Draft Shows South Korea But Draft Shows Korea

The forum is dedicated to all who deals with LCs. Please share your experiences, problems and opinions with us. You are requested to be confined to LC related issues only. Let us together discover the beauty of Letter of Credit. Thank and regards – admin; besttradesolution.com
Post Reply
Cartas57
Posts: 2
Joined: Sun Jan 18, 2015 1:31 am
First Name: Manuel
Last Name: Laporte
Organization: CBT
Filter: Two Plus Two =: 4
Location: U.S.

Draft Shows South Korea But Draft Shows Korea

Post by Cartas57 » Sat Apr 04, 2015 6:51 am

Dear member

Will you consider discrepancy when draft shows drawn on IB name per LC and right after country S.Korea . LC mentions Korea only

Your comments appreciated

User avatar
picant
Posts: 2026
Joined: Wed Aug 20, 2008 1:49 pm

Korea vs S. Korea

Post by picant » Sat Apr 04, 2015 8:08 pm

Hi Pal,

IMHO, South Korea is a simple way to avoid difficulties, only Korea may be interpreted as North Korea involved in emargo and restrictions. Many korea banks write in their l/c that Korea means South Korea. I will check the Swift code KR Korea or S.Korea
KP North Korea. No discrepancy IMHO:
Other comments appreciated
Ciao

Post Reply