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Common payment method in international trade - letter of credit

7 April 2023

A Letter of Credit (L/C) is a widely used payment method in international trade. It serves as a guarantee provided by banks, at the request of both buyers and sellers, to protect the interests of both parties involved in a transaction by issuing a letter of credit. In international trade, sellers often need to initially apply to a bank to open a letter of credit, after which the bank verifies the creditworthiness...