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Can someone please help me with the Difference Between Usance Letter of Credit and Refinance?

In two words:
refinance - nominated bank gives finance to the issuing bank, so to the applicant
usance - beneficiary gives def payment to the applicant (def payment can be discounted and payment will be effected before maturity date)

vantus wrote:In two words:
refinance - nominated bank gives finance to the issuing bank, so to the applicant
usance - beneficiary gives def payment to the applicant (def payment can be discounted and payment will be effected before maturity date)

Actually, I would have thought that "Refinance" is finance given by the issuing bank to the applicant, under a sight LC

Usance-Defered payment facility given by the exporter to the importer.

Re-finance- In a defered payment L/C if exporter needs payment immediately, the payment is made by the nominated bank and bill is discounted by opening bank and re-imbursement is made to the nominated bank.

Not that it really matters, because it all depends on how the concept is defined, and the respective understanding of the operation between the concerned parties, but what you are describing is what is commonly understood to be UPAS (or usance paid at sight), rather than Refinance