ABSTRACT
The level of rates varies, and the actual charge made by the bank or accepting house is a matter for negotiation in each case. The letter of credit which an exporter receives from a bank or accepting house when with his concurrence to his customer. The Overseas Importer arranges for an irrevocable documentary letter of credit to be opened in his favour: Irrevocable documentary letter of credit issued by a bank or accepting house in favour of the Exporting Company. The Exporting Company, send them to the Bank of Atlantis, London, together with a bill signed and endorsed, with covering letter. The proceeds of collection of the trade bill drawn on The Overseas Importer will probably have already been received in London by William Caxton and will more than provide the necessary funds. The bank will buy the bill from the drawers, and forward it with the documents to their London office or agent.
