letter of creidit

kinks01

Can anybody advise whats the go .

Basically seen something (usually to good to be true) from china.beeing the overlycautious person I am I want to find out ho safe my money will be if paying by letter of credit.

Seems from hat I have read it's obviously safer than,bank transfer , moneygram and good ol western (dissapear ith ya money) union.

Has anybody done similar ?? thoughts and opinions please.

Regards
Keith

pcombo

Pay for goods i.e in china is always a risky no matter what the method. But with paypal and credit card atleast u have some protection, with bank transfer etc you have 0.

If you have doubts about buying simple dont buy.

Equaliser123

Letters of credit are usually reserved for high value commercial transactions. What are you buying?

pmduk

Simple rule of thumb. If it's too good to be true then assume it isn't true.

Optimist

Letters of credit are used usually for importing goods. Note that they give no guarantee of quality if you don't like what you get but the paperwork presented to the bank are in line with the agreed terms then it gets paid..

There are several types but quite honestly if you have to ask on a forum like this you need to have a good think and maybe discus with your bank.

Following pmduks simple rule of thumb is seldom wrong !