A letter of credit (From Wikipedia) : a document issued mostly by a financial institution which

usually provides an irrevocable payment undertaking (it can also be revocable, confirmed,
unconfirmed, transferable or others e.g. back to back: revolving but is most commonly
irrevocable/confirmed) to a beneficiary against complying documents as stated in the Letter of
Credit. Letter of Credit is abbreviated as an LC or L/C, and often is referred to as a documentary
credit, abbreviated as DC or D/C, documentary letter of credit, or simply as credit (as in the UCP
500 and UCP 600). Once the beneficiary or a presenting bank acting on its behalf, makes a
presentation to the issuing bank or confirming bank, if any, within the expiry date of the LC,
comprising documents complying with the terms and conditions of the LC, the applicable UCP and
international standard banking practice, the issuing bank or confirming bank, if any, is obliged to
honour irrespective of any instructions from the applicant to the contrary. In other words, the
obligation to honour (usually payment) is shifted from the applicant to the issuing bank or
confirming bank, if any. Non-banks can also issue letters of credit however parties must balance
potential risks.
The LC can also be the source of payment for a transaction, meaning that an exporter will get paid
by redeeming the letter of credit. Letters of credit are used nowadays primarily in international
trade transactions of significant value, for deals between a supplier in one country and a
wholesale customer in another. They are also used in the land development process to ensure that
approved public facilities (streets, sidewalks, stormwater ponds, etc.) will be built. The parties to a
letter of credit are usually a beneficiary who is to receive the money, the issuing bank of whom the
applicant is a client, and the advising bank of whom the beneficiary is a client. Almost all letters of
credit are irrevocable, (i.e. cannot be amended or canceled without prior agreement of the
beneficiary, the issuing bank and the confirming bank, if any). In executing a transaction, letters of
credit incorporate functions common to giros and Traveler's cheques. Typically, the documents a
beneficiary has to present in order to avail himself of the credit, are commercial invoice, bill of
lading, insurance documents. However, the list and form of documents is open to imagination and
negotiation and might contain requirements to present documents issued by a neutral third party
evidencing the quality of the goods shipped.
Trnh t thc hin th tn dng (TT quc t, GS inh Xun Trnh)
1. Ngi nhp khu lm n xin m th tn dng cho ngi xut khu hng
2. Cn c vo n xin m NH m s m 1 L/C thng qua ngn hng thng bo nc xut khu
bo cho ngi XK bit
3. Khi nhn c bn gc th tn dng ngn hng thng bo s chuyn ngay cho ngi xut khu
4. Ngi XK nu chp nhn th tn dng th tin hnh giao hng
5. Sau khi giao hng ngi XK lp b chng t theo yu cu ca L/C xut trnh n NH thng bo
gi n NH m i tin
6. NH m kim tra L/C thy ph hp th tr tin
7. NH m L/C i tin ngi NK v chuyn chng t cho ngi nhp khu sau khi nhn c tin
8. Ngi NK kim tra L/C nu thy ph hp th tr tin v nhn chng t i nhn hng.

L/C thc s tr nn hiu qu Trn Phng Minh

Th hnh dung nu doanh nghip bn c quan h i tc lm n vi cc i tc nc ngoi m li
khng c cc phng thc thanh ton quc t, th s nghip kinh doanh s nh th no? Hn l
kt qu kinh doanh s tr nn khng hiu qu. Trong kinh doanh ngy nay, thanh ton quc t
ang ngy tr nn ph bin. Nhng phng thc thanh ton truyn thng nh tin mt dn
c thay th bng nhng phng thc thanh ton hin i hn, nhanh chng hn. V thanh ton
qua L/C l mt trong s .
Th tn dng (Letter of credit L/C) l mt bc th do ngn hng vit ra theo yu cu ca cng ty
nhp khu hng ho, dch v, trong ngn hng cam kt s tr cho ngi c thanh ton (cng
ty xut khu hng ho, cng ty cung ng dch v, hoc mt ngi no theo ch nh) mt s
tin nht nh, trong mt khong thi gian nht nh vi iu kin ngi ny thc hin ng v

y nhng iu khon trong l th . Chng hn nh, tp on IKEA mua g nguyn liu t

hng Manef ca phc v hot ng sn xut kinh doanh. Trong hp ng thng mi, hai bn
c tho thun iu khon thanh ton bng L/C. thc hin vic thanh ton ny, mt chu trnh
sau s din ra:
(1): u tin IKEA s n mt ngn hng ti Thu in xin m L/C (gi l ngn hng pht hnh
L/C).
(2): Ngn hng pht hnh L/C s thng bo cho mt ngn hng m Manef m ti khon v kt qu
m L/C v ni dung L/C (gi l ngn hng tip nhn L/C).
(3): Ngn hng tip nhn L/C s tin hnh kim tra hnh thc ca L/C, sau chuyn nguyn vn
ni dung L/C cho Manef m khng c php ghi ch hay dch thut bt k chi tt no trn L/C.
(4): Manef sau khi xem xt ni dung L/C, nu thy hon ton ph hp vi nhng iu khon ca
hp ng v nhng ni dung tho thun vi IKEA th giao hng cho cng ty A. Nu cha ph
hp th hai bn s phi chnh sa.
(5): Manef s xut trnh cho Ngn hng tip nhn L/C b chng t chng minh hon thnh
ngha v giao hng.
(6): Ngn hng tip nhn L/C ngay lp tc chuyn b chng t trn cho Ngn hng m L/C.
(7): Sau khi kim tra chi tit tnh hp l ca b chng t v thy Manef thc hin ng nhng
quy nh ca L/C th Ngn hng m L/C s chuyn tin cho Ngn hng tip nhn L/C.
(8): Ngn hng tip nhn L/C chuyn tin vo ti khon ca cng ty B, cn Ngn hng m L/C th
gi b chng t cho cng ty A. IKEA v Manef thanh ton chi ph thanh ton qua L/C cho cc ngn
hng.
Thng thng, cc cng ty s s dng L/C trong thi k u ca quan h kinh doanh khi cc bn
cha hiu r nhau. Thanh ton qua L/C c thc hin theo nguyn tc thanh ton trc, khiu
ni sau, khi cc chng t ca ngi bn ph hp vi ton b cc iu kin trong tn dng th
(chng t hon ho). chnh l s m bo thanh ton tt nht sau phng thc thanh ton tr
trc. L/C thng l khng hu ngang v lun lun c thanh ton (ngoi tr trong trng hp
gian ln). Khi s dng thanh ton L/C, cc cng ty phi tun th Quy tc thc hnh tn dng thng
nht chng t (UCP 500) ca Phng Thng Mi quc t ICC.
Quy nh kh cht ch l th nhng trn thc t c khng t trng hp cc cng ty tin hnh
thanh ton qua L/C gp phi nhiu bi hc kh au n khi tranh chp xy ra. Nu bn khng hiu
r v k cng v bn cht ca th tn dng cng nhng quy nh php l ca n th rt c th bn
s mc phi nhng s st dn n vic khng nhn c thanh ton t pha bn i tc kinh
doanh.
Lagergren, mt hng kinh doanh cc sn phm ni tht ln ca Thu in, bn mt l hng
g cho tp on Cadtrak Furniture Co.Ltd ca i Loan. V phn mnh, theo tho thun gia hai
bn, Cadtrak m ti ngn hng ca mnh mt th tn dng L/C chuyn nhng s tin hng
tr gi 760.000 USD cho Lagergren qua mt ngn hng Thu in. Theo tho thun gia hai bn,
hng s c giao thnh hai chuyn, mi chuyn cch nhau mun nht l 20 ngy . Tin hng
cng c thanh ton lm hai ln v vic thanh ton qua L/C s tun theo UCP500.
C hai iu kin c quy nh cho th tn dng. Th nht, ngn hng i Loan s tin hnh thanh
ton khi nhn c mt b y vn n ng bin xp hng hon ho. Th hai, ngn hng
Thu in s phi i giy chp nhn hng do ngn hng ti i Loan ca Cadtrak cp. Giy ny
s c cp sau khi c thng bo ca Cadtrak rng h nhn c hng v hng c c
quan y t i Loan ti cng chp nhn.
Sau khi hng n i Loan, ngn hng Thu in gi b chng t ca chuyn hng cho
Cadtrak v b Cadtrak t chi vi l do thi gian gia hai chuyn giao hng vt qu 20
ngy. Ngn hng Thu in khng chp nhn iu ny. Do vy, ngn hng thuyt phc
Cadtrak chp nhn iu khng ng nguyn tc trn. Sau cng, Cadtrak chp nhn thi gian giao
hng qu 20 ngy nhng vn bo lu kin t chi ca mnh vi l do i s chp nhn l hng

