International Banking

We often provide specialized services to facilitate international trade.

Trade Service

Trade Service

Siinqee Bank provides import and export services to its customers to facilitate trade in the global market. SIB provides expertise advice and quick customer services with the aim of laying the platform to smooth trade activities and transactions between sellers and buyers. We support your international trade business effectively by ensuring you get the trade services through the seamless import and/or export operational process flow with the standard.

Method of Payment

1. Letter of Credit – LC

A documentary letter of credit is an undertaking a bank takes by the request of a buyer (applicant opened a letter of credit on request of a buyer (applicant) to pay an amount to the seller (beneficiary) as specified in the letter of credit upon the provision of documents by the seller (beneficiary) that meet the conditions of the letter of  credit.

2. Cash Against Documents (CAD)

Cash Against Documents (CAD) is a form of international trade payment method where a buyer agrees to make payment to a seller upon presentation of specified documents related to the shipment of goods. It is commonly used in international trade transactions to minimize the risk for both the buyer and the seller.

3. Cash in advance (CIA)

Cash in advance (CIA) is a payment method in which the buyer is required to make full payment for goods or services before the seller ships the products or provides the services. It is a payment term commonly used in business-to-business (B2B) and business-to-consumer (B2C) transactions, particularly in situations where the buyer has little or no credit history with the seller or where there is a high level of risk involved.

4. Consignment

Consignment is a business arrangement where one party, known as the consignor or the supplier, entrusts goods to another party, known as the consignee or the agent, to sell those goods on their behalf. In a consignment agreement, the consignee acts as a sales agent or distributor, but does not take ownership of the goods. Instead, they sell the goods and remit a portion of the proceeds to the consignor, typically retaining a commission or fee for their services.

Remittance

Remittance

Foreign Incoming Remittance

This Type of remittance is generally described as receiving foreign currency. payment instruction from abroad either through our SWIFT network or through international Money transfer Operators.

⦁ Through Remittance Service Providers, currently we are working with well-known international money transfer companies like: – Dahabshiil Money Transfer and Ria Financial Services

Foreign Outgoing Remittance

This refers to remittances in favor of beneficiaries (individuals or organizations) residing aboard upon the request of SIB’s customers.
Payments will be processed to individuals and or organizations aboard upon the request of the Bank’s customers. The payment can be effected for imports (≤ USD 5,000.00), tuition fees, membership fees, consultancy fees, medical bills, hotel booking, insurance, etc…

Foreign Transfer

Foreign Transfer

A foreign transfer, also known as an international wire transfer or overseas remittance, refers to the process of sending money from one country to another. It involves transferring funds electronically from a sender (individual or business) in one country to a recipient in a different country, typically using the banking system or a specialized money transfer service.

Receiving the money sent to you from abroad through our bank’s SWIFT address SINQETAA or the international money transfer agents, Ria and Dahabshiil, is now fast and easy.