1 Exporter requests the importer to make payment 2 The importer receives the requests to make the payment to the exporter. 3 The importer makes the payment via telegraphic transfer and notifies the exporter. 4 - Importer makes payment to the exporter’s bank via the importer’s bank. - The importer notifies the exporter who in turn acknowledges the payment. 5 - Exporter’s bank receives payment notification from importer’s bank. - Exporter applies to withdraw the funds with an application letter. 6 Exporter’s bank receives application from exporter. 7 Exporter’s bank issue export credit letter to exporter. 8 Exporter’s bank issues the payment to the exporter. 9 Exporter receives payment and export credit letter. 10 Exporter prepares the shipment of goods.
