Letter of Credit Basic Concepts Process Flow Parties Involved

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Letter of Credit basic concepts explained in the easiest way in this tutorial. Watch to get your basics of trade finance right. • In this tutorial, we have explained- • What is a letter of credit (Definition)? • In which situation is a letter of credit used in trade finance? • What is the process flow of the letter of credit? • Who is the Applicant in an LC(letter of credit)? • Who is the Beneficiary in an LC(letter of credit)? • What is an Issuing bank or opening bank in the Letter of Credit and its role? • What is an Advising bank in the LC(Letter of Credit) and its role? • What is a Negotiating bank in the LC(Letter of Credit) and its role? • What is a Confirming bank in the LC(Letter of Credit) and its role? • What is a Reimbursing bank in the LC(Letter of Credit) and its role? • We discuss the Highlights of UCP 600 and the basic characteristics of LC • ⭐️⭐️Our courses are chosen by international banks and corporates to train their employees. • 🚀For our trade finance courses - • https://www.bankon.school/courses/tra... • ⚡️For Letter of Credit course - https://www.bankon.school/courses/int... • ✅For our SWIFT ISO 20022 courses - https://www.bankon.school/courses/swi... • • SUBSCRIBE HERE - https://bit.ly/2Xu68WD • WATCH OUR LATEST VIDEO HERE - https://bit.ly/latesttutorial • Check out our other tutorials here - • Trade Finance - • Trade Finance Basic Concepts | Methods of Payment | Parties Involved - • • Trade Finance Basic Concepts | Method... • 0:00 Use of Letter of Credit • 2:25 Understanding the definition of Letter of Credit • 2:51 Process flow of LC • 8:41 Vital Points about LC • • #letterofcredit • #whatislc • #tradefinance

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