You heard me people. Do not pay any upfront for any SBLCs or BGs it would not get you cash. Especially not in Singapore. The banks here dislike them. For overseas transaction only cash is the preferred currency. Not paper money. Even if it is backed by cash or collateral or property or what not it is still not welcome here.
The ignorant or foolish individuals like James & Maria would think that it is possible to cash it. We are wondering why are they that stupid sometimes. The reason we know that Cash is still very much preferred is because we have spoken to the banks ourselves and they mention that for overseas transaction they do not want paper security.
For those who is still dreaming about cashing some bank instruments like SBLCs, BGs or TDD. It’s best to stop dreaming about it as banks is getting more stringent in the approval and draw down process. Since I have spoken to a lawyer he mention that for the past 20years he have seen hundreds of SBLCs deals that fail. None of them saw monetization of the instrument. And most people just lose money.
For people who have more things to say about James and his wife Maria kindly send an email to email@example.com