Eligibility & use
- Commodity trades and contract-based transactions.
- Cross-border shipment required.
- Applicant and trade documentation must be submitted.
Instrument issuance fees
| Instrument amount | Fee |
|---|---|
| Up to USD 5,000,000 | 10% |
| USD 5,000,001 - 10,000,000 | 9% |
| USD 10,000,001 - 20,000,000 | 8% |
| Above USD 20,000,000 | 7% |
For amounts below USD 500,000, the program document states a fixed issuing cost of USD 35,000-36,000, subject to confirmation.
Required documents
- Passport / ID and proof of address
- Corporate documents where applicable
- Proforma invoice or sales contract
- Goods description, pricing, quantities and delivery terms
- Shipment details and supporting logistics/compliance documents
Routing & execution
ICBANK retains discretion over correspondent banks and routing channels. MT700 may be delivered via MT710 through a nominated advising bank; MT760 may be transmitted through an advising or correspondent bank depending on the transaction structure.
Program perspective
The program supports qualified cross-border trade through MT700 Letters of Credit and MT760 Bank Guarantee / SBLC structures. The bank instrument does not replace the underlying trade; it formalizes a payment or performance mechanism around the commercial contract.
Accordingly, the strongest applications align the requested instrument with the sales contract, proforma invoice, goods description, pricing, quantities, delivery terms, shipment route and beneficiary banking information. This reduces ambiguity during bank and correspondent-bank review.
What GIGT adds to the process
As the authorized agency and consulting channel, GIGT helps the client clarify the request, organize documents, understand the relevant program structure and maintain disciplined communication through the application and follow-up process. Final banking approval, contractual terms, compliance decisions and execution remain with ICBANK.
Corporate, KYC and transaction information should be complete, internally consistent and current before escalation.
Applicants should read the official program PDF and later bank documents together rather than relying on a website summary alone.