ca B Y t i Loan, c quan m cng ty Cadtrak np n xin kim tra hng. Sau khng lu,
Cadtrak thng bo rng h chnh thc t chi hng ca Lagergren v C quan Y t i Loan ti
cng pht hin ra nguy c mi mt trong l hang g ny.
Lagergren lp lun rng, trong bin bn ca C quan y t khng c dng ch bc b sn phm.
Tuy nhin, Cadtrak vn gi nguyn quan im ca mnh vI nhn nh rng: "theo thng l, hng
g phi tin cy lu kho trong vng 12 thng. Cadtrak cho rng sn phm m h t
khng c m bo v cht lng v bi vy khng khng khng chp nhn l hang ny. V
pha Lagergren, hng c n kin gi U ban trng ti quc t (Unctad) m hai bn la chn
gii quyt khi c tranh chp. n kin ghi r Cadtrak t chi khng ng cch b chng t v
yu cu c thanh ton khon tin hng cng li sut hng nm 13%.
Trc ht, U ban trng ti cho rng l do duy nht m hng cha thuc quyn s hu ca Cadtrak
- ngi m th tn dng, l do h t chi l hng khi hng n ni. Quyt nh phi a
ra l trong tnh hung ny liu iu kin "hng ho c nhn bi ngi m th tn dng" c
tho mn hay cha? Tip , U ban trng ti nh ngha bn cht ca th tn dng v cch m
ngi ta phi hiu n: Th tn dng l mt s cam kt chc chn ca ngn hng m th tn dng
thanh ton hoc s thanh ton nu cc iu kin ca th tn dng c tho mn, nu th tn
dng dng thanh ton (iu 3 Quy tc v Thc hnh thng nht tn dng chng t).Bn
cht ca th tn dng l ngi bn chc chn s c thanh ton nu xut trnh ng b chng t.
Mt c tnh c bn ca tn dng chng t l tnh hnh thc ca n. Cc chng t c xut trnh
ch c th l ng hoc khng ng. S mp m y khng c chp nhn.
Mt tn dng chng t khng th c hiu theo bt c mt lut quc gia no m cc bn khng
c tho thun, th tn dng phi c hiu theo cc thng l c p dng cho i tng ny
trong thng mi quc t. Mt c tnh na ca th tn dng l vic thanh ton bng phng thc
tn dng chng t khng ph thuc vo mun ch quan ca cc bn. Ch cn cc iu kin trong
th tn dng c tho mn v ngi hng li xut trnh ng b chng t th vic thanh ton s
c thc hin. Cadtrak lp lun rng trong trng hp ny, vi vic hng giao khng c ngi
m th tn dng chp nhn nn iu kin "hng c nhn bi ngi m th tn dng"
khng c tho mn. Nhng theo trong ti th vic th tn dng c c thanh ton hay khng
ph thuc vo thin ch ca ngi m th tn dng (ngui mua). Vic hiu iu kin "hng c
nhn bi ngi m th tn dng" nh vy mu thun vi mc ch ca th tn dng chng t. Theo
, vic thanh ton khng c ph thuc vo thin hay ch ch quan ca Cadtrak. y,
hng ca Lagergren khng c bt c sai phm g theo tho thun gia hai bn, m vic hn s
dng ca hng ho l do Cadtrak khng kim chng t trc, hng c th khi kin vi phm hp
ng ch khng th t chi thanh ton c. iu c ngha l nu cn c vo lp lun ca
Cadtral th hon ton khng an ton cho Lagergren.
Nh vy r rng Cadtrak sai khi t chi vic thanh ton hoc vic cho php thanh ton cho
Ngn hng Thu in. Bi vy, U ban trng ti quyt nh Lagergren c hng s tin hng
cng vi mc li sut l 13%/nm trong thi gian thanh ton qu hn.
Qua v vic trn, chng ta c th nhn thy mt thc t rng, ngay c nhng phng thc thanh
ton an ton nht th nguy c ri ro cng c th xut hin. trnh c ri ro, cc cng ty cn
nghin cu k lng v i tc cng nh nhng quy nh php lut v phng thc thanh ton
ang c p dng. Sau y l mt s ri ro thng gp khi thanh ton qua L/C:
Ri ro do i tc khng cung cp hng ho
Tp on Nestle c nhp khu b t hng Latel ca Na Uy sn xut cc loi sa giu dinh
dng. Cuc mua bn c gii thiu thng quan mt s thng tin trn Internet. Do ang trong lc
cn nguyn liu gp nn Nestle nhanh chng tho thun hp ng nhp khu vi Latel. H
tho thun thanh ton theo L/C, v vi vng nn Nestle cha cp k cc ni dung c th ca L/C
m nhanh chng chuyn tin cho Latel theo L/C thng qua mt ngn hng do Nestle ch nh.
Nhng ri, tin th c gi i m hng th mi vn cha thy v. Tm hiu k th Nestle mi v l

ra rng, Latel ch l mt cng ty o trn mng, khng c tht.

