Bank Confirmation Letter (BCL) / Bank Opinion letter linked with DNB Report would consider as best to verify the credibility of a party
How it Works ?
You need to provide all banking details of your party to the bank, bank will provide you opinion letter based on it.
Grade A : Highly trusted company with good regular turnover record based on bank statements
Grade B: Mixed Views , deal must be done in LC payment term, avoid paying any advance TT if you are an importer.
Grade C: Highly risk, this means the party might not even have sufficient fund to carry out your order. 99% Fraud Chances.
Q. What documents are required to get such reports from our bank.
A. If you are exporter then banking details of your buyer with his Purchase Order
if you are importer then banking details of your supplier with his Proforma Invoice
Q. What are the average charges for such verifications?
A. Approx it cost around 3500 to 5000 INR , it depends on bank & its branch city.