FREE consulting services at all stages of documentary operations,Issuance of a covered documentary letter of credit,Issuance of approved documentary letters of credit with or without partial coverage,Issuance of non-standard documentary letters of credit with deferred payment and "red line" types,Approval of documentary letters of credit by leading foreign banks.|
Notification on a letter of credit |
0.15% min AMD 25 000 |
|
Issue of letters of credit |
0.15% min AMD 40 000 per quarter |
|
Approval of a letter of credit by other Bank issued by ARMECONOMBANK OJSC |
contractual |
|
Approval of letters of credit by ARMECONOMBANK OJSC issued by other banks |
contractual |
|
Transfer of letters of credit |
0.1% min AMD 25 000 |
|
Amendments of terms of a letter of credit |
AMD 30 000 |
|
Cancelation of a letter of credit |
AMD 30 000 |
|
Acceptance and verification of documents on letters of credit without disagreements |
AMD 30 000 |
|
Acceptance and verification of documents with discrepancies onletters of credit |
AMD 50 000 |
| Payments within the letter of credit per the submission of documents | 0.15% min AMD 10 000, max AMD 50 000 |
| Issue of letters of credit under the programs of EBRD, IFC and ADB | AMD 50 000 |
| Amendments, cancelation of the letters of credit within the programs of EBRD, IFC and ADB (commissions set by the correspondent banks are also charged) | AMD 25 000 |
The letter of credit provides an opportunity to reduce the risks for both the importer and the exporter.
The Bank has signed a number of agreements with leading international financial institutions, such as European Bank for Reconstruction and Development, Asian Development Bank and etc. Taking part in Trade Finance programs of the latters the bank has been granted by an opportunity to execute transfers with the banks of the countries joining the program expanding thereby the scope of cooperation.
The importer submits a relevant invoice/agreement/, which is studied by the bank in advance comparing with the issue terms of the letters of credit (currency, term, country).
It should be noted that the Bank can issue letters of credit in USD, EUR and RUR, other foreign currency –per deal. There are no minimum and maximum amount limits. After the study of the letter of credit and a positive conclusion thereof, the Bank compiles a draft of the letter of credit to be issued and submits it to the importer’s approval. At the request of the importer, it can be submitted to the approval of Exporter or to the bank of the exporter.
After prior agreement with all the parties, the Bank concludes an appropriate agreement with the Importer, freezes the the amount set by the letter of credit available on the relevant account and issues the letter of credit.
The Notifying Bank notifies the Exporter about the letter of credit issued in the Exporter’s favor after receiving the letter of credit through SWIFT system.
The Exporter, after the fulfillment of his/her obligations within the terms set forth by the letter of credit, submits the documents required by the letter of credit to the the Executing bank until the deadline specified in the letter of credit. The latter verifies the compliance of the documents with the requirements of the letter of credit and should they coincide, the previously frozen amount is unfrozen and transferred to the Exporter. The documents are sent to the Bank through special postal services. The Bank verifies the documents in its turn and should there be no discrepancy, sends them to the Importer. As an additional guarantee, the bank can also offer the approval of the letters of credit by the other leading banks.
Should there be no sufficient monetary funds; the Bank may observe the provision of an appropriate coverage.
Commissions to be charged when executing the transaction, including the commission fees of intermediary banks, are charged in AMD by the Bank calculated at the exchange rate set by the RA CB for the given day.
Based on various consequences, additional documents and information may be required.
The service is rendered in all the branches of the Bank, with the exception of “ROSSIA”, “ARARATYAN”, “NAIRI MC” branches.
You are eligible to communicate with the financial institution through the means of communication you prefer- via mail or electronically. The receipt of information electronically is the most convenient. It is available round-the-clock, free form the risk of loss of paper information and ensures confidentiality.