Nhng ri ro nh vy l rt ng tic v bn cn c nhng bc i c th trnh ri ro ng tic
ny, c th l:
- Tm hiu bn hng k lng
- Tham kho kin ngn hng v qu trnh kinh doanh ca i tc
- Nghin cu k quy nh v iu khon pht trong hp ng (Penalty)
- Yu cu c hai bn k qu ti mt ngn hng m bo thc hin hp ng
- Yu cu phI a ra nhng cng c m bo an ninh thanh ton ca ngn hng nh Standby L/C,
Bank Guarantee, Performance Bond.. (ch p dng i vi nhng hp ng ln v khch hng
khng quen bit nhau) m bo quyn li ca nh nhp khu.
Ri ro thanh ton do chng t gi, chng t khng trung thc, mu thun gia hng
ho v chng t:
Nu i tc khng tin cy hay i tc c ch la o, rt c th bn s gp rc rI bi nhng
lai giy t gi. Ngoi ra, vn mu thun gia hng v chng t cngl yu t cn , bi rt
c th hng ho khi nhp khu s b hi quan tch thu do khng c s trng khp vi giy t.
trnh nhng ri ro ny, bn cn:
- a ra cc yu cu cht ch, thng nht gia nI dung v hnh thc chng t, khng yu cu
chung chung.
- Chng t phi do cc c quan ng tin cy cp
- Vn n do hng tu ch danh lp. Khi xp hng ho phi c s gim st ca i din pha nh
nhp khu kp thi i chiu s tht gi ca vn n v lch trnh tu (i vi l hng c gi tr
ln)
- ngh nh xut khu gi thng 1/3 b vn n gc (bn chnh)
- Ho n thng mi i hi phi c s xc nhn ca i din pha nh nhp khu hoc ca
Phng Thng mi hoc ho n lnh s (Consulars invoice)
- Giy chng nhn cht lng do c quan c uy tn nc xut khu cp
- Giy chng nhn s lng cng phi c s kim tra, gim st ca i din pha mnh hoc i
din thng mi.
- Cung cp giy chng nhn kim tra (Certificate of inspection)
Cc ri ro khc nh la chn hng tu khng tin cy, h hng hng ho do xp hng
khng ng quy nh,
Cng ty Hapos ca c k tho thun mua hng vi mt i tc Nht Bn, nhng trong hp
ng, Hapos cho i tc Nht Bn la chn hng tu vn chuyn. Hapos c inh ninh i
hng v, nhng s vic bt ng xy ra, chic tu ca hng tu trn trn ng t Nht Bn n
c b hi quan bt gi v c vn chuyn hng cm v hng cha k khai hi quan. Kt qu l tt
c cc hng ho m Hapos t cng b tch thu lun.
y l bi hc ln cho nhiu cng ty xut nhp khu. Phng thc thanh ton qua L/C lun c th
pht sinh nhiu ri ro tng t. Do , bn cn c nhng bin php trnh ri ro nh:
- Ginh quyn ch ng thu tu (nhp khu theo iu kin nhm F ca Incoterm - Bn quy nh
v cc iu kin thng mi quc t ca ICC).
- Ch nh hng tu ni ting, c bit nn thu tu ca cc hng c vn phng giao dch ti nc
nhp khu.
- Mua bo him cho hng ho.
- Trong hp ng nn rng buc trch nhim ca nh xut khu trong vn xp hng ln tu nh
nhp khu theo iu kin FOB stowed, CFR stowed, CIF stowed ca Incoterm.
Nhn chung, trong cc cuc giao thng quc t ngy nay, thanh ton theo L/C lun l phng
thc thanh ton quan trng nht gia nhng i tc kinh doanh bi L/C to ra s an tm v thun
li ti a cho cc cng ty. Nhng d an ton v tin li n my th thanh ton qua L/C vn khng

th trnh khi cc ri ro v tranh chp pht sinh. Bn cn sm chun b cho mnh nhng kin thc
v L/C ng thi lng trc c nhng ri ro trong qu trnh thanh ton L/C. C th vic mua
bn hng ho mi din ra nhanh gn v L/C s thc s tr nn hiu qu.
(Ngun: Cc v d v bi hc kinh nghim c ly t www.unctad.com v www.uncitral.com).
iu kin m L/C:
c m L/C, Doanh nghip phi np ti ngn hng
- Giy ng k kinh doanh
- Ti khon ngoi t ti Ngn hng ( mun m ti khon phi ng t nht 500 USD vo ti khon
chun b m cng vi cc giy t sau:
+ Quyt nh thnh lp Cng ty
+ Quyt nh b nhim Gim c v K ton trng
Cch thc m L/C:
* Cc giy t cn np khi n Ngn hng m L/C
- i vi L/C at sight
+ Giy php nhp khu (nu hng ho c qun l bng giy php)
+ Quota ( i vi hng qun l bng hn ngch)
+ Hp ng nhp khu ( bn sao)
+ n xin m L/C at sight ( theo mu in sn ca Ngn hng). C s vit n l hp ng mua bn
ngoi thng k kt.
- i vi L/C tr chm
+ Giy php nhp khu ( nu c) hoc quota nhp
+ Phng n bn hng thanh ton nhp khu
+ n xin m L/C tr chm (theo mu in sn ca Ngn hng).C s vit n l hp ng mua bn
ngoi thng k kt.
+ n xin bo lnh v cam kt tr n ( theo mu ca Ngn hng)
* Lu khi lm n xin m L/C
- C s vit n l hp ng mua bn ngoi thng k kt nhng nh nhp khu c th thm
mt s ni dung c li cho mnh.
- Trn n phi c ch k ca Gim c v K ton trng n v nhp khu. Nu thc hin nhp
khu u thc th trn n xin m L/C phi c y 4 ch k: ch k ca Gim c v K ton
trng n v nhp khu u thc v ch k ca Gim c v K ton trng ca n v nhn u
thc
- trnh L/C phi tu chnh nhiu ln mt thi gian v tn km, nh nhp khu c th fax n xin
m L/C n nh xut khu xem trc v xin kin.
- Nh nhp khu nn xem L/C bn gc v ngh tu chnh nu cn bo v quyn li cho mnh
K qu m L/C:
Hin nay cc ngn hng quy nh t l k qi ( 100%; di 100% hoc khng cn k qu) i vi
doanh nghip nhp khu cn c vo:
- Uy tn thanh ton ca doanh nghip
- Mi quan h ca doanh nghip i vi ngn hng
- S d ngoi t trn ti khon ca doanh nghip
- Cng n ca doanh nghip nhp khu
- Tnh kh thi trong phng n kinh doanh hng nhp khu ca n v nhp khu
* Cch thc k qu:
- Nu s d ti khon tin gi ca khch hng ln hn s tin k qu, ngn hnh s trch t ti
khon tin gi chuyn sang ti khon k qu. Phng nhp khu trc tip lm phiu chuyn khon
ni dung k qu m L/C sau s chuyn sang Phng K ton thc hin
- Nu s d ti khon tin gi nh hn s tin k qu, gii quyt bng hai cch sau:
+ Mua ngoi t k qu
+ Vay ngoi t k qu.
Thanh ton ph m L/C:
Ph m L/C ty theo mc nh nhp khu thc hin k qu:
V d: Ti Vietcombank

K qi

Ph m L/C

100% tr gi L/C

0,075% tr gi L/C m

30 - 50% tr gi L/C

0,1% tr gi L/C m

Di 30% tr gi L/C

0,15% tr gi L/C m ( min 5 USD v max 200 USD)

