4 questions and answers
What is a letter of credit and how does it help me in my relationship with a business partner?
The letter of credit is a payment method commonly used in international trade, through which the buyer's/importer’s bank assumes the commitment ...
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What is the difference between payment by letter of credit and payment by external transfer order?
For an external payment order, the buyer directly instructs the payment to the supplier. In the case of a letter of credit, the issuing bank intervenes in the transaction and ...
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When will I receive the money if I deliver the goods based on an export letter of credit?
The moment of collection depends on the terms of the letter of credit. Payment can be made immediately after document verification or at a later agreed date. ...
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What happens if the documents presented under a letter of credit contain discrepancies?
If the documents do not fully comply with the letter of credit conditions, the issuing bank reviews the discrepancies and requests the buyer's approval for ...
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