Advise Through Bank Can Still Transfer The LC
Posted: Fri Feb 21, 2014 4:18 pm
Hello All,
Our client has an account at a different bank in a different country.
His buyer issued a letter of credit in his favour, and his other bank advised that letter of credit to him.
The letter of credit was then amended to be transferable.
The LC is confirmed by a third bank, and is available with the confirming bank by payment.
The advise through bank is unwilling to transfer the letter of credit because the LC does not specifically nominate them as the transferring bank (despite the LC being transferable)
We believe that the advise through bank can still transfer the LC, and as they are unwilling to do so, we would like to assist our client.
If the advise through bank were to notify us via SWIFT that they had advised the LC to the beneficiary, and also advise the amendments to the beneficiary, would we be able to transfer it to a second beneficiary on their behalf?
Your thoughts on this matter are appreciated
Thank you
Our client has an account at a different bank in a different country.
His buyer issued a letter of credit in his favour, and his other bank advised that letter of credit to him.
The letter of credit was then amended to be transferable.
The LC is confirmed by a third bank, and is available with the confirming bank by payment.
The advise through bank is unwilling to transfer the letter of credit because the LC does not specifically nominate them as the transferring bank (despite the LC being transferable)
We believe that the advise through bank can still transfer the LC, and as they are unwilling to do so, we would like to assist our client.
If the advise through bank were to notify us via SWIFT that they had advised the LC to the beneficiary, and also advise the amendments to the beneficiary, would we be able to transfer it to a second beneficiary on their behalf?
Your thoughts on this matter are appreciated
Thank you