International Payments
What is an advised (or unconfirmed) letter of credit (L/C)?
An advised (or unconfirmed) letter of credit is a formal written undertaking issued by a bank in the buyer's country (issuing bank) and conveyed to the seller/exporter (letter of credit beneficiary) by a bank in the seller's country (advising bank). The issuing bank agrees to pay the seller a specified amount on behalf of a buyer (the letter of credit applicant/account party), if the seller complies with the terms and conditions that are specified within the letter of credit.
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