Min k qu
0,2% tr gi L/C m ( min 5 USD v max 300 USD )
Khi m L/C tr chm: phi c s bo lnh ca ngn hng nn nh nhp khu phi tr thm 0,2% 0,5% cho mi qu ty vo tng mt hng nhp khu.
Gii thiu chung
L hnh thc ph bin hin nay, y l hnh thc m Ngn hng Ngoi thng Vit Nam (NHNTVN)
thay mt Ngi nhp khu cam kt vi Ngi xut khu/Ngi cung cp hng ho s tr tin trong
thi gian qui nh khi Ngi xut khu/Ngi cung cp hng ho xut trnh nhng chng t ph
hp vi qui nh trong L/C c NHNTVN m theo yu cu ca ngi nhp khu (Mu m L/C
c in sn do NHNT cp)
Thng qua hnh thc ny, ngi nhp khu c tip cn vi nhng chun mc thanh ton quc t
(hin hnh l: UCP 600 - Cc qui tc v thc hnh do Phng thng mi quc t pht hnh).
L khch hng m L/C nhp khu ca NHNTVN, Qu khch cn c th yu cu NHNTVN t vn v
nhng iu khon thanh ton...tt nht ph hp vi thng l quc t t hiu qu.
Trong hnh thc ny, thc cht NHNTVN ng ra bo lnh thanh ton cho ngi nhp khu. V
vy, NHNT s a ra mt s yu cu i vi khch hng nh: ngh k qu, vay vn...Cn c vo
kh nng thanh ton, uy tn ca khch hng, NHNT c th p dng mc min, gim k qu khc
nhau do Gim c tng a bn NHNTVN cng b trong tng thi k c th.
Trong nhiu nm qua, vic tun th nghim tc cc chun mc thanh ton quc t to c s
tn nhim ca ng o cc Ngn hng phc v Ngi xut khu cng nh Ngi nhp khu m
L/C ti NHNT ( bit thm chi tit ngh Qu khch xem phn Hng dn pha di)
- Ngoi thanh ton bng L/C, NHNT cn thc hin cc phng thc thanh ton khc:
Nh thu D/A (Nh thu theo hnh thc chp nhn thanh ton giao chng t)
Nh thu D/P (Nh thu theo hnh thc thanh ton giao chng t)
Nh thu D/OT (Nh thu giao chng t theo iu kin khc)
Hoc chuyn tin i ( ngh Qu khch tham kho phn Chuyn tin)
TH TN DNG KHNG TH HU NGANG - IRREVOCABLE L/C
I - Yu cu m L/C :
1 - Ngun vn m bo thanh ton L/C:
Gi s l trong hp ng cc bn ng thanh ton bng L/C, Qu khch cn xem xt ngun
vn thanh ton cho L/C m mnh s yu cu ngn hng m.
1.1 - L/C pht hnh bng vn t c, khch hng k qu 100%
1.2 - L/C pht hnh bng vn t c, khch hng khng k qu 100% v/ hoc c yu cu min,
gim mc k qu ngh Qu khch lin h vi b phn Tn dng nghin cu xem xt hoc NHNT
s cung cp n Qu khch trong tng thi k.
1.3 - L/C pht hnh bng vn vay ca NHNT, Qu khch lin h vi b phn Tn dng xem xt.
2 - n yu cu m L/C:
Sau khi xem xt ngun vn, Qu khch cn c vo ni dung hp ng lm n yu cu NHNT
pht hnh L/C. thun tin cho Qu khch NHNT c mu in sn theo tiu chun ca ICC v
ca T chc SWIFT quc t.
V ngn hng m L/C theo yu cu ca ngi mua, do vy Qu khch nn xem xt k ni dung ca
hp ng m bo khi a vo L/C khng b mu thun v nu c mu thun tc l ngi mua
vi phm hp ng.
Sau khi hon chnh n yu cu pht hnh L/C, Khch hng cn xut trnh ti NHNT cc giy t
sau:
2.1 - Th yu cu pht hnh L/C (theo mu.pdf )
2.2 - Mt bn sao Hp ng mua bn ngoi thng hoc giy t c gi tr tng ng nh
hp ng.
2.3 - Mt bn sao Giy chng nhn ng k m s doanh nghip xut nhp khu (i vi khch
hng giao dch ln u)

2.4 - Vn bn cho php nhp khu ca B Cng Thng hoc B qun l chuyn ngnh (i vi
hng nhp khu c iu kin).
Sau khi xem xt ngun vn m bo thanh ton L/C ca khch hng, NHNT s qu/nh vic
pht hnh L/C.
* Ring i vi L/C nhp khu bng vn vay ca Chnh Ph, ODA, ngoi nhng qui nh nu
trn khch hng cn gi cho NHNT nhng giy t nh: Ph duyt s dng vn vay Chnh ph, ODA
ca b Ti chnh; ph duyt Hp ng ca T chc ti tr vn vay.
II - Kim tra ni dung L/C
Sau khi NHNT pht hnh L/C, Qu khch s nhn c mt bn sao L/C . Qu khch nn xem xt
i chiu gia ni dung L/C vi n yu cu ca Qu khch m bo rng L/C hon ton ph
hp vi hp ng v vi yu cu ca Qu khch, ng thi thng bo cho NHNT ngay nhng sai
lch nu c.
III - Sa i L/C
Nu Qu khch c nhu cu sa i L/C , ngh Qu khch xut trnh Th yu cu sa i L/C
(theo mu.pdf) km vn bn tho thun gia ngi mua v ngi bn (nu c).
IV - Nhn v kim tra chng t
Qu khch hng s nhn b chng t giao hng theo L/C ti tr s NHNT. Sau khi nhn chng t
Qu khch cn kim tra i chiu gia ni dung L/C vi cc chng t nhn c, trng hp c
nhng khc bit gia L/C vi chng t trong vng 03 ngy lm vic Qu khch cn thng bo gp
cho NHNT khiu ni ngn hng nc ngoi.
NHNT giao chng t khi Qu khch chp nhn thanh ton b chng t v cc chi ph lin quan
(nu c).
V - Yu cu pht hnh Bo lnh/ u quyn nhn hng theo L/C.
NHNTVN thc hin pht hnh bo lnh nhn hng khi cha c vn n gc hoc pht hnh th u
quyn nhn hng hoc k hu vn n Qu khch c th nhn hng theo L/C.
iu kin NHNT pht hnh Th bo lnh - Th u quyn nhn hng, k hu vn n gc:
Qu Khch cn k qu 100% tr gi ha n, hoc y quyn cho NHNT khoanh s tin tng ng
trn ti khon tin gi hoc ghi n ti khon tin vay khi thanh ton v tu tng trng hp Qu
khch cn xut trnh nhng giy t sau:
1 - Pht hnh Th bo lnh nhn hng: khch hng phi c Th yu cu pht hnh bo lnh (theo
mu.pdf) km 01 bn sao vn n ng bin hoc vn n hng khng v 01 bn sao ho
n do ngi xut khu gi trc tip.
2 - Pht hnh Th u quyn nhn hng: khch hng phi c Th yu cu pht hnh U quyn
nhn hng (theo mu.pdf) km 01 bn gc vn n hng khng ghi ngi nhn hng l NHNT
km 01 bn sao ho n.
3 - K hu vn n ng bin: khch hng phi c Th yu cu k hu vn n (theo mu.pdf)
km 01 bn gc vn n ng bin v 01 bn sao ho n.
VI - Thanh ton L/C:
NHNT s trch tin t ti khon c ch nh ca Qu khch hng thanh ton cho ngn
hng nc ngoi theo quy nh ca L/C khi nhn c b chng t hon ton ph hp vi cc iu
kin, iu khon ca L/C.
VII - Hy b L/C
Nu Qu khch c yu cu hu L/C cn lu NHNT khng chp nhn hu L/C trong trng hp:
1 - Khch hng nhn hng thng qua bo lnh nhn hng ca NHNT.
2 - C tranh chp thng mi mc d hai bn mua bn tho thun nhng cha c s chp
thun hu L/C ca cc Ngn hng lin quan.
VIII - Nhng im cn lu khi la chn hnh thc thanh ton bng L/C i vi ngi
Nhp khu/Ngi m L/C.
1. Trc khi m L/C, ngi mua cn tha thun c th vi ngi bn v cc khon thanh ton, lch
giao hng, phng tin giao hng, v cc chng t cn xut trnh.
2. Ngi mua phi nhn thc rng L/C khng phi l hnh thc thanh ton an ton tuyt i v
ngn hng ch giao dch trn chng t ch khng bit n hng ha. Nu chng t ph hp vi cc
iu kin, iu hon ca L/C th ngi mua phi tr tin mc d hng ha giao khng ng vi
hp ng.
3. m bo chc chn l L/C ph hp vi hp ng

