International Trade Service
Import Transactions
A Letter of Credit (LC) is a conditional but irrevocable undertaking issued by Tsedey to the exporter at the request of the importer to effect payment up to a stated amount within a stated time period against presentation of compliant documents. The Letter of Credit is governed by the ICC rules defined in Uniform Customs Practice (UCP) 600, NBE Directives and the Bank’s Policies and Procedures
When an importer concludes a contract with a seller indicating mode of payment as documentary collection/CA /, the importer will prepare and submit its purchase order to Tsedey Bank for approval before shipment of goods. After the Bank approves the purchase order ,the customer instructs the seller to ship the goods and sends the documents via the exporter bank
Tsedey Bank facilitates permit issuance and payments for trade deals with advance mode of payment. Under this method, the seller receives payment from the buyer prior to shipment or rendering the service. This mode of payment is appropriate for imports of small items for values not exceeding USD 5,000.00 or its equivalent in other foreign currencies. If the advance payment is more than USD 5,000 an advance payment bank guarantee for the equivalent amount should be required.
International Trade Service
Export Transactions
An export letter of credit is an instrument issued by a foreign bank on behalf of its importing customer favoring an exporter who is customer of Tsedey Bank.
Under this mode of payment customers shipped the agreed up on goods to the buyer and present shipping documents along with covering letter to the bank for collection of payment.
This is the most preferred payment method for the goods Exporter. The supplier receives cash in advance from the buyer before goods are shipped.
The consignment sales are applicable to the perishable items such as fruits, cut flowers, meat, live animals, molasses and others in accordance to the list provided by NBE,.
International Trade Service
Foreign Bank Guarantees
Tsedey Bank processes Incoming and Outgoing foreign bank guarantees as per the customers’ needs
International Remittance Service
Remittance Service through SWIFT
Tsedey Bank provides money transfer services through SWIFT. SWIFT is a worldwide financial messaging system that enables Banks to transfer funds in fast and secured way. Tsedey Bank SWIFT Code - TSDYETAA
International Remittance Service
Remittance Service through International money Transfer Operators
Tsedey Bank works with various international money transfer operators to provide fast and secured money transfer service for its customers.
International Remittance Service
Foreign Exchange Services
Purchase and Sales of Foreign Currency (F/CY) Cash Notes
- Forex bureau of the Bank buy FCY Cash Notes at the prevailing exchange rate.
- Forex bureau of the Bank also sell FCY Cash Notes for Holiday travel expenses, Business travel allowance, medical expense, Educational expenses and General transfers as per NBE’s Directives and the Bank’s Policies and Procedures.
International Remittance Service
Foreign Currency Account
Non-Resident Foreign Currency Accounts (NR-FCY)
- Tsedey Bank opens and maintains accounts denominated in foreign currency that provides the Account holders the privilege to instruct transfer of funds abroad without foreign exchange permit.
Retention Accounts
- Tsedey Bank opens and maintains foreign currency accounts for exporters and frequent recipients of foreign exchange remittance to enable retain all /portion of their export earnings and inward remittances as per the NBE directive.
