Bank(s) In Thailand Accepting L/c From Iran?

[Roel]

Dear members and readers,

We export from Thailand to Iran and until recently we used Deutsche Bank Bangkok to route incoming L/C's from Iran. Since a few weeks they do not handle Iranian L/C's anymore (conform the policy of most other banks). We do not need banks to confirm but simply to advise (but even that they refuse en masse). Anyone suggestions on how to tackle this one?

[jumbo]

Dear members and readers,

We export from Thailand to Iran and until recently we used Deutsche Bank Bangkok to route incoming L/C's from Iran. Since a few weeks they do not handle Iranian L/C's anymore (conform the policy of most other banks). We do not need banks to confirm but simply to advise (but even that they refuse en masse). Anyone suggestions on how to tackle this one?

L/C blocks your clients 'available cash' so if you are doing business with hem for a long time in a repetitive manner, why not ask for advance payment in any % and the rest on delivery

And than there is 'cash on delivery' arranged through the forwarder

J

[Roel]

Dear members and readers,

We export from Thailand to Iran and until recently we used Deutsche Bank Bangkok to route incoming L/C's from Iran. Since a few weeks they do not handle Iranian L/C's anymore (conform the policy of most other banks). We do not need banks to confirm but simply to advise (but even that they refuse en masse). Anyone suggestions on how to tackle this one?

L/C blocks your clients 'available cash' so if you are doing business with hem for a long time in a repetitive manner, why not ask for advance payment in any % and the rest on delivery

And than there is 'cash on delivery' arranged through the forwarder

J

[Roel]

Thanks for your reply Jumbo but unfortunately they cannot transfer foreign currency out of Iran. The only way for them to obtain the necessary import licence is when they pay through L/C which are all routed through the Central Bank of Iran. They keep a close watch on the currency leaving the country I guess. L/C's in USD are at present not obtainable either, but that is not the problem because we can do it in EUR.

Maybe there is someone out there who is exporting from Thailand to Iran as well and has from field experience "a way to work around the problem". I know some did it via Iranian bank's offices in Dubai, but that is no longer possible if the goods have still Iranian destination in the L/C.

Of course we are not looking for 'complicated' solutions e.g. founding offshore companies etc. nor for not-so-legal solutions e.g. selling L/C's to malafide brokers etc.

Any help appreciated.

[sonicdragon]

Banks from countries in the non-aligned movement will likely not have the same restrictions on business with iran. Finding ones with branches, rather than just rep offices (if that) in bangkok and tehran will be the trick though. Perhaps a malaysian bank such as Maybank or Hong Leong ? Also try indian banks (ICICI and Bank of India spring to mind as possibilities)

Edited September 6, 2007 by sonicdragon

[Roel]

Thank you very much. Will look into that.