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

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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


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