Transferable Letters of Credit for Foreign Trade
Part of the Video Series Foreign Trading Tips & Advice
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Video Transcript
Transferable Letters of Credit for Foreign Trade
This Nikolai Pankratz with American Resource Network for Expert Village. And there's a reason why this map is on, on here, is because I dealt a lot in international trade and dealt a lot with letters of credit and shipped many many containers. So the last section, we talked about irrevocable letter of credits and you can negotiate it either way. The bank checks it out, they make sure, etcetera, etcetera and the monies are released. There's also transferable letter of credit, which means that for example you are not the actual buyer but you have a buyer, and you don't want the buyer and the seller get together. You don't want them to know and you want to make your percentage. Well there's a reason why letters of credits are called transferable. It can be the monies are transferred from bank to bank, but through your bank and actually you know, your percentage or your profit stays in your bank, you're transferring a letter of credit, but it can be transferred only one time. So you need to make sure when you're dealing with other intermediaries that well you know, only one can be in the middle basically. But that's called a transferable letter of credit. There is documentary stand by letters, called clean letters of credits, etcetera, etcetera. Back to back letter, letters of credits, but we are trying to cover the basics just to give you a start, so we're not going to go into all those other letters of credits.
This Nikolai Pankratz with American Resource Network for Expert Village. And there's a reason why this map is on, on here, is because I dealt a lot in international trade and dealt a lot with letters of credit and shipped many many containers. So the last section, we talked about irrevocable letter of credits and you can negotiate it either way. The bank checks it out, they make sure, etcetera, etcetera and the monies are released. There's also transferable letter of credit, which means that for example you are not the actual buyer but you have a buyer, and you don't want the buyer and the seller get together. You don't want them to know and you want to make your percentage. Well there's a reason why letters of credits are called transferable. It can be the monies are transferred from bank to bank, but through your bank and actually you know, your percentage or your profit stays in your bank, you're transferring a letter of credit, but it can be transferred only one time. So you need to make sure when you're dealing with other intermediaries that well you know, only one can be in the middle basically. But that's called a transferable letter of credit. There is documentary stand by letters, called clean letters of credits, etcetera, etcetera. Back to back letter, letters of credits, but we are trying to cover the basics just to give you a start, so we're not going to go into all those other letters of credits.
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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