Transferable Letter of Credit

The LC can be transferred only in accordance with the terms and conditions stipulated in the original LC, with the exception of the following which may be changed:

• the LC amount
• the unit price of goods (if stated in the original LC)
• the time of shipment
• the last date for presentation of negotiation documents
• the expiry date of LC
• Any or all of the above may be reduced in the transferred credit to the second Beneficiary.

The name of the Applicant can be substituted with the name of the first Beneficiary, unless the original LC stipulates that the name of the Applicant be used in any document other than the invoice. If all or part of the LC is transferred, the first Beneficiary retains the right to substitute their own drafts and invoices for those of the second Beneficiary, if they so require. Instructions must also be provided on whether the bank is allowed to make any amendments to the original LC to the second Beneficiary.

UOB can consider transferring the LC if it is stipulated and requested by the Issuing Bank. LC Transferring fees are normally charged to the account of the Beneficiary (Seller) unless otherwise agreed.
If you currently do not have any facilities with UOB, but wish to apply for the Transfer of a Letter of Credit by the Bank, please indicate interest via our callback form and one of our Sales staff will be in contact shortly.

If you have any existing credit facilities with us, please contact your Relationship Manager, or apply for BG online via BIBPlus.

Submit the completed Transfer LC Form together with the Original Export LC (LC must be advised through UOB) to any UOB Group Branch. The form is to bear signatures of the authorized Company Signatories and Company stamp. Upon successful application/approval, the application for Transfer LC will be processed.