Letters of credit (“L/C” for short) are valuable for financing import and export trade activities, for securing loans, and for a variety of other financial transactions. To get an L/C or have one confirmed (assessed as good), follow these steps now;

1. Familiarize yourself with an international bank that has a strong network of foreign correspondent and partner banks.
2. To open an account.
3. Introduce yourself to bank officials and discuss your export plans with them.
4. Meet the head of international trade and exports
5. Ask them about the requirements for L/Cs or other available financing

Work with foreign bank branches that have offices in your country. A local branch can greatly speed up international transactions.

1. Insist that the bank have the ability to confirm unconfirmed letters of credit that could
2. get from abroad. (When a bank confirms an L/C, it is, in effect, telling you that
3. the L/C is good and can be trusted).

When a bank issues an L/C in your favor, you can use the L/C to:

• Collateralize a loan you get for business or real estate income.
• Finance your imports that you sell in your own country.

You will be charged a nominal fee, say $5.00, to obtain the actual documentation.

in the L/C. This equates to $5.00 per $1000 L/C. Therefore, we have $100,000 L/C that you will pay

$5,000 when the L/C has been in force for one year. This will be around $200 per month.

But during that time you can use the L/C to do any of the transactions mentioned above. The L/C is like an advance confirmation that you can get a loan that you can use

to import salable items.

In addition to using an L/C as collateral, you can also get many other useful services from your issuing bank. So the bank:

• You can generate valuable business leads by telling you who is looking for what products or services in foreign countries around the world.
• You can handle the paperwork for loans, imports, exports and other international transactions for you or your client
• It can be a valuable international partner anywhere in the world for you or your clients.

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