International Payments
What is a transferable letter of credit?
A transferable letter of credit specifically permits a letter of credit beneficiary (transferor) to transfer all or some of the rights and protection afforded to the transferor under the letter of credit to a third party (transferee) who then becomes a second beneficiary on the letter of credit. Transferable letters of credit are typically used in transactions where the first letter of credit beneficiary is a middleman and the second letter of credit beneficiary is the middleman's supplier.
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