Zip Biz, page-37

Lethargic International Trade explained;

Importer needs to import goods
1. Goes to a bank establishes a LC pays commission and communication cost plus some cash margin
2 Bank prepares and transmits to the LC Advising Bank already two days gone in the process
4. LC Advicing bank advices the LC by post to the exporter by post: Advising cost and postage another one day gone
5 If the exporter needs financing takes the inst to his bank and avails export credit takes two days and cost of credit
6 Exporter prepares the shipment say two days and sends the goods to the shipping companies which ships the goods and takes around two days to provide the shipping bill to the exporter
7 Exporter prepares the documents in one day and takes it to the bank and gets its negotiated...again negotiation charges (financing charges) postage charges and communication charges. Here the export credit gets settled.
8 Negotiating bank posts documents to the LC issuing bank which can take at least two to three days to reach
9 The importer takes delivery of the document from
the bank and avails import financing and settles the document and the Bank deducts remittance charges, discrepancy cost and communication costs from the proceeds
10 The exporters bank receives the payment by swift in one day and settles the bills discounted.

This is just a summary of hassles in international trade and Zip Biz can just complete the hassle except the shipment time by just using the app for just 5 minutes.

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