Letters of credit provide great capacity for fraud because they are used in transactions where goods are not sighted directly by the buyer, and are often paid for after shipment, not upon receipt...
Letter of Credit Fraud
Bank Guarantee definition in the Trade World
A bank guarantee is a pledge on the part of a bank to make someone’s debt good in the event that he or she cannot pay it. Bank guarantees are essentially like agreements to stand as a cosigner...
Credit Letters type and Their use in Trade
In this post we will list some major and most used credit letter type in the import export international trade(credit letter trade). Confirmed letter of credit In the event of a confirmed letter of...
Credit Letter Mechanism in The International Trade
Today we will try to focus on some useful info and clarify some point regarding the credit letter use and type. Maybe many of you are familiar to this terms and procedure. Our practices in trade show...
Bank Guarantees in the sugar industry
Today we get FCO (full corporate offer) from trading company offering Brazilian sugar Icumsa45.after running over this offer we realized that many seller and buyer(new gamer in this type of deal)...
trade with the SWIFT MT-760
SWIFT MT760 The MT-760 is a type of SWIFT message that is sometimes requested in trading because it functions much like a Bank Guarantee, although it carries with it a much higher level of risk for...
CAN THE SWIFT MT-103 BE USED IN TRADE
SWIFT MT-103’s are the most commonly used form of SWIFT communication, and one which many people will have utilized without even knowing it. For most bank customers, they are known not as MT-103’s at...
What Is SWIFT Message in Trade and Banking System?
SWIFT is the Society for Worldwide Inter-bank Financial Telecommunications. This organization operates a closed network which operates between banks and financial institutions for the purposes of...
THE SPECIMEN OF SLC ON PAYMENT FOR THE GOODS.
LocalSwiftAcks- ________________________________________________________________________________ ——————— Instance Type and Transmission...
THE SPECIMEN OF SWIFT INFORMATIONAL LETTER ABOUT READINESS TO OPEN SLC.
——————————————————- MESSAGE HEADER...
Bank Capability Letter (BLC) Sample
Our reference: (enter title, order numbers or other references) Date: (enter date) To: End supplier company, Via International Group for Advanced Solurions Name of the Bank: (replace with bank name)...
Stand-By Letter of Credits (SBLC) in oil trade
Stand-by letter of credit (or SBLC (MT-760)) in trade is commonly used and especially in oil trade. Stand-by letter of credit is document issued by bank and is based on Uniform Customs and Practice...
credit letter and sellers doubts
Replaying to the demand of our reader today we will guide new exporter how to work with LC in export. Our reader asked for our support as he is exporting for the first time his products by the use of...
How to open an LC and what would be the margin needed ?
Letter of Credit – A common term known to almost all business world. What is Letter of Credit? How does LC work? How to open a Letter of Credit? What are the advantages of Letter of Credit to...
Letter of Credit Text (MT 700)
Swift MT 700 is used when certain Bank institutions around the world are unable or unwilling to verify account holders funds using the Swift MT 760. Such is the case at the present time with the Bank...
TRANSFERABLE LETTERS OF CREDIT and TRICKS
Transferable letter of credit is one in wish fixed in the verbiage that can be transferred. This can be stated only by the authorization of the LC owner (end buyer). Right and obligation of the LC...
Bank Guarantee Frequently asked questions
1. What is a Bank Guarantee (BG), why not any other bank instruments? Bank Guarantee is a financial instrument promising to pay the beneficiary the amount mentioned therein upon maturity of the...
Container Types
Container Types 10′ x 8’6″ Dry Cargo ISO Containers 10′ x 8’6″ Steel Dry Freight Refurbished New, Refurbished and Used Containers available. “Tunnels (doors...
Transferable Credits Rules
article 38 1. A bank is under no obligation to transfer a credit except to the extent and in the manner expressly consented to by that bank. 2. For the purpose of this article: Transferable credit...
SWIFT MESSAGES
Table of Swift Messages with Brief Description Category 1 – Customer Payments & Cheques MT MT Name Purpose 101 Request for Transfer Requests to debit a customer’s account held...