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You shipped the goods and the buyer, or the buyer's bank, has accepted your time draft. Payment is due in 90, 120 or 180 days. You need the cash now.
Time draft financing turns that future payment into money today, by selling or discounting the accepted draft to a financier. This guide explains how it works, which drafts are easiest to finance, and the types of financiers worth approaching, from global trade banks to development finance programs and forfaiters, with named examples.
A time draft, also called a usance draft or bill of exchange, is an order to pay a fixed amount on a future date, such as "90 days after sight" or "120 days after bill of lading date." It is used under usance letters of credit and under documents-against-acceptance documentary collections.
Once the drawee accepts the draft, it becomes a firm promise to pay at maturity. If a bank accepts it, it is a banker's acceptance. If the buyer accepts it, it is a trade acceptance. The exporter can then discount it, meaning a financier pays the face value today, minus interest and fees for the remaining tenor, and collects the full amount at maturity.
Financiers price the risk of whoever has promised to pay. The stronger that party, the easier and cheaper the financing.
| Draft | Who pays at maturity | How easy to finance |
|---|---|---|
| Draft accepted under a confirmed usance LC | The confirming bank, plus the issuing bank | Easiest. Often discounted without recourse to you. |
| Draft accepted under an unconfirmed usance LC | The issuing bank | Depends on the issuing bank's rating and country. |
| Avalised draft | The buyer, guaranteed by its bank through an aval | Widely accepted by forfaiters. |
| Trade acceptance under D/A | The buyer only | Harder. Usually needs credit insurance or recourse to the exporter. |
There is no single best financier for every draft. The right one depends on who accepted it, the country, the tenor and the amount. These are the categories that matter, with examples drawn from public sources.
Large international trade banks confirm usance LCs and discount accepted drafts across many markets. Examples include HSBC, Citi, JPMorgan, Standard Chartered, BNP Paribas, MUFG and Société Générale, which won several Global Finance trade finance awards for 2026. Best for larger tickets and strong issuing banks.
Banks with deep regional networks often take risk that global banks will not. In Global Finance's 2026 awards, Bank ABC was named Best Trade Finance Provider in the Middle East. Best for drafts accepted by banks in their home regions.
The IFC's GTFP guarantees the payment risk of emerging market issuing banks, covering letters of credit and trade-related bills of exchange and promissory notes, up to 100% of the value and up to three years for capital goods. IFC reports over USD 141 billion of trade finance support over two decades. You access it through a participating confirming bank.
The Asian Development Bank's program guarantees up to 100% of issuing bank risk for partner banks in its member countries. In 2025, it supported 24,722 transactions worth USD 5.7 billion, through more than 240 partner financial institutions.
For drafts accepted by African banks, Afreximbank's Trafinco facility confirms letters of credit issued by African banks for African importers, covering up to 100% of the risk for tenors up to 180 days, according to GTR. It was designed to fill the gap left by international banks cutting lines to the region.
Forfaiters buy accepted or avalised drafts outright, without recourse to the exporter, and often resell them in the secondary market. They suit medium-term tenors and emerging market risk. See our pages on forfaiting without recourse and global forfaiting solutions.
Where the buyer accepted the draft without a bank behind it, insurers such as Allianz Trade, Coface and Atradius can cover the buyer's payment risk. A bank then discounts the insured trade acceptance. See our trade credit insurance guide.
Private credit funds and specialist trade finance lenders discount drafts that banks find too small, too unusual or too far outside their country limits. Pricing is usually higher, but they can move when banks will not.
The draft is only as good as its acceptor. A financier does not care how good your goods or your buyer relationship are once the draft is accepted. It looks at who promised to pay, their country and the tenor. If the acceptor is a weak bank in a restricted country, few financiers will touch the draft unless a confirmation, aval, guarantee or insurance is added first.
Match the acceptor's risk. Approach financiers that already have limits for the accepting bank and its country. Many declines come from simply knocking on the wrong door.
Ask about recourse. Without recourse, the financier takes the non-payment risk and the receivable can come off your balance sheet. With recourse, you remain liable if the acceptor fails to pay.
Compare the all-in cost. Discount rates are usually quoted as a benchmark rate plus a margin for the tenor and risk. Add any acceptance commission, confirmation fee, handling fees and the cost of insurance before you compare offers.
Plan before you ship. The cheapest way to finance a time draft is to build the financing into the trade from the start, for example by requiring a confirmed usance LC or a UPAS letter of credit that pays you at sight while the buyer keeps its credit terms.
Financely is a debt advisory and arranging firm. We don't lend. We work for exporters, traders and importers to get accepted drafts and usance receivables financed on the best terms available.
We assess the draft. We review the credit or collection, the acceptor, the country and the tenor, and tell you plainly how financeable it is and what would improve it, such as a confirmation, an aval or insurance.
We structure the trade. For new deals, we set up the instrument so the financing is built in, from usance LC discounting to UPAS structures and documentary credits.
We place it with financiers who fit. We approach only banks, forfaiters, funds and insured lenders from our network of more than 12,700 verified capital providers that already take the relevant acceptor and country risk, and bring their terms back side by side.
Tell us about the draft, the acceptor and the tenor, and we will send you an estimate showing the scope of work and the fee to structure and arrange the financing. You decide whether to proceed once you have seen it.
A bill of exchange payable on a future date, such as 90 days after sight or after the bill of lading date. It is used under usance letters of credit and documents-against-acceptance collections.
A banker's acceptance is a time draft accepted by a bank, which makes the bank liable to pay at maturity. A trade acceptance is accepted by the buyer, so only the buyer is liable. Banker's acceptances are much easier and cheaper to discount.
Often, yes, if the draft is accepted or avalised by an acceptable bank, or covered by credit insurance. Forfaiters and many banks buy such drafts without recourse to the exporter.
Usually as a benchmark interest rate plus a margin reflecting the acceptor's risk, the country and the remaining tenor, applied to the face value. Fees for acceptance, confirmation and handling may be added on top.
No. Financely is a debt advisory and arranging firm. We structure trade financing and arrange it with financiers from our network of more than 12,700 verified capital providers.
This article is for general information only and does not constitute legal or investment advice. Financiers named are examples drawn from public sources, not endorsements, and Financely does not claim any partnership with them. Program terms and eligibility are set by each institution and may change. Financely is an advisory and arranging firm, not a lender or broker-dealer. Any financing is subject to financier underwriting, due diligence, compliance review, credit approval, documentation and conditions precedent, and no outcome or closing timeline is guaranteed.
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