Discusses the most common methods of payment, such as open account, letter of credit, cash in advance, documentary collections, factoring, etc. Includes credit-rating and collection agencies in this country. Includes primary credit or charge cards used in this country.
U.S. exporters typically request Letters of Credit (LOC’s) from Egyptian buyers, arranged by the buyer through Egyptian banks and confirmed irrevocably by an American bank, though recent reports indicate that U.S. firms prefer payment in advance over LOCs.  Wire transferring through SWIFT is another option.  Other financing sources include:  the U.S. Export-Import Bank (EXIM) and European Bank for Reconstruction and Development (EBRD).  Tighter credit terms offered by the EU, Japan and China have required importers to seek full LOCs or cash-in-advance payments for imports. According to new regulations, the U.S. exporter must submit the invoice as well as export documentation to his/her bank and the U.S. bank should inform its Egyptian correspondent bank about a request to open an LOC.  Import transactions are based on document collections between banks. Documents incoming directly to clients, will not be accepted.
 

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.