Loading ...
ubcnewsworld
Business & Economics
13
0
Try Now
Log In
Pricing
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/