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VAVA | What is letter of Credit L/c ? |
How can we open L/c in a Bank |
 |
 
Lewis Y
|
L/C is usually a letter of credit.
It allows you to draw up to a predetermined amount of funds from a banking institution, often under very specific performance requirements.
Simply put, it is a draft from a bank, with defined requirements.
For foreign trade, usually the bank issues you an L/C based on your creditworthiness, and you may have to pledge assets to secure this L/C.
The easiest way is to simply deposit cash in the bank, and have them issue an L/C to a recipient based on performance. Performance can be an agreed level of completion of a job, or arrival of goods at a port, or clearance of goods through customs, or acceptance of the goods as satisfactory. This is usually negotiated with the vendor, and in this case, with limited knowledge, assistance from a competent and trusted banker. It is similar in principle to a debit card, except the vendor must prove performance to draw the funds.
Now a trade credit is not truly an L/C. The bank examines your credit history and your business plan for the uses of funds.
Large scale development projects use L/Cs domestically. Purely performance based. Ordinarily, the determination of whether performance has been made is an outside entity acceptable to all parties. |
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playing_games80
|
LC is Letter of credit. It is a form of a cheque, it's a cheque that your seller prefers receive from you bank and it's guarantee rather than personally from you or your company. bank acts as the middle man in your transaction to safe guard you and your supplier. the bank will check if the documents along with the goods you suppler has sent are in perfect order, then only the bank will release the payment to you supplier.
It's simple. you need to go and meet up with Imports and exports division in your bank. they will have a set of forms to be filled. you will have to take the Proforma invoice which your supplier sent you for his payment. you present that to the bank along with the set of forms that the bank gave you to fill. Then the bank will prepare their set of documents and send to your suppliers bank for confirmation there is a LC opened for the supplier.
once your supplier sends you the goods and the set of documents directly to you which should include 3 sets of bill of lading,packing list,commercial invoice. you may have to take it to bank or directly to port where the good have arrived (Depends from country to country regulations on documentation) then double check with goods and your cleared and your bank will ask you suppliers bank to pay supplier.
Good luck! |
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ill answer u
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Not sure read some credit tips and articles on this site |
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nawaaan
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The LC type of account is usually used in trading between the diffrent countires ( import and export ) and every country have own laws and trading policies so you may consult with the bank and they will guide you how to open the LC |
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Gabrio
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Letter of Credit is a financial instrument for Overseas Commerce, to ensure the sale-buy between both parts.
There are many kinds of LC:
Confirmed,irrevocable, in euros, USCY, British Pounds, Yens , payable at sight....
It depends on the sales-buy contract (Import-Export trades) |
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amjad
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Please tell me whole procedure for opening L.C? |
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mahbub
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Please tell me whole procedure for opening L.C? |
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