OffShore Banking | Bank Instruments - Prominence Bank Corp.

Today there are many services provided by the bank. One such service is opening the custody account which is also known as Safe Keeping Receipts (SKR). Many people wish to deposit their assets safely. For this reason, all you need is to use the Safe Keeping Receipt service from the bank. This can be used as a storage of assets or any other valuables. Usually, the issuer of the SKR takes the responsibility of protecting the valuables stored in the financial institution. Custody account – How it will be helpful in business? Safe Keeping Receipt is the instrument that is provided by the bank if you wish to save your asset. Since it is used for protecting the assets it is important to find the best financial instrument where you can get the SKR instrument. You can find a reliable financial instrument if you do proper research. Whatever may be the asset type, you can now safely protect them using the SKR where the bank takes the responsibility of protecting the asset. For this, all...

There are many challenges usually faced by people during business transactions. When people trade between countries they must ensure that the payment will be received without fail. Usually, this risk will be observed when two unknown people get into business deals. Thus for security letter of credit is used. But there are many companies which still don’t use LC during their trading.  But it is important for all the people who frequently involve in trading to know about this financial instrument. This is also commonly known as a credit letter which is issued by the bank as a guarantee. It is usually obtained when there is a lack of trust between the two people. It is a popular solution used by many business people when there is a large amount of investment involved especially in international trading. When should you use a letter of credit? A credit letter usually reduces the fear between the two people or companies and is considered as the best solution to guarantee paym...