How to Get Letters of Credit for Foreign Trade
Part of the Video Series Foreign Trading Tips & Advice
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Video Transcript
How to Get Letters of Credit for Foreign Trade
This is Nikolai Pankratz with American Resource Network for Expert Village. Now having gone through the process, establish the office, sending out the communication, the Internet etcetera, etcetera. It's just a lot of stuff that went into it, and we discussed that. And you went to the country, you inspected the goods etcetera. Which we highly recommend, it's not necessary, but you're taking a risk if you don't inspect, don't go there and meet your partners. But having done all of that, now you're getting to the point where you start talking about shipments and letters of credit and documentation, which is very important. Now that's the reason I mentioned earlier that you need to go to, to the trade community in your area because that's where you?re going to meet your bankers, etcetera, etcetera. Most likely the best place to go to is your banker that that you already have a relationship with, a bank. And hopefully they have an international department, not every bank has that, but the major banks obviously and for sure they will have it. But if they don't have an international department, you will have to look for a bank that has that international department because the entire process of letters of credit and payment is done through that department and if they're not familiar with letters of credit, you're going to run into a problem. Well they will not be able to do it in the first place.
This is Nikolai Pankratz with American Resource Network for Expert Village. Now having gone through the process, establish the office, sending out the communication, the Internet etcetera, etcetera. It's just a lot of stuff that went into it, and we discussed that. And you went to the country, you inspected the goods etcetera. Which we highly recommend, it's not necessary, but you're taking a risk if you don't inspect, don't go there and meet your partners. But having done all of that, now you're getting to the point where you start talking about shipments and letters of credit and documentation, which is very important. Now that's the reason I mentioned earlier that you need to go to, to the trade community in your area because that's where you?re going to meet your bankers, etcetera, etcetera. Most likely the best place to go to is your banker that that you already have a relationship with, a bank. And hopefully they have an international department, not every bank has that, but the major banks obviously and for sure they will have it. But if they don't have an international department, you will have to look for a bank that has that international department because the entire process of letters of credit and payment is done through that department and if they're not familiar with letters of credit, you're going to run into a problem. Well they will not be able to do it in the first place.
About the Expert
Expert: Nikolai Pankratz is a German born entrepreneur with an impressive background in music, international banking, and foreign trade. Read More
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