Basics of LC and Bank Procedures UDEMY Course

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Course Highlights

End to end to knowledge about LC and the Banking procedure followed in LC. This course explains the LC SWIFT fields, common SWIFT message types used in LC. Traders can know about the LC fees involved. This course also explains the common discrepancies involved in LC. This course covers the basic payments methods used in LC. Also explains why LC is unique when compared to other payment types.

The course is divided into 9 modules. It will explain the LC introduction covering all the other payment methods used in international Trade. Next module covers the roles and responsibilities of the various Banks involved in LC. It will also cover the ICC publications used in LC. It gives general overview on the ICC publications like UCP600, ISBP, URR and INCO terms 2020. This explains the viewers about the common discrepancies arise while using the Letter of Credits as payment method in International trade.

Letters of Credit are one of the most secure payment instruments available but can be labor-intensive and relatively expensive due to bank fees. They are recommended for use in higher-risk situations, when the importer’s credit is unacceptable or not available, when dealing with a new or less-established trade relationship or when extended payment terms are requested.

The required documents are detailed and prone to errors and discrepancies. To avoid payment delays and extra fees, documents required by the Letter of Credit should be prepared by trained professionals.

Additionally, the exporter should consult with their bank before the importer applies for the Letter of Credit. Ask about: