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Letters of Credit

Overview

Letters of Credit are a credit facility issued by Bank of Bermuda guaranteeing payments on behalf of a customer to a beneficiary, normally a third party but sometimes to the Bank’s customer, for a stated period of time.

Need more information?

Small Businesses

  • Call us on 299-5555

Larger Businesses

  • Call us on 299-5333

More about Letters of Credit

  • Letters of Credit enable business clients to guarantee their ability to make payments to suppliers and potential partners
  • Extended to trusts, corporations, partnerships, sole proprietors, not-for-profit organisations, companies purchasing real-estate property for investment 

What you should know before you apply

  • The Credit Officer sets a variable interest rate based on the value of the relationship as well as the collateral securing the borrowing.
  • A Commitment Fee or Arrangement Fee is charged and is dependent on the purpose, amount and term of the borrowing.

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