28 Jun The Truth About Bank Instrument (SBLC/BG) Upfront fees
The Truth About Bank Instrument (SBLC/BG) Upfront fees (Myths and Legends Busted!)
Sometimes I can’t help but shake my head when I hear comments like “I need a bank guarantee or a standby letter of credit but I don’t want to pay any upfront fees” or “ I hope your BG/SBLC transaction does not require any advance payment?”. One can only wonder what part of someone’s imagination could phantom secure a Bank Guarantee or Standby Letters of Credit for Millions of Dollars for Free, with no upfront payment!
If you were ever to hear this, you will do some good to yourself fleeing from such falsehood, free bank guarantees SBLC with no upfront fee do not exist in the real world,if they did, everyone in the world would be millionaires and billionaires.
Free bank instrument transaction without any upfront fee is just one fairy tale that will never become a reality. No bank anywhere in the world will take the risk on such a transaction without a charge, As a seasoned banker, I am aware that banks do not work for free because banks aren’t a charity organization.
Truth is, if the bank is not paid then no Bank Guarantee can be authorized or sent, and quite frankly you can rest assured that no Bank Guarantee Issuer or SBLC Provider is going to pay the bank fees for you. First, they are taking a huge risk issuing you a Bank Instrument (BG/SBLC) and then you expect they pay the bank fees as well? Quite frankly if that was the case they might as well transmit the BG to the Funder themselves and hold on to the entire profit themselves. Why should they split the profit with a client that hasn’t assumed any risk whatsoever?
No upfront fees is a bad joke that instantly puts off serious SBLC / BG providers and regrettably, it’s a fairy tale that so many people tend to believe thereby leading to hundreds of hours wasted trying to find a treasure that most definitely does not exist and has never existed in this industry.
I’d be willing to stick to my reputation just for anyone to prove to me that they have secured an SBLC/BG worth millions of dollars and paid no fees at all.
Now let’s face another truth, way too many people have lost money by paying upfront fees and in the end not being able to secure the Bank Guarantees they require and quite frankly this has further helped fuel the myth of no upfront fees. The pain of loss has helped create a fantasy that there just might be a possibility they could achieve their BG/SBLC quest without taking any further risk. Truth is nurturing this mindset would only lead such a person to further disappointment. Free Bank guarantees will always remain in that part of the local library labelled “Fantasy and Adventure”, it will never become a reality as these banking instruments belong to the economic world where the number one fundamental economic rule is making a profit! There aren’t any free meals here sadly.
You might now ask, what’s the point to this short article, well it’s simple, in order to help serious SBLC/BG seekers avoid further pain I have felt the need to make this clear, anyone who’s guaranteeing you a service with no upfront fee is just rocking your boat and you are about to get tossed in the sea with no life jacket.
So how do you avoid all of these risks and get what you truly want? Simple, do your research properly, be patient and find a reputable financial expert who can help you secure a Bank Guarantee / SBLC from a reputable provider. As pointed out in my previous articles, there’s not a lot of providers around and most likely you won’t be approached directly by one, you would almost inevitably have to go through someone to get to them and expect to pay a fee for the services being provided, after all you are about to get backed by a bank for a project that is entirely your dream, to the tune of millions of dollars for less than a fraction of the cost you couldn’t afford right from the start.
In summary, BG/SBLC with no upfront fees don’t exist and will never exist. You must do your due diligence to find a reputable provider and most of all you must be able to pass the criteria required to be able to secure an SBLC/BG as the provider would be doing his/her due diligence to make sure you aren’t a risk as well.
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