Usance payable to sight LC - question on Draft

[keihkwong]

Dear expert,

What I understand a Usance Payable at Sight L/C is beneficiary need to submit a forward draft with the shipping documents to the LC issuing bank for payment. The issuing bank negotiate the draft and pays the beneficiary (exporter) on demand or before the acceptance is due.

Can you please tell me if a DRAFT must be called for in a Usance Payable at Sight L/C ? It is workable if a Draft is NOT required in a Usance Payable at Sight L/C ?

Many thanks
Kei

[picant]

Pal,

Usually drafts , are sent to foreign branch of the issuing bank, so it could be possible to claim funds by swift or a letter depending on the way of reimbursement. Please read well the credit!
Other comments appreciated

[keihkwong]

Dear Expert,

I am not sure if there is stamp duty in some Europe country when an usance LC called for draft. If so, to prevent the stamp duty, it is possible to open an Usance Payable at Sight L/C without calling a forward draft ? What is the difference between :
1) Usance Payable at Sight L/C called for draft.
2) Usance Payable at Sight L/C not called for draft.

Thanks
Kei