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International banking services
Wegagen bank provides comprenhensive international banking services at the head office,and the branches of merkato,Goffa,Gerji,Teklehaymanot,Mesalemia,Habtegiiorgis Meskel,Beklobet,Abakoran
Dire Dawa,Mekelle,Jijiga
Gondar,Metema and Adama.
1. Letter of Credit(L/C)
Wegagen issues letters of credit for importing and exporting goos and services.
2. Cash Against Document(CAD)
In this mode of payment the supplier or seller surrenders documents to his/her drawers bank which
will then automatically
forward this documents to the importer bank on collection basis.
3.Outward Bills Purchased(OBP)
These are payment orders expressed in the form of negotiable instruments such as checks, drafts, traveler's checks,
international money orders purchased by the bank.
4. Outward Bills for collection(OBC)
These are clean checks recieved from customers and are payable upon confirmation of the orginating banks.
5.Outward Documentary Bills Purchased(ODBP)
An export letter of credit is an instrcument issued by the foreign bank on the behalf of importing customer.
the issuing bank specifies all the requiremnets of its customer in the letter of credit and undertakes
to honor all drafts drawn in conformity with the credit terms and conditions.
6.Outward Documentary Bills sent for Collection(ODBC)
when the exporter's shipping documents are not in conformity with the credit terms and condistions, documents
shall be sent to the issuing nominated bank on collection basis.
7.International Money Transfer
The bank provides special incoming remittance services to local benficiaries when transfers are recieved through its overseas
correspondent banks.Wegagen bank is agent for international money transfer companies such as Dahabshiil,Kaah,Amal
Dalsan,X-press,Mustqbal.
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