This was the best explanation on LCs ever. Love the British style of humor, it makes things more understandable. I would say everything was spot on.....
@ABTS
2 жыл бұрын
Thanks very much Bryson, very much appreciate the comment and hope the video helped you.
@kudaisiaduntola2523
Жыл бұрын
I could listen to you all day long! Thanks for simplifying logistics for me!
@ABTS
Жыл бұрын
Hi Kudaisi, thank you for your kind comment! I’m glad to hear our videos are helping you!
@bela8733
2 жыл бұрын
Thank you for sharing this amazing content. I was looking for a complete explanation about LC, and I got it watching your video. Tks from Brazil.
@ABTS
2 жыл бұрын
Hi Isabela, thank you for your comment and I’m so glad to hear that it helped you!
@moobahornby1596
5 ай бұрын
Very simplified explanation of LC.
@ABTS
5 ай бұрын
Thank you, I hope it helped you.
@kellyswanson7973
11 ай бұрын
This was so helpful. I’m trying to learn the basics of LCs for my bank job and your explanations and examples are wonderful. Thank you!
@ABTS
11 ай бұрын
Glad to hear the video helped you Kelly and best of luck.
@girligotyoucd
10 ай бұрын
Thank you for the breakdown 🙂🙂
@ABTS
10 ай бұрын
No problem and happy to hear it helped.
@eurekapinas
3 ай бұрын
Thank U for having a patience of doing a very informative videos. Learn alot from U
@ABTS
3 ай бұрын
Thank you very much for you kind comment. I’m so glad to hear our videos have helped you.
@relaxvibes9867
2 жыл бұрын
you just got a new steady subscriber. amazing humor
@ABTS
2 жыл бұрын
I’m glad you like our videos! Thanks for the comment.
@redrosin99
Жыл бұрын
Thank you for your words of wisdom!
@ABTS
Жыл бұрын
My pleasure and thank you for your kind comment.
@estebanmaldonado1395
2 жыл бұрын
Thanks a lot for your advices, greatly accepted and appreciated
@ABTS
2 жыл бұрын
Hi Ramon, you’re very welcome I’m glad the video helped you.
@iliadalu4656
Жыл бұрын
I love this thank you so much 🥰
@ABTS
Жыл бұрын
Thank you for your comment, I’m so glad to hear it helped.
@philpaule472
2 жыл бұрын
What a great video explaining LOC's
@ABTS
2 жыл бұрын
Thank you Phil, I’m so glad it helped you!
@saimak7079
2 жыл бұрын
Loving your videos
@ABTS
2 жыл бұрын
Glad to hear they are helping you Sai! Appreciate the comment
@saimak7079
2 жыл бұрын
I don't suppose you have any training export ocean freight-forwarding material for purchase, or for free!?
@ABTS
2 жыл бұрын
@@saimak7079 Hi Sai, two videos may help you here: kzitem.info/news/bejne/lHienmeignOZqY4 kzitem.info/news/bejne/xo6ot3mjg4iLnYo We do also have a paid Export Documentation and Procedure course that will teach you the practical knowledge you need to know: www.abtslogistics.co.uk/full-syllabus/ Please let me know if you need anything else.
@saimak7079
2 жыл бұрын
@@ABTS Many thanks!
@katflagler3866
7 ай бұрын
Brilliant 😊
@ABTS
7 ай бұрын
Thank you Kat, glad the video helped.
@user-mg3bz1lm2k
9 ай бұрын
very helpful, thank you! this works under ucc conditions- such as conditional acceptance or accepted for value? dipping my toes in the water here!
@ABTS
9 ай бұрын
Hi, I'm sorry, I don't understand the question. Can you elaborate?
@sistersoldier3063
Жыл бұрын
Fabulous delightful insightful a blessing you have just created a new door in my world one to which I’m ecstatic to open!
@ABTS
Жыл бұрын
Hello, I'm so happy to read your comment and it's great to have opened the door to international trade for you. I hope you enjoy our other videos and please see our blog also: www.abtslogistics.co.uk/blog. Lot's of free, practical knowledge there too. All the best.
@leehant
Жыл бұрын
This is gold.
@ABTS
Жыл бұрын
Thank you and I’m glad it helped!
@thanhluong821
2 жыл бұрын
thank you for the wonderful video
@ABTS
2 жыл бұрын
You are very welcome indeed Thanh, I’m so glad to hear it helped you.
