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What is BCL?
BCL is an acronym that stands for Bank Comfort Letter. The letters are issued to the seller from the buyer's bank.
How secure is a bank cheque for the seller?
The bank cheque is secure when you know the buyer very well, concernig to his honesty.
What is outward bills for collection in banking?
Outward Bills for Collection (OBC) is the handling of domestic sales and export documents, which are presented to the Bank by the seller to collect payment from the buyer through the buyer's bank.
What is performance bank guarantee?
The seller issues a Performance Guarantee to ensure or give concrete commitment to the buyer through its bank. This method ensures the buyer the timely execution of an agreement to have the goods exported or delivered or services performed. In case the seller defaults on execution of the terms agreed upon the Performance Bank Guarantee ensures the buyer the payment of the guarantee amount by the issuing bank. Generally the performance guarantee is 10 percent of the total assignment or project value.
What is a ATM charge?
An ATM charge is when you are using an ATM that is not the ATM of your bank' company. Therefore, they charge you for it
What is a bank soft probe?
As described by Wikipedia "A soft probe is a confirmation method used by banks to verify funding for a seller from a buyer, conducted by the seller's bank to the buyer's bank. Such a probe is not recorded in the buyer's banking information, and usually nothing but confirmation or lack of confirmation is recorded by the seller."Seller sends a soft document to buyer's bank to make certain buyer has enough funds or financial facility to complete transaction between them.
What is BCL?
BCL is an acronym that stands for Bank Comfort Letter. The letters are issued to the seller from the buyer's bank.
How secure is a bank cheque for the seller?
The bank cheque is secure when you know the buyer very well, concernig to his honesty.
In a red clause letter of credit which bank advances money to the beneficiary- seller's bank or buyer's bank?
Buyer's BankOne official definition for the word bank is "the land alongside or sloping down to a river or lake."
What is outward bills for collection in banking?
Outward Bills for Collection (OBC) is the handling of domestic sales and export documents, which are presented to the Bank by the seller to collect payment from the buyer through the buyer's bank.
If the party you are buying the car from owes the bank more than what you agree to pay IF both send in a check s who gets the title the buyer or the seller and how is the buyer protected?
The seller will get the title. It may vary in different states, but I would suggest the buyer have a notarized document prepared which has a promise that the seller will turn the vehicle/title over. It a chance that buyer will take.
What is a gold bullion officer?
A Bullion Officer is nothing more than an appointed bank officer at an Investment Bank that deals in large bullion transactions, the officers have authority to act on behalf of the bank. Such investment banks are members of the LBMA. They are appointed by the seller or the buyer and you can find that where both seller and buyer have funds in the same bank they may even be in the same office.
What is the procedure for Letter Of Credit?
Our streamlined procedure ensures quick turnaround for your Letter of Credit needs:An international buyer and seller agree to a trade/transaction. In order to minimize any financial risks, the exporter (seller) requests that the importer (buyer) provide payment with a Letter of Credit.The buyer submit a request to their bank for a Letter of Credit to the seller's domestic bank.The product is packaged and shipped across international lines to the importer.The Letter of Credit documents are sent to an advising bank. The advising bank reviews the documentation for any discrepancies and issues; if a problem is found, the documents are returned to the exporter for correction. Documents can be resubmitted until they are compliant with the terms of the Letter of Credit.Once the Letters of Credit are deemed compliant, the documents are forwarded to the buyer's bank. The bank confirms that the shipment was received.The importer's bank analyzes the transaction to confirm that all terms were completed. Upon confirmation, the buyer's bank send payment to the seller's bank.With everything confirmed and completed, funds are forwarded to the seller.
What is performance bank guarantee?
The seller issues a Performance Guarantee to ensure or give concrete commitment to the buyer through its bank. This method ensures the buyer the timely execution of an agreement to have the goods exported or delivered or services performed. In case the seller defaults on execution of the terms agreed upon the Performance Bank Guarantee ensures the buyer the payment of the guarantee amount by the issuing bank. Generally the performance guarantee is 10 percent of the total assignment or project value.
What does Lc at sight mean?
When buyer's bank pays to seller's bank upon receipt of documents and after having verified that documents are meet are requirements written in the lc
What is Journal entries for letter of credit?
A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.
What is outward bills for collection?
Outward bills for collection is a process in domestic sales where the bank collects payments. Export documents are presented by the seller of goods to the buyer's bank for payment.
