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- Advising_bank abstract "An advising bank (also known as a notifying bank) advises a beneficiary (exporter) that a letter of credit (L/C) opened by an issuing bank for an applicant (importer) 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 (1) a branch office of the issuing bank or a correspondent bank, or (2) a bank appointed by the beneficiary. Important point is the beneficiary has to be comfortable with the advising bank.In case (1), the issuing bank most often sends the L/C through its branch office or correspondent bank to avoid fraud. The branch office or the correspondent bank maintains specimen signature(s) on file where it may counter-check the signature(s) on the L/C, and it has a coding system (a secret test key) to distinguish a genuine L/C from a fraudulent one (authentication) .In case (2), the beneficiary can request the applicant to specify his/her bank (the beneficiary's bank) as the advising bank in an L/C application. In many countries, this is beneficial to the beneficiary, who may avail the reduced bank charges and fees because of special relationships with the bank. Under normal circumstances, advising charges is standard and minimal. In addition, it is more convenient to deal with the beneficiary's own bank over a bank with which the beneficiary does not maintain an account.".
- Advising_bank wikiPageID "1982823".
- Advising_bank wikiPageRevisionID "551928739".
- Advising_bank hasPhotoCollection Advising_bank.
- Advising_bank subject Category:Banks.
- Advising_bank type Abstraction100002137.
- Advising_bank type Banks.
- Advising_bank type DepositoryFinancialInstitution108420278.
- Advising_bank type FinancialInstitution108054721.
- Advising_bank type Group100031264.
- Advising_bank type Institution108053576.
- Advising_bank type Organization108008335.
- Advising_bank type SocialGroup107950920.
- Advising_bank type YagoLegalActor.
- Advising_bank type YagoLegalActorGeo.
- Advising_bank type YagoPermanentlyLocatedEntity.
- Advising_bank comment "An advising bank (also known as a notifying bank) advises a beneficiary (exporter) that a letter of credit (L/C) opened by an issuing bank for an applicant (importer) 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.".
- Advising_bank label "Advising bank".
- Advising_bank sameAs m.06btjq.
- Advising_bank sameAs Q4686814.
- Advising_bank sameAs Q4686814.
- Advising_bank sameAs Advising_bank.
- Advising_bank wasDerivedFrom Advising_bank?oldid=551928739.
- Advising_bank isPrimaryTopicOf Advising_bank.