Puerto Rico Letter of Credit
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FAQ
The Importer's bank drafts the Letter of Credit using the Sales Agreement terms and conditions and transmits it to the exporter's bank. The exporter's bank reviews and approves the Letter of Credit and sends it to the exporter.
How To Get a Letter of Credit. To get a letter of credit, contact your bank. You'll most likely need to work with an international trade department or commercial division. Not every institution offers letters of credit, but small banks and credit unions can often refer you to somebody who can accommodate your needs.
A letter of credit is an instrument issued by a financial institution, usually a bank, which authorizes the bearer to demand payment from the institution. A letter of credit can be general, if it is not addressed to any specific person, or special, if it is addressed to a specific person or entity.
Aside from trade credit insurance, there are other alternatives to a letter of credit. Those include: Purchase order financing: Purchase order financing provides you cash up front to complete a purchase order. Under this agreement, a financing company pays your supplier for goods you need to fulfill a purchase order.
Types of letters of credit include commercial letters of credit, standby letters of credit, and revocable letters of credit.
Irrevocable LC at sight guarantees payment to the seller in return for the goods and services rendered by the seller. There's no significant difference in an LC or irrevocable LC at sight except that the latter is the quickest way to make the payment, i.e. within 5-10 days of meeting the requirements of the contract.
If requesting a Credit Letter from a bank, applicants (Buyers) must consult specific departments such as the Commercial or International Trade Division. Applicants will be charged a fee to obtain a Letter of Credit, usually a percentage of the deal amount.
A buyer will typically pay anywhere between 0.75% and 1.5% of the transaction's value, depending on the locations of the issuing banks. Sellers may find that their fees are structured slightly differently. Instead, they may pay a set of small flat fees that vary in cost.
