Nedbank offers letters of credit to corporates. A Letter of Credit is an undertaking given by a financial institution to effect payment
A Letter of Credit is a written undertaking by a financial institution that promotes international trade by providing a conditional but irrevocable guarantee on account of an importer/buyer in favour of an exporter / seller. Credits are separate transactions from any pre-existing contractual relationship between the accreditor (importer) and the beneficiary (exporter) of the Letter of Credit.
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