Import Services
Opening of Letters of Credit
Letters of Credit (LCs) are undertakings by the Bank (the issuing bank) to pay the exporter if all the stipulated terms and conditions on the LC are met. Compliance with the terms is substantiated by documents furnished by the exporter within a specified time frame.
With LCs, the Bank is enlisted in giving the exporter a greater assurance of payment. At the request of its customer (the importer), the Bank issues an LC, which is an undertaking to pay the exporter for goods or services bought. This payment is on the condition that the exporter meets all the terms and conditions of the LC and presents the documents stipulated in the LC.
Credit lines to issue or amend importers' LCs are also available from the Bank. In addition, the Bank facilitates payment or settlement of importers' LCs, commonly through their conversion to Trust Receipts.
Performance Guarantees
These are issued for common commercial or statutory requirements, including contract tenders, maid guarantees and remisier deposits.
Shipping Guarantees Shipping
Guarantees are indemnities given by the Bank to the carrier of goods, so that the goods can be released to the consignee without producing the Bill of Lading or Air Waybill. This helps the importer to avoid demurrage charges which otherwise will be imposed if delivery of the goods is not taken up due to the absence of shipping documents.
Trust Receipts
The Bank provides short-term credit facilities for financing the importer when an LC or collection is due for payment.
Inward Documentary Collections
This is where an exporter collects payment from his overseas buyer (the importer) through the Bank. After the shipment of goods, the exporter entrusts the trade documents to the Bank, with specific instructions and terms for their release to the buyer. The Bank releases the documents to the buyer only when he meets the payment terms, either by D/A (Documents against Acceptance) or D/P (Documents against Payment). Short-term financing under Trust Receipts is also available from the Bank.
Export Services
Advising/Confirmation of Letters of Credit
This is where, at the request of the issuing bank, the Bank (the advising bank) receives the LC and notifies the beneficiary (the exporter). The Bank can, at the request of the issuing bank, also add its confirmation to the LC, with an undertaking to pay if all the LC terms and conditions are met. Usually, the advising/confirming bank is located in the same country as the beneficiary.
Negotiation Of Letters Of Credit
This is where, upon shipment of goods, the exporter presents related documents to the Bank for negotiation/payment/acceptance. The Bank checks the documents presented against the terms and conditions of the LC in order to determine compliance.
Advances can be given on export LC proceeds, if the documents given by the exporter are in compliance with the LC terms and conditions and subject to the Bank's approval.
Outward Documentary Collections
This is where the exporter collects payment from his overseas buyer (the importer) through the Bank. After the shipment of goods, the exporter entrusts the trade documents to the Bank, with specific instructions and terms for their release to the buyer. The Bank releases the documents to the buyer only when he meets the payment terms, either by D/A (Documents against Acceptance) or D/P (Documents against Payment).
Your Benefits
- Enjoy the backing of one of Singapore's leading banks with over 65 years of trade finance experience and a team of trade specialists who listen and put maximum effort into identifying your requirements, developing solutions and delivering quality service.
- Enjoy direct links to/with worldwide trading parties through the UOB Group's extensive network of regional offices and worldwide correspondent relationships, which also assure that the Bank's trade instruments are widely accepted.
- We offer an efficient trade automation system that meets the demands of complex trade agreements of importers/exporters.
- We give access to a fully integrated customer front-end system that allows timely and seamless electronic submission of applications and efficient updating of transaction records.
- We provide customers with credit facilities and liquidity financing.
Apply Now
All businesses incorporated in Singapore are eligible to apply for UOB Trade Services. To apply, just visit any UOB Group Branch to arrange for financing. For fees related to Trade Services, please refer to our Trade Finance Services Fees.
Contact Us
For general enquiries, please call:
- Customer Service Desk, Tel: (65) 6788 3329
For enquiries on Import Services, please call:
- Mr Khoo Ming Sing, Vice President (H), Tel: (65) 6572 1868
- Opening Of Letters Of Credit, Tel: (65) 6572 1853 / 54 / 60
- Incoming Documents Under Letters Of Credit, Tel: (65) 6572 1831 / 32
- Incoming Bill Payments Under Letters Of Credit, Tel: (65) 6572 1824 / 33
- Incoming Term Bill Payments, Tel: (65) 6572 1814 / 15 / 20
- Performance Guarantees, Tel: (65) 6572 1858 / 66
- Inward Documentary Collections (Documents against Acceptance/Documents against Payment), Tel: (65) 6572 1809 / 10
For enquiries on Export Services, please call:
- Mr Francis Wee, Vice President (H), Tel: (65) 6572 1518
- Advising/Confirmation Of Letters Of Credit, Tel: (65) 6572 1553 / 54
- Negotiation of Letters of Credit, Tel: (65) 6572 1511 / 28
- Outward Documentary Collections (Documents against Acceptance/Documents against Payment), Tel: (65) 6572 1541 / 42
Locate us
You may visit our Trade Service Counters/ Trade Desk for submission and collection of Trade Documents.
Trade Service Counters
- Alexandra Processing Centre
396 Alexandra Road
#17-00
Singapore 119954
Opening Hours: 9am to 6pm (Monday to Friday)
- Tampines Processing Centre
1 Tampines Central 1
#02-01, UOB Tampines Centre
Singapore 529539
Opening Hours: 9am to 6pm (Monday to Friday)
Trade Desks
- UOB Plaza 1
80 Raffles Place
UOB Plaza 1
#05-00
Singapore 048624
Tel: 6539 4007
- Jalan Sultan Hub
100 Jalan Sultan
#01-29 Sultan Plaza
Singapore 199001
Tel: 6296 7452
- Macpherson Hub
1 Jalan Wangi
Singapore 349350
Tel: 6282 2480
- Boon Lay Hub
325 Boon Lay Place
#03-00
Singapore 649886
Tel: 6263 0532
- Thomson Hub
251/253 Upper Thomson Road
#02-00
Singapore 574375
Tel: 6456 2183
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