Quoting from [owera]:
what it mean L/C,T/T please let me know...
L/C means "letter of credit". This is basically a guarantee issued by the bank of the buyer, stating that the amount will be paid if the merchandise is received as specified.
T/T means "telegraphic transfer". This is a direct transfer from one account (the buyer's) to another (the seller's). Typically it also implies that the money will be paid in advance.
Quoting from [owera]:
what it mean L/C,T/T please let me know...
A dictionary of " international trade" would help you a lot.........
Quoting from [owera]:
what it mean L/C,T/T please let me know...
1.L/C = Letter of Credit
payment base: person(company)--bank to bank----person(company)
The reason letter of credit is used to protect buyer and seller.
in UCP 600,credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation
honour means:
a. to pay at sight if the credit is available by sight payment.
b. to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment.
c. to accept a bill of exchange (draft) drawn by the beneficiary and pay at maturity if the credit is available by acceptance.
2. T/T = Telegraphic Transfer.
payment base: person(company) to person(company)
Quoting from [owera]:
what it mean L/C,T/T please let me know...
L/C means Letter of Credit where bank acts as intermediatary they receive small portion of CNF value as their commission and release the money to the supplier upon receipt of BL as it happens in most cases with L/C at sight...
T/T means telegraph transfer of payment through Bank to one's account
L/c means you pay your bank , your bank pay supplier againest all documents
TT, transfered money through bank
T/T means "telegraphic transfer". This is a direct transfer from one account (the buyer's) to another (the seller's). Typically it also implies that the money will be paid in advance.