4. Cc iu kin ca L/C phi m bo ngn gn, d hiu, khng nn a vo L/C cc ni dung qu

chi tit v cc quy cch k thut qu phc tp.
5. Trong qu trnh giao dch nu c nghi ng, Qu khch hng nn lin h ngay vi NHNT phi
hp x l.
6. Ngi mua cm xem xt trnh ri ro do bin ng t gi ngoi t.
S hiu ca th tn dng: to thun tin trong vic trao i thng tin gia cc bn c lin quan
trong qu trnh giao dch thanh ton v ghi vo cc chng t lin quan trong b chng t thanh
ton.
a im v ngy m th tn dng:
a im m th tn dng l ni ngn hng m pht hnh th tn dng cam kt tr tin cho
ngi hng li. a im ny c ngha quan trng, v n lin quan n vic tham chiu lut l
p dng, gii quyt nhng bt ng xy ra (nu c).
Ngy m L/C: l ngy bt u pht sinh v c hiu lc s cam kt ca ngn hng m L/C i vi
ngi hng li; l ngy ngn hng m chnh thc chp nhn n xin m ca ngi NK; l ngy
bt u tnh thi hn hiu lc ca L/C v cng l cn c ngi XK kim tra xem ngi NK c m
L/C ng thi hn khng...
Loi th tn dng: khi m L/C ngi yu cu m phi xc nh c th loi L/C. Mi loi L/C khc
nhau quy nh quyn li v ngha v nhng ngi lin quan ti th tn dng cng khc nhau.
Tn, a ch ca nhng ngi lin quan n phng thc tn dng chng t :
+ Ngi yu cu m th tn dng
+ Ngi hng li
+ Ngn hng m th tn dng
+ Ngn hng thng bo
+ Ngn hng tr tin (nu c)
+ Ngn hng xc nhn (nu c)
S tin ca th tn dng:
S tin phi c ghi va bng s v bng ch v phi thng nht vi nhau. Tn n v tin t phi
ghi c th, chnh xc. Khng nn ghi s tin di dng mt con s tuyt i, v nh vy s c th
kh khn trong vic giao hng v nhn tin ca bn bn. Cch tt nht l ghi mt s lng gii
hn m ngi bn c th t c.
Thi hn hiu lc ca th tn dng
L thi hn m ngn hng m cam kt tr tin cho ngi hng li, nu ngi ny xut trnh c
b chng t trong thi hn hiu lc v ph hp vi quy nh trong th tn dng
Thi hn tr tin ca th tn dng:
Lin quan n vic tr tin ngay hay tr tin v sau (tr chm). iu ny hon ton tu thuc vo
quy nh ca hp ng thng mi k kt.
Thi hn tr tin c th nm trong thi hn hiu lc ca th tn dng (nu tr tin ngay) hoc nm
ngoi thi hn hiu lc (nu tr chm). Trong trng hp ny, cn lu l hi phiu c k hn phi
c xut trnh chp nhn trong thi hn hiu lc ca th tn dng.
Thi hn giao hng:
c ghi trong th tn dng v cng do hp ng mua bn ngoi thng quy nh. y l thi hn
quy nh bn bn phi chuyn giao xong hng cho bn mua, k t khi th tn dng c hiu lc.
Thi hn giao hng lin quan cht ch vi thi hn hiu lc ca th tn dng. Nu hai bn tho
thun ko di thi gian giao hng thm mt s ngy th ngn hng m th tn dng cng s hiu
rng thi hn hiu lc ca th tn dng cng c ko di thm mt s ngy tng ng.
Nhng ni dung lin quan ti hng ho: tn hng,s lng,trng lng, gi c, quy cch phm
cht, bao b, k m hiu... cng c ghi c th trong ni dung th tn dng.
Nhng ni dung v vn chuyn giao nhn hng ho: iu kin c s v giao hng (FOB, CIF...),
ni giao hng, cch vn chuyn, cch giao hng,... cng c th hin y v c th trong ni
dung th tn dng.
Cc chng t m ngi hng li phi xut trnh:
y cng l mt ni dung rt quan trng ca th tn dng. B chng t thanh ton l cn c
ngn hng kim tra mc hon thanh ngha v chuyn giao hng ho ca ngi xut khu
tin hnh vic tr tin cho ngi hng li.

Ngn hng m th tn dng thng yu cu ngi hng li p ng nhng yu t lin quan ti

chng t sau y:
+ Cc loi chng t phi xut trnh: cn c theo yu cu c tho thun trong hp ng
thng mi
Thng thng mt b chng t gm c:
\ Hi phiu thng mi (Commerial Bill of Exchange)
\ Ho n thng mi (Commercial Invoice)
\ Vn n hng hi (Ocean Bill of Lading)
\ Chng nhn bo him (Insurance Policy)
\ Chng nhn xut x (Certificate of Origin)
\ Chng nhn trng lng (Certificate of quality)
\ Danh sch ng gi (packing list)
\ Chng nhn kim nghim (Inspection Certificate)
+S lng bn chng t thuc mi loi
+ Yu cu v vic k pht tng loi chng t
S cam kt ca ngn hng m th tn dng
y l ni dung rng buc trch nhim mang tnh php l ca ngn hng m th tn dng i vi
th tn dng m mnh m. V d: phn cam kt trong mt th tn dng thng c din t
nh sau:
Chng ti cam kt vi nhng ngi k pht hoc ngi cm phiu trung thc rng cc hi phiu
c k pht v chit khu ph hp vi cc iu khon ca th tn dng ny s c thanh ton
khi xut trnh v cc hi phiu c chp nhn theo iu khon ca tn dng s c thanh ton.
THANH TON TRC TIP (chuyn tin)
Thanh ton trc tip l hnh thc thanh ton theo ngh ca Bn vay, nh ti tr s chuyn tin
thanh ton trc tip cho nh thu/ngi cung cp. Hnh thc ny thng p dng trong cc trng
hp thanh ton theo tin thc hin cho cc hp ng xy lp ln, hp ng t vn hay thanh
ton cho cc hp ng nhp khu hng ho vi s lng nh khng cn thit phi m L/C.
i vi cc d n JBIC ti tr th hnh thc ny gi l hnh thc rt vn chuyn tin v ch p dng
i vi cc n rt vn bng ng Vit Nam.
1.1 rt vn thanh ton trc tip tng ln Ban Qun l d n gi cc ti liu sau n B Ti
chnh (V Ti chnh i ngoi):
n rt vn v cc sao k i km theo mu quy nh v cng vn ngh rt vn;
Ho n/yu cu thanh ton ca nh thu;
Phiu gi thanh ton c C quan kim sot chi xc nhn . Trng hp thanh ton tm ng
phi c phiu gi thanh ton tm ng c C quan kim sot chi xc nhn.
Trong nhng trng hp c bit, B Ti chnh c th yu cu Ban Qun l d n cung cp cc ti
liu gii trnh b sung.
1.2 Trong vng 5 ngy lm vic k t ngy nhn c y h s hp l, B Ti chnh (V Ti
chnh i ngoi) s xem xt v k n rt vn gi nh ti tr.
i vi cc d n do WB v ADB ti tr, trong vng 5 ngy lm vic k t ngy nhn c y
h s hp l, B Ti chnh (V Ti chnh i ngoi) c kin bng vn bn gi Ban qun l d n
v ngn hng phc v. Trong vng 2 ngy lm vic, k t khi c kin ca B Ti chnh, Ngn
hng phc v cng Ban qun l d n k vo n rt vn v gi nh ti tr.
Nh ti tr xem xt n xin rt vn nu chp nhn s chuyn tin trc tip vo ti khon ca nh
thu. i vi d n JBIC vic chuyn tin thanh ton vo ti khon ca nh thu s thng qua
ngn hng phc v.
2. Quy trnh rt vn theo th tc Th cam kt, hoc thanh ton bng L/C khng cn th
cam kt:
2.1 Th tc th cam kt l hnh thc theo ngh ca bn vay, nh ti tr pht hnh mt Th cam
kt m bo tr tin cho ngn hng thng mi i vi khon tin hay s thanh ton bng Th
tn dng (L/C).
Hnh thc ny thng p dng trong trng hp thanh ton hng nhp khu bng L/C v thanh
ton phn ngoi t trong cc hp ng ca cc d n JBIC.
Ban Qun l d n gi n B Ti chnh (V Ti chnh i ngoi) cc ti liu sau:

