Discounting of Export Documents

Discounting of export documents is another type of FX facility which is offered by BSI FX branches of this bank may discount the deferred documents, deferred payment L/Cs and FX bill of exchanges which are undertaken by foreign buyer and/or foreign correspondent banks and/or overseas branches of BSI within the framework of non-interest banking operations act and pay the amount of aforementioned document to the Iranian seller after discounting. The interest rate for this type of facility will be at least 3.5 per cent more than LIBOR rate. The credibility and reputability of the remitting bank effect on determining the interest rate. Documents discounting (factoring) may be done in two types of "with recourse to the seller" and "without recourse to the seller" and also with respect to customer’s credit status and by means of factoring contract.
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