Free preview Sample Letter for Bank Account Funds
Free preview
Sample Letter for Bank Account Funds
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A sight letter of credit refers to a document that verifies the payment of goods or services, payable once it is presented along with the necessary documents. This type of letter of credit is payable to the beneficiary once the required documents are presented to the financial institution backing the letter.
Banks will usually charge a fee for a letter of credit, which can be a percentage of the total credit that they are backing. The cost of a letter of credit will vary by bank and the size of the letter of credit. For example, the bank may charge 0.75% of the amount that it's guaranteeing.
A revocable letter of credit is a financial instrument that can be amended or cancelled by the issuing bank without the approval and consent of the beneficiary or trading parties. This LC does not provide any security and could be terminated at any time, resulting in financial loss for the seller.
An irrevocable letter of credit (ILOC) is an official correspondence from a bank that guarantees payment for goods or services being purchased by the individual or entity, referred to as the applicant, that requests the letter of credit from an issuing bank.
An LC at Sight is a document that ensures payment of goods provided by an exporter to an importer. The money is paid when the former provides the LC at Sight and other required documentation. When all the conditions are satisfied, the payment is released.
An irrevocable letter of credit cannot be changed or cancelled unless everyone involved agrees. Irrevocable letters of credit provide more security than revocable ones. A confirmed letter of credit is one to which a second bank, usually in the exporter's country adds its own undertaking that payment will be made.
Irrevocable LC at sight guarantees payment to the seller in return for the goods and services rendered by the seller. There's no significant difference in an LC or irrevocable LC at sight except that the latter is the quickest way to make the payment, i.e. within 5-10 days of meeting the requirements of the contract.
An irrevocable letter of credit cannot be canceled, nor in any way modified, except with the explicit agreement of all parties involved: the buyer, the seller, and the issuing bank. For example, the issuing bank does not have the authority by itself to change any of the terms of an ILOC once it is issued.