- Cng vn ngh B Ti chnh cho php m L/C v ngh pht hnh Th cam kt km n xin
rt vn v cc sao k theo mu quy nh (i vi d n ca JBIC khng yu cu np n xin rt
vn v cc sao k).
Trong vng 5 ngy lm vic k t ngy nhn y h s hp l, cn c vo cng vn ngh v
quy nh trong hp ng, B Ti chnh (V Ti chnh i ngoi) xem xt c vn bn chp thun m
L/C gi Ban Qun l d n v ngn hng phc v. Cn c vo kin ng ca B Ti chnh, trong
vng 2 ngy lm vic, k t khi c kin ca B Ti chnh, Ngn hng phc v lm th tc ngh
ngn hng phc v nc ngoi m L/C v thng bo cho nh ti tr ngh pht hnh th cam kt
(trng hp d n JBIC) hoc cng Ban qun l d n k vo n rt vn gi nh ti tr ( trng
hp d n ca WB, ADB).
Nh ti tr xem xt th ngh hoc n xin rt vn, nu chp nhn s pht hnh Th cam kt.
2.2 Thanh ton bng L/C khng cn th cam kt (p dng i vi mt s d n ti tr song
phng):
Ban Qun l d n gi n B Ti chnh (V Ti chnh i ngoi) cc ti liu sau:
- Cng vn ngh B Ti chnh cho php m L/C .
Trong vng 5 ngy lm vic k t ngy nhn h s hp l, B Ti chnh c vn bn chp thun
m L/C gi Ban qun l d n v ngn hng phc v.
3. Quy trnh rt vn theo th tc hon vn, th tc hi t:
Thanh ton Hon vn l hnh thc nh ti tr ti tr cho cc khon chi ca d n pht sinh,
c bn vay thanh ton bng ngun vn ngn sch hoc ngun t c. Hnh thc ny thng p
dng trong cc trng hp thanh ton mua sm nh, thanh ton mt s hng mc xy dng c
bn.
Thanh ton hi t l hnh thc nh ti tr ti tr cho nhng khon chi ca d n pht sinh,
c bn vay thanh ton bng ngun vn ngn sch hoc ngun vn t c trc khi hip nh vay
c hiu lc. Hnh thc ny ch p dng khi c nh ti tr tho thun ng t khi chun b d
n v c a vo ni dung ca hip nh vay.
rt vn theo hnh thc hon vn (hoc hi t), Ban qun l d n gi cc ti liu sau n B Ti
chnh (V Ti chnh i ngoi):
3.1 Rt vn v thanh ton theo phng thc Ti khon c bit i vi vn vay JBIC:
a. M Ti khon c bit v rt vn ln u:
Theo s u nhim ca B Ti chnh (V Ti chnh i ngoi), Ngn hng ngoi thng Vit Nam m
Ti khon c bit bng tin Yn, v Ti khon li ca Ti khon c bit ti Ngn hng Tokyo
Mitsubishi do B Ti chnh (V Ti chnh i ngoi) lm ch ti khon.
Trong nc, B Ti chnh (V Ti chnh i ngoi) ngh Ngn hng Ngoi thng Vit Nam m
cc ti khon chuyn dng i ng vi Ti khon c bit v Ti khon li ca Ti khon c bit
do B Ti chnh (V Ti chnh i ngoi) l ch ti khon theo di v hch ton s tin rt v
s tin li pht sinh trn Ti khon c bit cng nh vic tr n sau ny.
B Ti chnh (V Ti chnh i ngoi) k n ngh rt vn ln u gi nh ti tr vi gi tr theo
quy nh ti hip nh, nhng ti a khng qu 50% gi tr hip nh. K rt vn u tin khng
cn chng t km theo.
b. Thanh ton t Ti khon c bit:
i vi phn chi bng ng Vit Nam:
Ch u t/BQLDA tp hp chng t gi C quan kim sot chi thc hin vic kim sot chi
theo quy nh hin hnh.
Sau khi c xc nhn ca C quan kim sot chi, Ch u t/BQLDA lp h s gi B Ti chnh (V
Ti chnh i ngoi) gm: Giy ngh thanh ton ca nh thu c xc nhn ca Ch u t, bng
tng hp cc khon rt vn (Accumulated payment claimed and paid), ho n, phiu gi thanh
ton c xc nhn ca C quan kim sot chi. Trng hp thanh ton ng trc th cn c thm Bo
lnh tm ng do ngn hng c Ch u t chp nhn cp.
Trong vng 7 ngy k t khi nhn h s hp l, B Ti chnh hoc c quan c B Ti chnh u
quyn c cng vn ngh Ngn hng Ngoi thng Vit Nam chuyn tin thanh ton theo
ngh ca Ch u t. Trong vng 3 ngy sau khi nhn c cng vn ngh, Ngn hng Ngoi
thng Vit Nam thc hin chuyn tin, sau gi B Ti chnh cc Giy bo chuyn tin km
theo chng t chuyn tin ca ngn hng B Ti chnh lm th tc rt vn b sung vo Ti
khon c bit.

