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Attention to the new typology of spoofing fraud, which involves the fraudulent use of phone numbers associated with BRD. People who claim to be employees of the bank falsify, with the help of some software, the phone numbers associated with BRD (eg: TelVerde or card emergency numbers), during phone calls in which personal or confidential data is requested. It is important not to comply with requests to disclose confidential data, regardless of the pretext used by the caller. Stay alert and report suspicious situations to us immediately by accessing the MyBRD Contact service.
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The remote banking service provides you with information on your bank accounts directly from your mobile phone.
Find out more »Safekeeping, registering, monitoring and controlling the applications for subscription or redemption of fund units.
Find out more »Distribution of fund units, dividends and bond payments. Group distribution services within public offerings.
Find out more »Administration availability of customer accounts to their instructions - financial instruments operations or cash.
Find out more »Clearing services for transactions made on Bucharest Stock Exchange, Bucharest Clearing House and SIBEX.
Find out more »News and related materials of our current activity: from business press releases to cultural, educational, sport or technological projects
Find out more »is an online cultural publication that shapes the portrait of the new generation of creators
Find out more »is an editorial project dedicated to the pre-university education created by DoR and BRD
Find out more »Find here our mass media contacts
Find out more »We invest in culture because we need leaders and projects to remind us where we come from, who we are and where we are heading to.
Find out more »We strongly believe that the main driver for a higher performance of the education system is the quality of teachers. That’s why our majors programs are focussing on developping teachers’ skills.
Find out more »We love sports because they provide us with an exciting journey with some beautiful moments, heroes who win, attract new fans or, on the contrary, struggle with difficult moments.
Find out more »Economic development is no longer possible without environmental and social progress. It is our responsibility to propose business models that encourage the positive transformation of the world.
Find out more »Community involvement is designed to build sustainable intervention mechanisms so that children and young people in difficult situations can develop their skills
Find out more »
with the commercial partners
due to the BRD team of professionals and its extended network of banking correspondents in over 80 countries
The stand-by letter of credit is a bank guarantee issued in the form of a letter of credit, to guarantee the performance of a contractual obligation. The issuing bank undertakes to indemnify the beneficiary for any failure of the ordering party of meeting its obligations under the contract.
1. If you are an importer, the money retention stand-by letter of credit ensures that the down payment is returned by the exporter in case of failure under the contractual obligations.
2. If you are an exporter, the payment stand-by letter of credit guarantees the payment of the equivalent value of the delivered merchandise / services, if the importer does not pay.
How does the stand-by letter of credit work?
Step 1. The partners agree by contract on the terms of the operations and establish as means of payment the stand-by letter of credit.
Step 2. At the request of the ordering party, its bank (the issuing bank) opens the documentary letter of credit to the benefit its commercial partner (beneficiary), according to the conditions of the contract signed with the latter The issuing bank sends the text of the stand-by letter of credit to the correspondent bank in the exporter’s country (the bank of the beneficiary).
Step 3. The correspondent bank notifies the beneficiary on the opening, to its benefit, of a stand-by letter of credit.
Step 4. If the ordering party does not meet its contractual obligations, the beneficiary presents to the correspondent bank all the documents stipulated upon the opening of the stand-by letter of credit and demands that payment be made. After checking the documents, the correspondent bank sends them to the issuing bank for payment. The issuing bank makes the payment and debits the account of the ordering party.
The letters of credit provided by the bank are:
- Irrevocable letter of credit – which covers against commercial risks
- Confirmed letter of credit – which, in addition to covering the commercial risks, also covers the risk of insolvency of the issuing bank and the country risks – political and transfer, if the corresponding bank is in another country than the issuing bank.
the commitments from the international commercial contracts
due to the BRD team of professionals and its extended network of banking correspondents in over 80 countries
If the company operates in the field of export or import, contracting a documentary credit helps improving the commercial relations with the foreign partners.
