After a vehicle is secured, the next major stage is the Proforma Invoice and Letter of Credit (LC). For many first-time importers, this is one of the least familiar parts of the process.
The proforma invoice
The proforma invoice is normally issued shortly after vehicle confirmation and states the official LC value in the relevant origin currency.
- Japan: JPY
- UK, Thailand, Australia and India: typically USD in the process described in our customer guidance
This document becomes the official banking basis for opening the LC.
What does the bank hold?
Depending on the relationship between the customer and the bank, the bank may hold approximately 100% to 110% of the LC value.
The held amount remains in the customer's account and is not necessarily deducted immediately when the LC is opened.
When is final settlement made?
Final settlement normally takes place when the original shipping documents reach the bank in Sri Lanka, using the prevailing exchange rate at that time.
Why guidance matters
The LC process connects the vehicle purchase, foreign currency, bank documentation and shipping documents. Coordinating these correctly helps avoid unnecessary delays.
Import with Confidence.
Talk to our team for no-obligation guidance on sourcing, landed cost, documentation and next steps.