@hungrylearner8137
2 жыл бұрын
Thank you
@ABTS
2 жыл бұрын
You’re very welcome! I hope it helped.
@JoeyJamie
3 ай бұрын
When you say you transferred the letter of credit 12 times, do you mean the whole credit or 12 parts total??
@ABTS
3 ай бұрын
Hi Joey, I used the letter of credit to pay 12 different suppliers, I broke it up. Hope that helps?
@sarmand7144
2 жыл бұрын
Fantastic thank you! One clarification please. Do you, the middleman, ask for a transferable LC or does the end buyer ask for it, provides it to you so you can transfer it to the supplier?
@ABTS
2 жыл бұрын
Hi Sarmand7, thanks for your comment. It is the Seller (middleman) who would request a Transferable Letter of Credit from the Buyer. The middleman then uses the funds on the Transferable Letter of Credit to purchase from the supplier. For example, if the sellers' price is £200, the middleman would ask the buyer for £300 as a Transferable Letter of Credit from the buyer. They would then transfer £200 to the seller and the balance (£100) would be profit for the middleman. Hope that helps and hope that makes sense.
@missburnett3350
Жыл бұрын
Do you have to pay back a letter of credit?
@ABTS
Жыл бұрын
Hi missburnett, a letter or credit is not actually “credit”. In order to setup a letter of credit you will have to prove that you have funds available and they will be used to generate the letter of credit in the first instance. I hope that makes sense but in short, you have to have the funds at the start.
@sjgonzalo8
2 жыл бұрын
Hello, would you share the link or the source of the LC statistics in the UK?
@ABTS
2 жыл бұрын
Hi Gonzalo, the source of the stars was “SITPRO”. SITPRO was a UK non-departmental public body that focused on the removal of barriers to international trade through the simplification and harmonisation of trade procedures but no longer exists unfortunately.
@sycamore665
5 ай бұрын
Who pay the percentage on the confirmed letter of credit, the importer or the importer?
@ABTS
5 ай бұрын
Hello, as a general rule, the importer pays the issuing bank to establish the letter of credit and the exporter pays the advising banks' fee.
@bocean07
10 ай бұрын
What about a letter of credit from my corporate entity all Caps name? To another company?
@ABTS
10 ай бұрын
Sorry, I don’t understand the question. Can you expand?
@khalilrehman5771
2 жыл бұрын
Wonderfully explained. İ would love you to be my mentor in my career of international import & export agent if only i had the the fee of enrollment in your courses. Following and listening from Pakistan.
@ABTS
2 жыл бұрын
Thank you so much Khalil, I appreciate the comment. Please contact us and we will do what we can to help: www.abtslogistics.co.uk/contact-us/
@arelspatushi2450
2 жыл бұрын
Im still a bit confused, ive been looking to do a bill of exchange and now letters of credit… but where exactly are the funds coming out of in a letter of credit?
@ABTS
2 жыл бұрын
Hi Arels, the funds are coming from the opener of the letter of credit, or “the buyer”. The bank issues the letter of credit using these available funds. So if you wanted to buy goods using a letter of credit for £100,000 you would have the have that £100,000 in cleared funds in your bank account. Hope this helps?
@ffarag
Жыл бұрын
Good day Sir, I would love to learn from your expertise and knowledge, and willing to pay you for that, I have some how complicated LC issue, I think you would be able to help me. how to get to you, Sir?
@ABTS
Жыл бұрын
Sure, no problem at all. Please find our contact details here: www.abtslogistics.co.uk/contact-us/. If you would like to send an email with some background to your issue, we can go from there. Thank you.
@ronrouyer2069
Жыл бұрын
I'm told the military DD214 endorsed is a letter of credit. Comments?
@ABTS
Жыл бұрын
Hello, I'm not familiar with this and haven't heard of a DD214 in terms of import export and/or a letter of credit.
@Lobos222
Жыл бұрын
Wrong, the credit aspects in a DD214 is not related to the banking aspects of UCP600 or ISP1998 Letter of Credit. However, if I might speculate. A DD214, in context of international transport of a dead body for a funeral, might be a document mentioned in an LC. Note, that many freight laws often specifically mention they do not deal with transport of dead bodies, animals alive or dead, "household goods" or "personal effects". So there might be other aspects to such transport.
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