when he loads the goods into the truck.
FOB: It means “Free on Board”. The goods is loaded on the vessel specified in the agreement. The seller's responsibility ends by loading the goods into the ship. All subsequent risk and liability belongs to the buyer.
C + F: It means “Cost and Freight”. All costs and freight charges until the delivery of the goods to the unloading port at the agreed point shall be paid by the seller. However, one point to note is that the buyer will own any damage or deficiency that will occur.
CIF: It means “Cost, Insurance and Freight”. It is a commonly used sales type in our country.
In addition to all obligations in C + F, the seller is also obliged to have the insurance.
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