Basics of Letters of Credit and the Bank procedures
What you'll learn
- Detailed explanation on the Bank procedures followed in Letter of Credit (LC).
- Exporters and Importers who are new to International Trade and LC; will get an overall LC knowledge and experience.
- Exporters and Importers can decide whether to choose the LC or other Payment methods.
- Discrepancies, LC fees, SWIFT message types used in LC are included to understand the Bank procedures.
- Unlock the confidence to explore new markets with the LC protection from Banks
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Requirements
- Open to all course who are in International trade. Exporters or Importers who are new to International trade and who explores a secured payment method can know more about the best payment method called as LC. Bankers who handle different sections can know the end to end cycle about LC and can choose a career in LC.
Description
End to end to knowledge about LC and the Banking procedure followed in LC. This course explains the LC SWIFT fields, common SWIFT message types used in LC. Traders can know about the LC fees involved. This course also explains the common discrepancies involved in LC. This course covers the basic payments methods used in LC. Also explains why LC is unique when compared to other payment types. The course is divided into 9 modules. It will start with explaining the Course introduction. Then it will explain the LC introduction covering all the other payment methods used in international Trade. Next module covers the roles and responsibilities of the various Banks involved in LC. It will also cover the ICC publications used in LC. It gives general overview on the ICC publications like UCP600, ISBP, URR and INCO terms 2020. This explains the viewers about the common discrepancies arise while using the Letter of Credits as payment method in International trade.
(For LC Doc Preparation at Low cost, visit our website "astanservices")
Letters of Credit are one of the most secure payment instruments available but can be labor-intensive and relatively expensive due to bank fees. They are recommended for use in higher-risk situations, when the importer’s credit is unacceptable or not available, when dealing with a new or less-established trade relationship or when extended payment terms are requested.
The required documents are detailed and prone to errors and discrepancies. To avoid payment delays and extra fees, documents required by the Letter of Credit should be prepared by trained professionals.
Additionally, the exporter should consult with their bank before the importer applies for the Letter of Credit. Ask about:
What type and size of export transactions are suitable for a Letter of Credit?
How much does a Letter of Credit cost? Who pays the fees?
How are disputes resolved between importer and exporter?
Who this course is for:
- You get clarity on the Bank procedures followed in LC.
- You understand more about LC and why it is so secured.
- You will understand the basic discrepancies and the avergae fees involved in LC Cycle.
- You will get a clarity on the ICC publications which guides the LC. Introduction to INCO terms 2020 involved.
Instructor
- 4.5 Instructor Rating
- 137 Reviews
- 2,034 Students
- 11 Courses
Trade Finance Trainer. Certifications CDCS, CAIIB, CertPAY, CAMS
Courses taken: LC Document Checking Training Module, CDCS, CITF and CAMS exam training.
Experience: Around 18 years of Experience in Top 5 MNC Banks from USA, UK, Netherlands, UAE, Australia and India. Rich experience in Trade finance with Onsite and Offsite migrations. Trained many Bankers for CDCS examination and created many LC Document Checkers.