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Download A Short Course in International Payments: How to Use Letters by Edward G. Hinkelman PDF

By Edward G. Hinkelman

In case your foreign transactions contain the fee, receipt or move of cash, this e-book will turn out fundamental. defined intimately are the 4 basic check tools: documentary letters of credits, documentary collections, pre-payment and credits transactions. step-by-step directions, followed by means of skillfully designed illustrations, are supplied for either average and precise letters of credits, together with revocable and irrevocable, proven and unconfirmed, back-to-back, deferred check (usance), purple clause, revolving, standby and transferable varieties. This e-book introduces each one social gathering to every transaction, includes lists of what can get it wrong and gives suggestions for universal difficulties. The ebook is a superb education device for investors, bankers and agents. additionally lined: - foreign currency (forward contracts) - files utilized in alternate (major bankruptcy) - Letter of credits program and directions - Incoterms 2 hundred - Cyber transaction on the net - thesaurus and bibliography

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Example text

The company was reliable but could not realistically expect to pay its invoices in 60, 90, or 120 days. Ask your supplier if there is such a trade promotion agency in his country. You can also get information from a local commercial consulate of the seller's country in your area. Credit Cards In recent years, as working capital has become more difficult to obtain from traditional lenders, the use of credit cards as a payment mechanism has increased dramatically. It is not at all uncommon for an individual to have ten or more credit cards with credit limits of US$10,000 plus each.

The remitting bank then pays the seller (principal). A Note Concerning Correspondent Banks The remitting bank may find it necessary or desirable to use an intermediary bank (called a correspondent bank) rather than sending the collection order and documents directly to the collecting bank. For example, the collecting bank may be very small or may not have an established relationship with the remitting bank. Three Types of Collections There are three types of documentary collections and each relates to a buyer option for payment for the documents at presentation.

The seller's options are effectively reduced to trying to enforce the buyer's obligation to pay the draft through banking channels or legal action, both of which involve additional costs. • Since the banks are under no obligation to authenticate documents, it is possible that the seller will send a short shipment, the incorrect goods, or inferior goods. The only recourse available to the buyer is through direct contact with the seller or legal action. Transaction Documents The documents required under a documentary collection are fundamentally the same as those in a documentary letter of credit transaction.

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