International Trade services
Our international trade specialists understand the global market and offer a wide range of products/services to help you manage and build your international business.
Form M processing is the initiation stage of all importation processes in Nigeria and could be processed under the following conditions:
- Valid for Forex: when the customer intends to utilize Forex sourced by the bank from the official windows for the trade transaction
- Not Valid for Forex: when the Forex funding for the trade transaction will not be sourced from the official windows.
The processing of PAAR using the shipping documents is to facilitate a hitch free clearance of your consignments. It is one of the most important, but not the only document required in the “clearing of goods” at the port, issued by Nigerian Customs Service covering the port of discharge of the consignment.
At Polaris Bank, we help to facilitate your international trade transactions by issuing all forms of Letters of Credit to cater to your needs. Our correspondent banking relationships with major banks and financial institutions worldwide also ensures trade transactions are processed in a timely manner.
Our Bills for Collection Team is prepared to handle your documentary collections immediately we receive the documents from the supplier’s bank. Under Bills for Collection (also called Documentary Collection), the suppliers entrust all commercial and transport documents pertaining to the transaction to their bank who forwards the documents to Polaris Bank for presentation to the importer.
The documents will be released under either of these conditions;
- Documents against Acceptance (D/A)
- Documents against Payment (D/P)
- Our team of experts provide advisory services on export business, export document processing, and information on developments in the local and international markets.
Our invisibles team handles all transactions that do not involve the exchange of goods such as payments for local and foreign trainings, school fees, insurance premiums, subscriptions, medical bills, mortgage, loan repayment and aircraft maintenance, etc.
Our Small and Medium Enterprise Importers can access up to $20,000= quarterly as payment for importation through the SME importation window at a reasonable rate. To access, simply visit any Polaris Bank Branch with minimal documentation.
We offer hitch free processing of movement of funds end to end. Experience our “do-it -yourself’ transfer service with our FX Direct on Polaris plus or simply visit our Branches with your instruction and we will get your funds transferred.