Advance Payment

What is it?

It is payment on open account to a foreign supplier for goods which have not been received by our customers.

How does it work?

• The customers obtain a pro forma invoice from a foreign supplier and presents to bank to facilitate the payment

• The Pro forma invoice should indicate that advance payment is required and the beneficiary’s banking details.

Special requirements

• Our customers are advised to make a due diligence on the supplier to avoid payment to fraudsters since they can receive the funds and not send the goods.

• It is also a requirement that the payment should be reconciled by presentation of exchange control documents evidencing receipt of goods.

What is the target market?

Importers and traders.

Pricing:

Commission: 1% Maximum: MWK31,800

Minimum: MWK6,900

EC Application Charge: MWK16,675

Swift(Fixed): MWK21,050

Stamp Duty: MWK1.00