Hello all, below is a question from one of the readers.. Since I am not an expert on banking practices, I am throwing this question out to all of you to answer Geoff’s question below..
Hope there is some banker that deals in International Trade that can throw some light on this..
I am sure that all the banks have certain safeguards to cover themselves against such risks..
If you have sent correct documents to your own UK bank as per the LC from the customers Bank Indonesian.
The LC is Irrevocable, At sight , was confirmed by both banks & the end customer, the LC has a date of expiry 27-03-13, my UK bank has a line of credit with the customers Indonesian bank.
What happens if the Indonesia bank has not paid my bank before the expiry date of the LC
I have already been paid by my bank for the goods