1. For importers, BRD will ensure: the receipt of merchandise and/or the delivery of services according to the documents required under the documentary credit.
2. For exporters, BRD will guarantee: the collection of the equivalent value of the delivered merchandise and/or services according to the documents required under the documentary credit.
How does the documentary credit work?
Step 1. The buyer (importer) and the seller (exporter) perform the commercial operation by agreeing in the contract on the terms of the operation and by establishing as means of payment the documentary credit.
Step 2. At the request of the importer (ordering party), its bank (the issuing bank) opens the documentary credit in the favor of the exporter (beneficiary), according to the conditions of the commercial contract. The issuing bank sends the text of the documentary credit to the correspondent bank in the exporter’s country (the bank of the beneficiary).
Step 3. The correspondent bank endorses the opening of the documentary credit for the exporter.
Step 4. The exporter sends the merchandise to the importer and presents to its bank all the delivery documents specified in the documentary credit.
Step 5. The correspondent bank checks the documents and makes the payment (if it is a paying or confirming bank) or sends the payment documents to the issuing bank.
Step 6. The correspondent bank sends the documents to the issuing bank.
Step 7. The issuing bank checks the documents and makes the payment (or repays the paying bank) and delivers the documents to the importer against payment.
Step 8. The importer, based on the documents received from the bank, gets the customs clearance and accepts the merchandise.
What is the documentary credit?
The documentary credit is a payment commitment against documents, undertaken by the bank, for the proper development of the company’s relation with third parties. The parties involved in the ongoing execution of a documentary credit are: the ordering party, the issuing bank, the beneficiary’s bank and the beneficiary.
Types of documentary credit
The letters of credit provided by the bank are:
- Irrevocable letter of credit – which covers against commercial risks
- Confirmed irrevocable letter of credit – which, in addition to covering the commercial risks, also covers the risk of insolvency of the issuing bank and the country risks – political and transfer, if the corresponding bank is in another country than the issuing bank.
Types of payment under a documentary credit
You can choose from the following types of payment, depending on the contractual provisions between the company and the commercial correspondent: at sight, at term, by acceptance or by negotiation.
the meeting of obligations towards contractual partners (clients, suppliers)
of the guarantee with the terms of the contract signed with third parties
The guarantee letters issued by BRD are a proof of reliability for your business partners abroad.
The international letters of guarantee are the ideal solution for your business if the company participates in an international call for tenders or a foreign partner requests a performance bond.
The bank provides the following types of guarantees:
- Bid bond
- Advance payment guarantee
- Performance bond
- Payment bond
How are the letters issued?
These guarantee letters are issued individually or under guarantee ceilings, if the requests for guarantee are multiple and recurrent.
Letters may be issued on paper or through the SWIFT Channel, in lei or in foreign currency.
The validity of a guarantee is correlated to the contractual provisions between the company and the partner.
The guarantees requested upon the issue of the bank guarantee letters may be deposits, mortgages on movable and immovable assets, guarantees issued by guarantee funds, etc.
May a client apply for the issue of several letters?
Yes, s/he may, depending on the specific nature of the activity, we can issue individual or ceiling-based bank bond letters.
Is there a list of correspondent banks?
Yes, you may find below the list of correspondent banks, as well as certain documents that are useful for the company’s international relationships.
Correspondent banks list | download |
Anti-money laundering questionnaire | download |
Patriot Act | download |
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We would like to remind you that BRD - Groupe Societe Generale has not requested and will never ask any of your authentication data (user code, password or password token) or confidential information related to your card (card number, expiration date, security code or PIN) by phone, nor e-mail or SMS.
These confidential data will be used only for the internet banking authentication or for online payments.
At the same time, if you notice a different appearance of the usual MyBRD Net application (ex. A notification message that the page is unavailable and you are invited to log in again, or to sync your token device), please stop the authentication process immediately and contact as soon as possible through MyBRD Contact tel: 021 302 6161.
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