LC at Sight or Letter of Credit Understanding by Simple Flowchart and Basic Guide

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LC at Sight or Letter of Credit Understanding by
Simple Flowchart and Basic Guid
A Letter of Credit is also known as Documentary Letter of
Credit or short form is call "LC" or "DLC".
It is the means of payment in an international trade
transaction under UCP600 Banking regulation.
At sight letter of credit is a banking terms that refers to a document
issued by bank that verifies the payment of goods or services, payable
once it is presented along with the necessary documents as per the
agreed terms between buyer and seller.
DLC at Sight or letter of credit at Sight involves
three to four parties including the buyer - the
importer, the issuing bank acting on behalf of
buyer's instruction, the seller who is usually the
exporter party and the fourth in some cases is
consignee party.
In such case We help exporter's
with issuing the letter of credit from
Singapore/HK top prime banks.
Exporters without trade finance facilities have to depend on their
supplier's credit if they don't have packing credit limits.
Lets also understand the difference
between Sight Letter of Credit and
Time Letter or Credit or Usance
Letter of credit.
Whereas, a Time Letter of Credit or USANCE letter
of needs certain days to pass after submitting a
letter of credit, proof of delivery or shipment, and
other required documents, before the payment
becomes due.
>Importer applies to his bank for a letter of credit at sight in
Favor of the exporter.
>Importer's bank approves the
credit risk of the buyer, issues and
forwards the credit to its
correspondent bank.
>Advising bank will authenticate
the credit and forward the original
credit to the exporter.
Contact Us At:
https://financialdealz.
com/