Import Documentary Letter of Credit

Features and benefits

• Assists in controlling supplier payment terms and conditions
• A secure form of payment
• Seller's documents checked to ensure they meet the terms and conditions of the credit before you pay for the goods.

New customers

To open a Westpac business account, you’ll need to provide us with a signed and completed company account opening form, along with some current identification documents.

We are required to verify:

1. Full name of the company
2. Registered office or business address, including country
3. Incorporation number/Business registration number
4. Place of incorporation/registration
5. Date of incorporation/registration
6. Business licence number (if any)
7. Source of funds
8. Tax Identification Number (TIN)
9. Nature and business of the company
10. Ownership structure

Personal identification requirements

Under PNG banking regulations, each director, secretary, any shareholder who owns 20% or more and any person(s) authorised to operate on the account are required to meet personal identification requirements.

They will need to provide us with a signed and completed associated party form, along with some current identification documents.

Company and personal information must be verified from a combination of identification documents. Download the Opening a business transaction account brochure (PDF 159KB) for a list of accepted identification documents and any other requirements that you may need to meet.

Existing customers

You may have already provided necessary identification or you may need to provide some additional current identification documents. Visit your local branch to get started.