Back-to-Back Letter of Credit

 

Back-to-Back Letter of Credit

 

Back-to-Back Letter of CreditThis letter of credit provides pre-shipment finance to the beneficiary. When the beneficiary wants to purchase raw materials from a third party for the purpose of executing export order, or is only a middleman and not the actual supplier of goods, he can as the bank to open a new letter of credit, on the strength of this credit, in favour of a third party. In this case, a new letter of credit has to be opened while in the case of transferable credit; the existing credit is only transferred.

 

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