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Advising Bank

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Advising bank
An advising bank (also known as a notifying bank) advises a beneficiary (exporter) that a letter of credit (L/C) opened by an issuing bank for an applicant (importer) is available. Advising Bank's responsibility is to authenticate the letter of credit issued by the issuer to avoid fraud. The advising bank is not necessarily responsible for the payment of the credit which it advises the beneficiary of. The advising bank is usually located in the beneficiary's country. It can be (1) a branch office of the issuing bank or a correspondent bank, or (2) a bank appointed by the beneficiary. Important point is the beneficiary has to be comfortable with the advising bank.

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Advising Bank
A domestic bank which handles letters of credit for a foreign bank by notifying the exporter that the credit has been opened in his favor, fully informing him of the conditions and terms without responsibility on the part of the bank. (TNDOT1)

Dizionario inglese-italiano 1.0.012

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