International Banking

The bank issuing a letter of credit on behalf of one of its clients,will provide BANDEC with evidence so that it can issue to the said client the amounts, terms and conditions stipulated in a letter of credit, whereby the client agrees to reimburse the money paid by BANDEC.

Currency:

Any currency whose exchange rate is published daily by BANDEC.

Intended for:

Cuban and foreign legal persons

Main features:

  • Payment or payments will be made, provided the terms and conditions of the contract are met..
  • The documents and not the merchandise will be considered essential for the payment or payments, which shall be presented in strict adherence to the letter of credit.
  • The letter of credit has an expiration date for the presentation of the documents. If it is not consigned, a maximum term of 21 days is established, as of the date of shipment.
  • BANDEC will offer the issuing bank evidence of the sums paid by means of receipts signed by the beneficiary.
  • BANDEC will review and examine the documentation presented by the beneficiary, assuring they coincide with the clauses of the contract. Any inconsistency will be considered a discrepancy, notifying the client that presents the documentation for collection of payment
  • Discrepancies can be rectifiable or non-rectifiable. In case of the latter, both the beneficiary and the issuing bank will be notified and the documents shall be retained until further instructions are received.
  • BANDEC can pay under reservation, if the beneficiary is a known client with an account in our bank, informing the client of its right of appeal on the person’s bank account.

Mode:

The Letters of Credit can be:

  • Revocable and irrevocable. In the absence of written instructions, the credit shall be considered irrevocable.
  • At sight or with deferred payments.
  • Confirmed or not by a third bank.
  • Completely or partially transferable to one or more beneficiaries.
  • Revolving, when the bank refunds the amount used, once again becoming available so that the beneficiary may receive the original value of the contract, without the need of an amendment. This amount can be accumulative, if the bank decides that the amounts not used during a certain period are added to the following period, or non-accumulative.

Requirements:

  • Presentation of a letter of notice of the letter of credit.
  • Identification of the beneficiary. Through a signature log if the beneficiary has a current account or through a personal identity document if the beneficiary does not have an account.
  • The documentation presented by the beneficiary must coincide with the clauses of the contract, without any discrepancies.

Currency:

Freely Convertible Currency.

Intended for:

Participants engaged in international commercial operations (seller and buyer), for collecting or paying, as the case may be, using banks as intermediaries of the operation.

Main features:

  • Both variants are available: clean collections (accompanied by financial documents) and documentary collections (accompanied by commercial documents, which may also contain financial documents)
  • Collections may be at sight, on acceptance and on completion.
  • Documents sent for collection must be accompanied by Instructions for payment collection.
  • Banks shall only proceed in keeping with the instructions received from the client and in accordance with the Uniform Collection Rules in force.

Requirements:

  • If BANDEC is the sender bank, the client shall present all the documents accompanying the payment collection, and the Letter of Instructions or Collection Orders must be completed.
  • If BANDEC is the collector bank, the Letter of Instructions or Collection Orders must be presented and filled-in correctly, and the number and type of documents accompanying the order must be those described therein.

BANDEC, acting on behalf of a client, shall pay a third party or authorize another bank to make payment, against delivery of the documents demanded, provided the terms and conditions referenced in the text of the credit are met.

Currency:

Any foreign currency whose exchange rate is published daily by BANDEC. If the letter of credit is issued in USD, it will be payable in the currency specified by the client.

Dirigido a:

Cuban and foreign legal persons.

Main Features:

  • Payment or payments will be made, provided the terms and conditions of the contract are met.
  • BANDEC will notify the client that the advisory bank will be selected from the correspondent banks of BANDEC.
  • The documents, and not the merchandise, are considered essential for payment or payments, which shall be presented in strict accordance with the letter of credit.
  • BANDEC may reserve the amount of the Letter of Credit from the client’s account balance.
  • The client can amend and cancel the letters of credit, by mutual agreement of the parties, regarding aspects such as the expiration date, amount and port of shipment.
  • The name of the beneficiary shall not be modified
  • The letter of credit has an expiration date for the presentation of documents. If it has not been consigned, a maximum term of 21 days is established, as of the date of shipment.

Mode:

The letters of credit may be:

  • Revocable, or irrevocable. In the absence of a written indication, the credit will be considered irrevocable
  • Payment on sight or deferred payments.
  • Confirmed or unconfirmed by a third bank.
  • Transferable to one or more beneficiaries, either completely or partially.
  • Revolving, when the bank refunds the amount used, once again becoming available so that the beneficiary may receive the original value of the contract, without the need of an amendment. This amount can be accumulative, if the bank decides that the amounts not used during a certain period are added to the following period, or non-accumulative.

Requirements:

  • Letter of credit application form with the authorized signatures.
  • A current account with sufficient available funds to cover the amount of the letter of credit, plus charges, or in its absence, the sum corresponding to the letter of credit plus charges shall be transferred to the bank.
  • Formalization of the contract.
Bank Currency SWIFT code City Country
Banco Do Brasil EUR BRASDEFF Frankfurt Alemania
Unicredit EUR HYVEDEMM Munich Alemania
National Bank of Canada CAD/EUR BNDCCAMM Montreal Canadá
Abanca Corporación Bancaria, S.A. EUR/CHF CAGLESMM Madrid España
Banco Español de Crédito EUR ESPCESMM Madrid España
Banco de Sabadell SA EUR BSABESBB Sabadell España
Banco Santander Central Hispano EUR BSCHESMM Madrid España
Banco Bilbao Vizcaya Argentaria SA EUR BBVAESMM Madrid España
Caixabank (la Caixa) EUR CAIXESBB Barcelona España
Cecabank EUR CECAESMM Madrid España
Banco Bilbao Vizcaya Argentaria, S.A EUR BBVAFRPP París Francia
Banca Intesa EUR BCITITMM Milán Italia
Banca Monte dei Paschi di Seina SpA EUR PASCITMM Milán Italia
Multibank EUR/PAB MCTBPAPA Panamá Panamá
Havana International Bank Ltd EUR/GBP/CAD HAVIGB2L Londres Reino Unido
Nordea Bank SEK NDEASESS Estocolmo Suecia
Currency Corespondent Bank SWIFT/BIC COPA FX MM
CAD National Bank of Canada, Montréal BNDC CA MM COPA MM
EUR Banca Intesa BCIT IT MM COPA
EUR Banco Bilbao Vizcaya Argentaria BBVA ES MM COPA
GBP Havana International Bank Ltd, London HAVI GB 2L COPA FX MM
SEK Nordea Bank AB (publ), Estocolmo NDEA SE SS COPA