Import Letters of Credit
Helping you negotiate business abroad
An Import Letter of Credit from Virgin Money gives your supplier more certainty that they will be paid, providing they comply with its terms. This could help you negotiate better credit terms with your supplier. It will give your supplier the confidence to start production and ship the goods you need straightaway.
Terms and conditions apply. All facilities are subject to status and eligibility. Applicants must be aged 18 or over. You must be based and operate in the UK (excluding Channel Islands, Isle of Man & Northern Ireland). Fees apply.
For further details on our fees and charges visit our Business Banking Tariff page, or you can email us at VirginMoneyTradeFinance@virginmoney.com.
Export Letters of Credit
Receive prompt payment for goods sold overseas
To help make sure you receive payment on time, you can ask your buyer to arrange an Export Letter of Credit advised through Virgin Money. While not guaranteed, this is a safer way to receive payment, provided its terms and conditions are met. With an Export Letter of Credit in place, your overseas buyer's bank commits to paying you on the buyer's behalf.
Terms and conditions apply. All facilities are subject to status and eligibility. Applicants must be aged 18 or over. You must be based and operate in the UK (excluding Channel Islands, Isle of Man & Northern Ireland). Fees apply.
For further details on our fees and charges visit our Business Banking Tariff page, or you can email us at VirginMoneyTradeFinance@virginmoney.com.
Documentary Collections
Secure your international payments
Our Documentary Collections service allow you to pay - or receive payment - for goods securely. The seller ships the goods and provides documents to their bank requesting they collect payment. The banks in the seller's and buyer's countries then work together to make sure the documents are only released when payment has been made or the buyer has promised to pay on a defined future date.
We can help collect payments for your exports using a local agent bank, making it safer than dealing with clients direct.
Terms and conditions apply. All facilities are subject to status and eligibility. Applicants must be aged 18 or over. You must be based and operate in the UK (excluding Channel Islands, Isle of Man & Northern Ireland). Fees apply.
For further details on our fees and charges visit our Business Banking Tariff page, or you can email us at VirginMoneyTradeFinance@virginmoney.com.
International Guarantees
Supporting your overseas contracts
If your overseas customers require assurance you can deliver or that you have the financial strength to successfully complete a contract, an International Guarantee could be the solution. We can issue an International Guarantee or bond on your behalf. This may provide your customers with the assurance they need to do business with you.
We can provide a range of guarantee types including Advance Payment Guarantees, Bid Bonds, Performance Bonds, Warranty Bonds and others.
Terms and conditions apply. All facilities are subject to status and eligibility. Applicants must be aged 18 or over. You must be based and operate in the UK (excluding Channel Islands, Isle of Man & Northern Ireland). Fees apply.
For further details on our fees and charges visit our Business Banking Tariff page, or you can email us at VirginMoneyTradeFinance@virginmoney.com.
Trade Finance
Enter international markets with confidence
We can provide finance to cover the period from when you're paying your supplier through to when the proceeds from the sale are received.
For exporters we can also advance funds against a suitable Export Letter of Credit.
To complement our International Guarantees, Letters of Credit and Documentary Collections, we can also provide a range of bespoke International Trade solutions to your particular business needs, which includes:
- Import Trade Finance (Import Loans)
- Export Trade Finance (Export Loans)
- Avalisations
- Discounting Bills
These enable you to choose an international solution to help your business.
Terms and conditions apply. All facilities are subject to status and eligibility. Applicants must be aged 18 or over. You must be based and operate in the UK (excluding Channel Islands, Isle of Man & Northern Ireland). Fees apply.
For further details on our fees and charges visit our Business Banking Tariff page, or you can email us at VirginMoneyTradeFinance@virginmoney.com.
General Export Facility
Boost your cashflow and export trade
Expanding your business to grow domestically and internationally can sometimes take a while.
The UK Export Finance (UKEF) General Export Facility (GEF) is a flexible government-supported scheme that helps UK export businesses to access facilities which, in turn, can help to improve cashflow or speed up trade growth.
Virgin Money wants to support the growth of UK exporting businesses. We are proud to participate in UKEF's General Export Facility Scheme, Export Working Capital Scheme and Bond Support Scheme.
- Under the GEF scheme, UKEF provides a guarantee to Virgin Money, so that we can support UK exporters to access a range of finance solutions.
- As a business that exports, you can apply for finance facilities under the GEF scheme. If we give you the thumbs up, you'll have extra money and/or guarantees to help grow your business.
- Standard facilities can be provided for a period of up to 2 years, although it may be possible to obtain facilities for up to 5 years with additional approval requirements. Facilities may be reviewed or extended. Arrangement fees are payable every year, regardless of initial term.
- Up to 80% of the facility value is guaranteed by UK Export Finance for which the bank will pay a fee. The guarantee is provided to the Bank and your business remains responsible for repaying 100% of the facility.
- The facility is available to businesses with a minimum of 5% export sales in each of the last three years, or more than 20% in any of the last three years.
- Additional criteria needs to be met for this facility to be approved, please discuss with your local International Trade Manager.
- The funds or guarantees will be in sterling or another approved currency up to a maximum equivalent £6.25m facility.
Please note that security may be required. Any asset used as security will be at risk if if your break the agreement and may be sold to repay your debt.
Before the money or guarantees can be made available, we must agree to the lending and you need to have signed all the scheme and bank facility documents.
Virgin Money are members of the UK Government Export Finance Scheme.
Terms and conditions apply. All facilities are subject to status and eligibility. Applicants must be aged 18 or over. You must be based and operate in the UK (excluding Channel Islands, Isle of Man & Northern Ireland). Fees apply.
For further details on our fees and charges visit our Business Banking Tariff page, or you can email us at VirginMoneyTradeFinance@virginmoney.com.