The Geneva Uniform Law on Negotiable Instruments of Invoices and the negotiable instruments laws of most countries provide that crossed cheques are divided into generally crossed cheques and specially crossed cheques. (1) Generally crossed cheque. A generally crossed cheque ((generally crossed check)) refers to a cheque on which the drawer, endorser or holder draws two…
Since my country is a country with foreign exchange controls, the remitter must also submit relevant documents to the bank for review at the time of remitting the remittance in accordance with the requirements of my country’s State Administration of Foreign Exchange. (1) For the remittance of trademark licensing fees that include patent, proprietary technology…
Open a store with one click (1) Connect with global cross-border e-commerce platforms, open a store and collect payments in one step, and cooperate with Amazon, Wish, eBay, JD.ID, Shopee, FNAC, Meesho, and Qoo10 mainstream platforms. (2) Open a green store opening channel, shorten the review time, greatly improve the success rate of store opening,…
Tax Refund Manager (1) Help cross-border sellers increase their net profit by up to 10%. Tax Refund Manager can help cross-border sellers increase their revenue and reduce the burden on enterprises. Through product tax refund rate, factory invoicing costs, etc., it can help sellers increase their net profit by up to 10%. (2) Sellers can…
A standby letter of credit, also known as a guaranteed letter of credit, is a letter of credit that is not issued for the purpose of paying off the price of a commodity transaction, but for the purpose of loan financing or guaranteeing debt repayment. A standby letter of credit is a special form of…
The validity period of a letter of credit refers to the time when a foreign trade enterprise presents documents to a bank for negotiation, rather than the time when the issuing bank receives the documents. In foreign trade business, letters of credit are a relatively new settlement method, and the validity period of a letter…
Packing list, weight list, certificate of origin, commodity inspection certificate, etc. must be checked against the terms of the letter of credit first, and then checked against other relevant documents to ensure that the documents are consistent. Some documents cannot be changed or modified on time due to various reasons. A letter of guarantee (usually…
Banks and industrial and trade companies should work closely together and take effective measures to avoid or reduce the occurrence of documentary credit fraud. The following preventive measures can be taken. (1) The exporter’s bank (referring to the notifying bank) must carefully and responsibly verify the authenticity of the letter of credit and understand the…
Basic requirements for document review 1) Timeliness Timely review of relevant documents can timely discover and correct errors in some documents, thereby effectively avoiding the passivity of various tasks caused by untimely review. 2) Comprehensiveness The review of documents should be taken seriously from the perspective of safe collection of foreign exchange and comprehensive performance…
1. The bank opens a letter of credit in accordance with the requirements and instructions of the importer The bank (issuing bank) opens an irrevocable documentary letter of credit to the designated exporter in accordance with the requirements and instructions of the importer or the applicant or on its own behalf, and promises to guarantee…