Usance Credit

Usance Credit :

In addition to presenting the documents, the beneficiary is required to draw a time draft on a specific bank (issuing / advising / a third bank). After the documents have been found to be in order, the exporter receives back the draft after it has been accepted by the drawee bank, if he so wishes.

It is possible to discount this bank acceptance. So the draft can be cashed in immediately by the seller while the buyer will be charged with the draft amount only upon maturity.

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