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Advising bank

Business

Advising bank: An advising bank advises a beneficiary that a letter of credit opened by an issuing bank for an applicant is available. Advising Bank's responsibility is to authenticate the letter of credit issued by the issuer to avoid fraud. The advising bank is not necessarily responsible for the payment of the credit which it advises the beneficiary of. The advising bank is usually located in the beneficiary's country. It can be a branch office of the issuing bank or a correspondent bank, or a bank appointed by the beneficiary. Important point is the beneficiary has to be comfortable with the advising bank.

Printed dictionaries and other books with definitions for Advising bank

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Google previewInternational Business Transactions in a Nutshell (2016)

by Ralph Folsom, Michael Gordon, Michael Van Alstine, Michael Ramsey

An advising bank means a bank that ...

Google previewA Practical Guide to Successful Export (2012)

by Garry Costa

The Advising Bank is a bank in the seller's country that generally has a corresponding relationship with the issuing bank and receives the Letter of Credit from the correspondent or Issuing Bank. When payment is to be effected in the ...

Google previewDictionary of International Trade (2005)

Handbook of the Global Trade Community Includes 21 Key Appendices by Edward G. Hinkelman

through an advising bank, which may be a branch or correspondent bank of the issuing (opening) bank. The seller may request that a ...

Google previewEncyclopedic Dictionary of International Finance and Banking (2016)

by Jae K. Shim, Michael Constas

ADVISING BANK An advising bank is a corresponding bank in the beneficiary's country to which the issuing bank sends the ...

Google previewDictionary of Finance, Investment and Banking (2016)

by E. Banks

ADVISING BANK A BANK in an exporter's country that advises the exporter that a LETTER OF CREDIT has been opened with an international bank. AFFILIATE A company that is partly owned by a second company, and where the latter is able ...

Google previewA Dictionary of Finance and Banking (2014)

by Market House Books

advising bank A bank in an exporter's own country that informs the exporter that a *letter of credit has been opened with a ...

Google previewInternational Dictionary of Banking and Finance (2013)

by John Clark

advising bank Bank in an exporter's country, which deals with letters ...

Google previewBlackie’s Dictionary of Banking and Finance

by Blackie

Advising Bank The advising bank advises a beneficiary, an exporter, that a letter of credit has been opened by an issuing ...

Google previewSterling Dictionary of Business Terms (2006)

by Patricia Fernando, Chandrabanu Samaraweera

Advising bank A bank in an exporter's own country that informs the exporter that a letter of credit has been opened with a foreign bank. Advisory Services Financial advice to small businesses.

Google previewThe Entrepreneur's Dictionary of Business and Financial Terms (2013)

by Khwaja Masoom

Advising Bank: A bank in the exporter's country handling a letter of credit. Advisory Services: A consulting service in which the CPA develops the findings, conclusions, and recommendations presented for client decision-making. This differs ...

Google previewExporters' Encyclopaedia (1921)

since the advising bank maintains that it is merely transmitting the information of the credit to the beneficiary without incurring liability for its continuance. Thus three classes of letters of credit may exist: (1) Irrevocable by the issuer and ...

Google previewCambridge Business English Dictionary (2011)

by Cambridge University Press

See also acceptance bank, advising bank, agent bank, agricultural bank, central bank, clearing bank, commercial bank, confirming bank, cooperative bank, correspondent bank, credit bank, ...

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