The Best Letter of Credit Mode of Payment for International Trading Business

I have been into International type of work and business for about 8 years, i have learned many things about how to safeguard the buying and selling at international schemes.

For me the best Letter of Credit (LC) to use in for buyer and seller LC at Sight for the reasons which states below:

- Letter of Credit @ Sight is 100% safe to both buyer and seller

- It is safe, fast and secure

- There is a negotiating bank as a middle bank coordinating between buyer's bank and seller's bank

- There is advantage for Buyer to pay the amount to their bank up to 120 days credit limit or in banking worlds they call it "credit Facilities"

- Payment is immediately can be credited to Supplier's Bank upon presentation of required documents to Negotiating Bank for as long that documentary presented is clear, concise and accepted as per Buyer's Bank instructions or requirements.

- In the start it is really difficult but once you get use to it, it is like receiving Cash faster than telegraphic transfer mode of payment.

Hope the above information helps...More will be given later!

KSM

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