In order to protect your export against non-payment risk of your buyer, you may have obtained your buyer's agreement to pay under Letter of Credit. Such Letters of Credit opened in your favour should be advised to you through your banker so that the authentication of the instruments may be established.
OCBC Bank, as an Advising Bank, will receive an incoming LC from our Branch or Correspondent Bank (the Issuing Bank). The LC can be in SWIFT, Telex or Mail form. After authentication, we will advise the credit to the exporter (beneficiary).
The Bank can also act as the Second Advising Bank. This occurs when the Issuing Bank has no correspondent relationship with the Bank but has been requested by the applicant on behalf of the beneficiary (a customer of the Bank in most cases), to have the LC advised through the Bank. In such instances, the Issuing Bank must go through one of their correspondent banks in Singapore to act as their First Advising Bank who will in turn advise the LC to the Bank (the Second Advising Bank).
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