بانک سینا

International Banking

A.Letters of Credit

Documentary letters of credit are undertakings made by a bank, either at the request of an applicant or on its own behalf, to pay a specified amount in an agreed currency to a beneficiary, provided that the beneficiary presents the required documents within a time limit. The beneficiary must fulfill his obligations and comply with the terms and conditions of the contract concluded between the applicant and the beneficiary.

Sina Bank, in compliance with the Central Bank of the Islamic Republic of Iran´s foreign currency Regulations and By-laws, is prepared to provide documentary letters of credit available by sight or deferred payment. We are also ready to negotiate and advise credits.

Sina Bank branches throughout the country are ready to accept applications for issuance of documentary letters of credit. All credits are handled according to the latest version of the UCP.

B.Bill of exchange (Collections)

International trade procedure in which a bank in the importer's country acts on behalf of an exporter for collecting and remitting payment for a shipment. The exporter presents the shipping and collection documents to his or her bank –remitting bank-(in his own country) which sends them to its correspondent bank in the importer's country. The foreign bank (called the collecting bank) hands over shipping and title documents (required for taking delivery of the shipment) to the importer in exchange for cash payment.

The basis on which documentary collections are executed is provided by the “Uniform Rules for Collections” (URC) drawn up by the International Chamber of Commerce in Paris (ICC) and approved by the banks. They set out the main rights and duties of the parties involved in the documentary collection. The URC rules and provisions, however, are only binding if they do not contradict any other agreements which have been expressly concluded, or any national, state or local legislation and / or stipulations which take precedence.

C.Guarantees

For the guarantee there is a legal definition and acceptable banking practice, which declares that:’ A bank guarantee is a unilateral contract between a bank as the guarantor and a beneficiary as the party to whom a guarantee is made. Under this contract, the bank undertakes to make payment to the beneficiary within the limits of the stated sum of money, if a third party fails to effect performance or if some other event get materialized or fails to be materialized.

Generally FX L/Gs are divided in two groups as Imported and Exported L/Gs

D.Payment Orders

Transfer your money securely through With Sina Bank, it's easy to transfer funds securely to many international destinations. To find out more and arrange an international transfer, pleases visit your nearest Sina Bank branch.

E.Foreign Exchange

Sina Bank offers foreign exchange services to individuals and businesses according to the latest regulations set by the Central Bank of Iran. For details, visit any of our Sina Bank branches.

Sina Bank offers foreign currency accounts in accordance with regulations set by the Central Bank of Iran.