Shipping period, validity period and effective place of letter of credit (1) Shipping period and expiry date of letter of credit. The shipping period of letter of credit refers to the last date for the beneficiary to ship the goods. The beneficiary should ship the goods before or on the last shipping date. The expiry…
Advantages of international credit card payment (1) Connecting payment interfaces together makes it easier for customers to pay. (2) Credit card rejections are relatively troublesome. Users need to apply to the bank and a record will be left in the user’s bank records. Therefore, users generally will not make unreasonable troubles. (3) Sellers can take…
1. The process of international credit card payment on cross-border e-commerce platforms The process of international credit card payment on cross-border e-commerce platforms is as follows: Merchant website access to international credit card payment → Overseas customers select their favorite products on the merchant website, put them in the shopping cart, confirm the order amount,…
1) Review After receiving the importer’s letter of credit application, the bank will first review the following: ① Review whether the credit of the applicant is a customer of the bank, whether there is a credit line, etc., so as to determine the risk of the letter of credit and determine the proportion of the…
Domestic featured credit cards (1) ICBC Peony International Credit Card. The card can be used to open both a RMB account and a USD (or HKD) account. In addition to domestic card payments, cash deposits and withdrawals, and inquiries at ICBC branches nationwide or UnionPay ATMs, the card can also be used or withdrawn in…
Based on whether it is confirmed by another bank 1) Confirmed L/C A confirmed L/C is a L/C issued by an issuing bank, where another bank guarantees to pay for documents that meet the terms of the L/C. The bank that confirms the L/C is called a confirming bank. 2) Unconfirmed L/C An unconfirmed L/C…
If the importer and exporter stipulate in the sales contract that the letter of credit is used as the settlement method, the importer must submit an application for L/C issuing to the bank in a timely manner before the shipment period stipulated in the contract. The importer must submit a detailed application for L/C issuing,…
1. Revolving L/C A revolving L/C is a L/C in which, after being used in whole or in part, its amount is restored to its original amount and can be used again until a specified number of times or a specified total amount is reached. It is usually used in cases where delivery is made…
International credit card payment fees (1) The cardholder’s overseas card payment bill generally includes a card fee of 3% to 4%. In addition, international card organizations such as VISA or MasterCard charge the issuing bank an international transaction fee of 1% to 1.5% of each transaction. Although this fee is charged to the bank, the…
The standard is whether the bill of exchange under the letter of credit is accompanied by a shipping document 1) Documentary credit A documentary credit is a letter of credit that pays by documentary bill of exchange or only by documents. The documents here refer to documents representing the ownership of the goods (such as…