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Letter of Guarantee Issued to Overseas Parties

Letter of Guarantee Issued to Overseas Parties

Companies doing business with foreign countries may need a payment guarantee, issued by a bank and addressed to overseas parties, in regards to the delivery of goods, payment of a debt, fulfillment of an obligation, or the completion of a work.

To get detailed information about Letter of Guarantee Issued to Overseas Parties, you can contact our nearest branch.

Features

  • As ING Bank, we issue letters of guarantee addressed to overseas parties upon the request of our customers, and complete the transactions quickly and conveniently through our widespread network of correspondents. Thus, our customers can continue their operations by utilizing the letter of guarantee, without making any cash payments to the overseas parties. 
  • For our customer who want to get a Letter of Guarantee, a non-cash credit limit must be granted at our bank. In the case that the commitment/obligation that is the subject of the letter is not fulfilled within the due date and in compliance with the agreement between two parties, the amount specified in the letter is paid by our bank to the addressee/addressee's bank upon the request of the addressee.

Who can take advantage of this product?

  • Commercial companies
  • Corporate companies