Alert – What Can Go Wrong with a Letter of Credit

A letter of credit reduces the risk of a non-payment, is a helpful instrument, but it only works when you do everything in the right way.
A minor mistake or the wrong timing can destroy all the advantages of a letter of credit.

This video shows what can go wrong and what you can do to prevent a financial disaster.

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If you rely on a letter of credit to receive payment, make sure you to check all requirements before entering in the deal.

You need to understand all of the documents required and you have to be sure to obtain all such documents. You need to be aware to plan enough time between the deadlines mentioned in the LC. You need to be sure that your shipping company can produce all documents in time for you.

Make sure to establish a good relationship with the relevant people involved. Find out where are the risks for delays. Make sure to work with the right bank having the specific know-how to process all the documents. Find out how much time the bank needs to deal with the documents, including translation of foreign languages.

You have to know when are the banking holidays of the banks involved. Make all documents required by the letter of credit to be compliant with the application of the letter of credit. Even typographical errors or different wordings can cause problems. Please be informed that there are only few banks in Switzerland having accumulated the international know-how to successfully process your international letter of credit.

If you need the best bank in Switzerland for your trade finance business, pick up the phone and give me a call. Dial +41 44 212 44 04 and I will introduce you to the right people bringing your business to the next level. Be rich and remain rich. Have a wonderful day.