Wegagen Bank provides comprehensive international banking services at the Head Office, in all its city branches and some outlying branches such as Adama, Dire Dawa, Mekelle, Jijiga, Gondar, Gendawuha and Humera.
The Bank has established correspondent banking relationships with 127 internationally known banks to facilitate its international banking services, of which account is maintained with 22 banks for the use of standard settlement instruction.
Letters of Credit (L/C)
Wegagen issues letters of credit (L/C) for importing and exporting goods and services.
Cash Against Document (CAD)
In this mode of payment the supplier or seller surrenders documents to his/her drawer’s bank after which the documents be automatically forwarded to the importer’s bank on collection basis.
Outward Bills Purchased (OBP)
OBPs are payment orders expressed in the form of negotiable instruments such as checks, drafts, traveler’s checks, international money orders, etc,purchased by the Bank.
Outward Bills for Collection (OBC)
OBCs are clean checks received from customers and are payable upon confirmation of the originating bank.
Outward Documentary Bills Purchased(ODBP)
Instrument issued by a foreign bank on behalf of its importing customer.The issuing bank specifies all the requirements of its customer in the letter of credit and undertakes to honor all drafts drawn in conformity with the credit terms and conditions.
Outward Documentary Bills Sent for Collection (ODBC)
Documents sent to the issuing bank on collection basis at times where the exporter’s shipping documents are not in conformity with the credit terms and conditions.