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Export insurance

International trade involves an element of risk for all parties: the importer awaiting goods and the exporter expecting payment. While there are several trade instruments that minimise this risk, export insurance provides greater protection from non-payment and also assists in better managing your cash flow.

Export confirmations

Through the payment of a once only "confirmation" fee, Westpac will guarantee performance of the issuing bank and country provided to the exporter presenting documentation which complies with the terms of the documentary credit. Effectively, export confirmations convey overseas bank and country risks into domestic risk against Westpac

Key features and additional benefits

• may free up security and working capital
• no delay - an exporter can receive funds upon presentation of conforming documents
• access to markets where country stability may be problematic
• easy to arrange - simply call your International Business Manager
• no requirement to lodge any security
• can be tailored to meet partial or irregularly timed exports.

Fees

• Westpac's view of the standing and acceptability of the documentary credit issuing bank
• Westpac's view of the country from where the documentary credit was issued
• amount of the documentary credit
• expiry date of the documentary credit and terms of payment (e.g. 90 days after bill of lading)
• nature of the underlying commodity.