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Letter of Credit Basic Concepts | Process Flow | Parties Involved

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