i vi phn chi bng ngoi t thanh ton cho cc L/C nhp khu:
B Ti chnh u nhim cho Ngn hng Ngoi thng Vit Nam c t ng trch Ti khon c
bit thanh ton cho cc L/C nhp khu theo ng quy nh v phng thc thanh ton bng
L/C.
Sau khi thanh ton, Ngn hng Ngoi thng Vit Nam sao b chng t nhp khu km theo xc
nhn thanh ton gi B Ti chnh (V Ti chnh i ngoi) lm th tc rt vn b sung Ti
khon c bit.
c. Rt vn b sung Ti khon c bit:
B Ti chnh tp hp chng t thanh ton ca Ngn hng Ngoi thng Vit Nam km theo bn
sao Giy ngh thanh ton i vi cc khon chi bng ng Vit nam, hoc b chng t nhp
khu km theo giy xc nhn thanh ton ca Ngn hng Ngoi thng Vit Nam v gi n rt
vn b sung cho JBIC.
Nu gi tr khon rt vn u tin bng 50% gi tr hip nh, cc ln rt vn b sung sau s
ch c rt 50% gi tr ngh. Nu gi tr khon rt vn ln u t hn 50% gi tr hip nh, B
Ti chnh (V Ti chnh i ngoi) c rt 100% gi tr ngh n khi tng gi tr vn rt
bng 50% gi tr hip nh. Sau cc ln rt vn b sung tip theo s ch c b sung bng
50% gi tr ngh rt vn m bo khi gii ngn 100% gi tr hip nh th nh ti tr cng tp
hp c y chng t rt vn.
Kim tra L/C l khu cc k quan trng trong vic thc hin phng thc tn dng chng t. Nu
khng pht hin c s ph hp gia L/C vi hp ng m ngi xut khu c tin hnh giao
hng theo hp ng th s khng i c tin, ngc li nu giao hng theo yu cu ca L/C th
vi phm hp ng.
C s kim tra L/C l hp ng mua bn ngoi thng.
Cc ni dung L/C cn kim tra k:
1. S hiu, a im v ngy m L/C ( No of L/C, place and date of issuing)
- Mi L/C u c s hiu ring dng trao i th t, in tn c lin qua n L/C v ghi vo
cc chng t c lin quan trong b chng t thanh ton
- a im m L/C: c ngha trong vic chn lut p dng khi xy ra tranh chp ( nu c)
- Ngy m L/C : l cn c nh xut khu kim tra xem nh nhp khu c m L/C ng hn hay
khng.
2. Tn ngn hng m L/C ( opening bank; issuing bank)
Ngn hng thng bo s kim tra xem tn v a ch ngn hng m L/C c tht khng. Cn ngi
xut khu kim tra xem L/C c c m ng ti ngn hng nh tho thun trong hp ng
mua bn ngoi thng hay khng.
3. Tn v a ch ngn hng thng bo ( advising bank), ngn hng tr tin ( negotiating bank
or paying bank), ngn hng xc nhn ( confirming bank)
4. Tn v a ch ngi th hng ( beneficiary hoc L/C c ghi In favour of...)
5. Tn v a ch ngi m L/C
6. S tin ca L/C ( amount)
S tin ca L/C va ghi bng s va ghi bng ch v phi thng nht vi nhau. Tn ca n v tin
t phi ghi r rng, phi kim tra k xem c ph hp vi hp ng khng.
7. Loi L/C ( form of documentary credit)
i vi nh xut khu, ngn hng khuyn co loi L/C c li nht l L/C khng hu ngang min
truy i ( Irrevocable without recourse L/C)
Nu l hng c gi tr ln, ngn hng pht hnh khng phi l ngn hng c uy tn th nn la
chn L/C c xc nhn
8. Ngy v a im ht hiu lc ca L/C
- Khi kim tra phi lu : Ngy ht hiu lc ca L/C phi sau ngy m L/C ( date of issue) v sau
ngy giao hng mt khong thi gian hp l, thng c tnh bng khong thi gian giao hng
cng vi thi gian lp v kim tra chng t ca ngi bn, cng vi thi gian lu gi v chuyn
chng t t ngn hng ngi bn qua ngn hng m L/C.
Hin nay ti cc cng ty xut nhp khu ti Tp H Ch Minh, thi gian lp b chng t trung bnh
khong 3-4 ngy.
Thi gian lu gi chng t ti Vietcombank HCM l 2 ngy.
S ngy chuyn chng t bng DHL t Vit Nam:

+ i Nht Bn, Triu Tin, Singapore, Hng Kng mt 3-4 ngy;

+ i Chu u: Italia, c, B... mt 5-7 ngy.
S ngy chuyn chng t bng th m bo t VIt Nam:
+ n cc nc chu ht 5-7 ngy;
+ n cc nc Chu u ht 10-15 ngy
- a im ht hiu lc : thng l ti nc ngi bn
9. Thi hn giao hng ( shipment date or time of delivery)
Thi hn giao hng c th c ghi nh sau:
* Ngy giao hng chm nht hay sm nht: shipment must be effected not later than ... hoc ghi
time of delivery: latest December 31st, 2000 or earliest September 1st, 2001
* Trong vng : shipment must be effected during....
* Khong: shipment must be about...'
* Ngy c th: shipment must be effected on....
Trong trng hp hp ng quy nh thi gian giao hng bng cch no th L/C phi quy nh bng
cch y cn c vo hp ng ,ngi xut khu kim tra xem ngi nhp khu c m L/C theo
ng nh vy khng?
10. Cch giao hng
C nhiu cch giao hng khc nhau m ngi np khu c th c th ho trong L/C nh
- giao hng mt ln: partial shipment not allowed
- Giao hng nhiu ln trong thi gian quy nh, s lng quy nh; partial shipment allowed:
+ during October 2000: 100 MTS
+ during November 2000: 100 MTS
- Giao hng nhiu ln nhng quy nh gii hn trng lng ca mi chuyn, gii hn s chuyn:
Total 1000MTS, each shipment minimum 50 MTS to maximum 100 MTS the interverning period
between 20 to 10
- Giao nhiu ln, mi ln c s lng nh nhau: Shipment is equal monthly in September, October,
November and December 2000 for total 4000 MTS
11. Cch vn ti
- Trong L/C cho php chuyn ti hay khng, nu cho php th phi ghi transshipment permitted;
khng cho php ghi : transhipment not allowed
- Chuyn ti c th thc hin ti mt cng ch nh do ngi chuyn ch v ngi nhp khu la
chn : transhipment at....port with through Bill of Lading acceptable
Ngi xut khu khng th chp nhn L/C quy nh vic chuyn ti mt cch cng nhc khin cho
ngi xut khu gp kh khn hoc khng th thu phng tin vn ti ph hp.
12. Phn m t hng ho ( Description of goods)
Ngi xut khu phi kim tra: tn hng, quy cch, s lng hoc trng lng hng, gi c hng
ho ph hp vi hp ng ngoi thng tho thun khng? Ngi bn c nng lc thc hin
hay khng?
13. Cc chng t thanh ton ( documents for payment)
Khi nhn L/C, ngi xut khu phi kim tra k quy nh v b chng t trn cc kha cnh:
- S loi chng t phi xut trnh
- S lng chng t phi lm i vi tng loi ( thng thng lp 3 bn)
- Ni dung c bn c yu cu i vi tng loi
- Thi hn mun nht phi xut trnh cc chng t
- Quy nh cch thc tr tin
Trong hp ng quy nh cch no th L/C phi quy nh bng cch .
1. Ri ro do ngi xut khu khng cung cp hng ho
Bin php:
- Tm hiu bn hng k lng
- Tham kho kin ngn hng v qu trnh kinh doanh ca ngi xut khu
- Quy nh trong hp ng iu khon Penalty, trong quy nh pht bn no khng thc hin
ngha v ca mnh mt cch y
- Yu cu c hai bn k qu ti mt ngn hng m bo thc hin hp ng

