If you need a letter of credit for a business transaction, your current bank may be the best place to begin your search. However, you may need to expand the net to include larger banks if you maintain accounts at a smaller financial institution. International Trade Administration.
How to Apply for a Letter of Credit. The exporter and their bank must be satisfied with the creditworthiness of the importer's bank. Once the Sales Agreement is completed, the importer applies to their bank to open a Letter of Credit in favor of the exporter.