See how the financing mechanism for buyers of Colombian goods and services operates through letters of credit.

1. The Colombian exporter and the international buyer agree on payment terms, establish the type of Letter of Credit (irrevocable, confirmed, at sight, acceptance, deferred payment) and negotiate the costs.

2. The international buyer requests his/her bank to open the Letter of Credit according to the credit limit available.

3. The issuing bank issues the Letter of Credit on behalf of the exporter to be confirmed by Bancoldex.

4. Bancoldex confirms the L/C to the exporter.

5. The Letter of Credit is paid or discounted for acceptance or deferred payment once the required documents are submitted in perfect order.

Find out how the financing mechanism for the buyer of Colombian goods and services operates through guaranteed bills of exchange.

1. The Colombian exporter and the international buyer agree on the payment method. Aspects such as the term and who will pay for interests are determined.

2. The buyer abroad requests the bill of exchange guarantee from his/her bank with the amount and term agreed. This request goes against the credit limit that the buyer has with his bank and the cost is negotiated between them.

3. The bank approves it based on the importer's credit limit, sends a SWIFT message confirming the guarantee to Bancoldex and sends the physical bill of exchange by certified mail.

4. Once Bancoldex has the physical bill of exchange, it informs the Colombian exporter and gives it to him/her for endorsement and negotiation.

5. Bancoldex verifies the message from the importer's bank, validates the documents supporting the export and the endorsement of the bill of exchange, verifies that it is within the list of customers and disburses.

Find out below how the financing mechanism for the buyer of Colombian goods and services operates through STAND-BY guarantees.

1. Factors such as the term, who pays for the interest and whether it is shared between both parties are determined by the Colombian exporter and the buyer abroad.
2. The buyer abroad requests the Stand-By guarantee from his/her local bank. This request runs counter the credit limit the buyer has with his/her bank and the cost is negotiated between them.
3. The conditions of the guarantee are determined between Bancoldex and the correspondent bank abroad. Bancoldex suggests the models to be used.
4. Once the operation is approved, the correspondent bank abroad proceeds to send the guarantee via SWIFT to Bancóldex with the conditions approved by the two entities.
5. The exporter issues a bill of exchange for each consigned shipment stating amount, term and who pays for the interest, to be accepted by the buyer. 
6. The buyer sends the physical bill duly drawn and accepted to Bancoldex. 
7. Once Bancoldex has the physical bill, it informs the Colombian exporter and gives it to him/her for its corresponding endorsement and negotiation. 
8. Bancoldex buys the bills covered by the Stand-By guarantee and pays on the shipping documents and the commercial invoice. It credits to the compensation account or negotiates the foreign currencies. 
9. Upon maturity of the bills, the buyer pays to Bancoldex the capital and interest, if applicable, and releases the Stand-by guarantee’s limit.

To connect Bancoldex resources with businessmen, we have a network of banking correspondents abroad, through which we support the foreign trade activities of Colombian companies and offer financing to buyers of Colombian goods and services in the foreign market.

Get to know the Bancoldex allies through which you can connect with our credit offer: