A letter of credit is a letter or instrument of international payment that protects the interests of both the seller (exporter) and the buyer (importer). This document represents the bank's obligation to make payment to the beneficiary of the letter of credit if he submits all the documentation. Example of how a letter of credit works – The principal, i.e. the buyer of goods, opens a letter of credit with a bank in favor of the beneficiary of the letter of credit, i.e. the seller of goods. The bank provides information about the letter of credit and the amount of funds stated on the letter of credit. After the goods are received by the buyer, the bank pays the seller according to the invoice that was issued to the buyer and the bank at the beginning of the approval of the letter of credit.
Letters of credit in international trade are divided into several groups, but the most commonly used are: 1. Nostro (import) letters of credit - which domestic importers open in favor of a foreign seller (exporter), 2. Loro (loro) letters of credit - which a foreign buyer opens for a domestic exporter (seller), MicroFinance Consulting provides its clients with complete support during the process of obtaining a letter of credit, which, among other things, includes: Consulting when collecting the necessary documentation, Analysis of financial potential and possibilities for obtaining a letter of credit, Negotiations with banks regarding the terms of the letter of credit, etc. MicroFinance Consulting is ready to stand behind you with its resources and knowledge and help in the implementation of the request, and collect its commission after the letter of credit is approved.
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