- Yu cu nhng cng c ca ngn hng nh: Standby L/C, Bank Guarantee, Performance Bond..
( ch p dng i vi nhng hp ng ln v khch hng khng quen bit nhau) m bo quyn
li nh nhp khu
2. Ri ro do th/ton da trn chng t gi, chng t khng trung thc, mu thun gia
hng ho v chng t
Bin php:
- Yu cu v ni dung v hnh thc chng t phi rt cht ch, khng yu cu chung chung.
- Chng t phi do nhng c quan ng tin cy cp
- Vn n do hng tu ch danh lp. Khi xp hng ho phi c s gim st ca i din pha nh
nhp khu kp thi i chiu s tht gi ca vn n v lch trnh tu ( i vi l hng c gi tr
ln)
- ngh nh xut khu gi thng 1/3 b vn n gc ( bn chnh) thng ti nh nhp khu
- Ho n thng mi i hi phi c s xc nhn ca i din pha nh nhp khu hoc ca
Phng Thng mi hoc ho n lnh s ( Consular's invoice)
- Giy chng nhn cht lng do c quan c uy tn nc xut khu hoc quc t cp hoc c s
gim st kim tra v k xc nhn vo giy chng nhn ca i din pha nh nhp khu
- Giy chng nhn s lng cng phi c s gim st ca i din pha nh nhp khu hoc i
din thng mi Vit Nam
- Cung cp giy chng nhn kim tra ( Certificate of inspection)
3. Cc ri ro khc nh: la chn hng tu khng tin cy, h hng hng ho do xp hng
khng ng quy nh
Bin php:
- Ginh quyn ch ng thu tu ( nhp khu theo iu kin nhm F)
- Ch nh hng tu ni ting, c bit nn thu tu ca cc hng c vn phng giao dch ti nc
nh nhp khu
- Mua bo him cho hng ho
- Trong hp ng nn rng buc trch nhim ca nh xut khu trong vn xp hng ln tu nh
nhp khu theo iu kin FOB stowed, CFR stowed, CIF stowed...
Khi c sai st trong b chng t thanh ton trong phng thc L/C, c th gii quyt theo mt
trong ~ :
1. Ngi xut khu cam kt ming vi ngn hng ca mnh v nhng sai st trong b
chng t c th/ton.
Ngn hng s chp nhn thanh ton trong trng hp ny khi b chng t c sai st nh. Cch
ny ch ph bin khi c s tn nhim ln nhau.
Khi :
- Ngi xut khu phi c tnh trng ti chnh kh quan v l khch hng quen thuc ca ngn
hng
- Trong mt vi trng hp, ngn hng giao dch c th gi li mt s tin trong ti khon ch n
lc ngn hng m cho php gii to.
2. Ngi xut khu vit th cam kt bi thng
Theo tp qun, ngi xut khu c th nh ngn hng ca mnh chit khu cc chng t bng th
cam kt bi thng ca mnh d c cc sai bit i vi khch hng c tn nhim. Nu ngi xut
khu khng phi l khch hng ca ngn hng giao dch, vic bo lnh ca ngi xut khu phi
c chnh ngn hng ca mnh k xc nhn.
Khi vic thanh ton c thc hin theo th bi thng, ngi xut khu s phi chu trch
nhim hon ton v hu qu ca mi sai bit v c th b ngn hng chit khu yu cu hon tr
s tin nu ngi mua khng nhn b chng t.
3. Ngi xut khu in cho ngn hng pht hnh xin php thanh ton:
Nu th bi thng ca nh xut khu khng c ngn hng giao dch chp nhn hoc L/C cm
giao dch bng th bi thng, ngi xut khu c th yu cu ngn hng ca mnh in cho ngn
hng m xin c php thanh ton. Trong bc in, ngn hng giao dch thng m t ngn b
chng t lin h cng nh cc chi tit v cc sai bit chng t. Ngn hng giao dch ca ngi
xut khu thng phi mt vi ngy hoc mt tun nhn c in tr li. Ngi bn l ngi
phi chu ph in bo.
4. Ngi xut khu chuyn sang phng thc nh thu

Nu khng th s dng mt trong nhng cch trn, ngi xut khu c th yu cu ngn hng
giao dch gi b chng t vi trch nhim ca mnh v mi ri ro n ngn hng m nh thu.
Vi cch ny, ngi xut khu phi ch mt thi gian mi c thanh ton. Ngn hng m s hnh
ng nh mt ngn hng nh thu, s chuyn s tin thu c bng th hng khng cho ngi
xut khu thng qua ngn hng ca ngi ny. Nu gi tr hi phiu l mt s tin ln, ngi xut
khu nn yu cu ngn hng thu ngn chuyn s tin thu c trn bng in chuyn tin thu
c tin nhanh hn.
- Hi phiu c gi tr thanh ton phi l hi phiu bn gc, c ch k bng tay ca ngi k pht
trn hi phiu
- Kim tra ngy k pht hi phiu c trng hoc sau ngy B/L v trong thi hn hiu lc ca L/C
hay khng. V sau khi giao hng, nh xut khu hon tt b chng t gi hng ri mi k pht hi
phiu i tin.
- Kim tra s tin ghi trn hi phiu, s tin ny phi nm trong tr gi ca L/C v phi bng 100%
tr gi ho n.
- Kim tra thi hn ghi trn hi phiu c ng nh L/C quy nh hay khng. Trn hi phiu phi ghi
At sight nu l thanh ton tr ngay hoc at...days sight nu l thanh ton c k hn.
- Kim tra cc thng tin v cc bn lin quan trn b mt hi phiu: tn v a ch ca ngi k
pht ( drawer), ngi tr tin ( drawee). Theo UCP- 600, ngi tr tin l ngn hng m L/C.
- Kim tra s L/C v ngy ca L/C ghi trn hi phiu c ng khng?
- Kim tra xem hi phiu c k hu hay cha. Nu b chng t c chit khu trc khi
gi n ngn hng th trn mt sau hi phiu phi c k hu ca ngn hng thng bo hoc hi
phiu c k pht theo lnh ca ngn hng thng bo
Mt s trng hp bt hp l thng gp khi kim tra hi phiu
+ Hi phiu thiu hoc khng chnh xc v tn v a ch ca cc bn c lin quan
+ Hi phiu cha k hu
+ S tin ghi trn hi phiu bng s v bng ch khng khp nhau hay khng bng tr gi ho n
+ Ngy k pht hi phiu qu hn hiu lc ca L/C
+ S L/C v ngy m L/C ghi trn hi phiu khng chnh xc
Ho n
- Kim tra s bn c xut trnh c ng quy nh ca L/C khng?
- Kim tra cc d liu v ngi bn, ngi mua (tn cng ty, a ch, s in thoi...) so vi ni
dung ca L/C quy nh c ph hp khng?
- Ho n c ch k xc nhn ca ngi th hng hay khng? ( Lu theo UCP-500, nu L/C
khng quy nh thm th ho n khng cn k tn). Nu ho n khng phi do ngi th hng
lp th ho n c coi l hp l khi L/C c quy nh chp nhn chng t do bn th ba lp:
commercial invoice issued by third party is acceptable hay third party acceptable
- M t trn ho n c ng quy nh ca L/C hay khng?
- Kim tra s lng, trng lng, n gi, tng tr gi, iu kin c s giao hng, iu kin ng
gi v k m hiu hng ho c mu thun vi cc chng t khc nh phiu ng gi, vn n
ng bin hoc vn n hng khng...
- Kim tra ho n v cc d kin m ngn hng cp trong L/C, hp ng, quota, giy php
xut nhp khu... v cc thng tin khc ghi trn ho n: s L/C, loi v ngy m L/C, tn phng
tin vn ti, cng xp, cng d hng, s v ngy lp ho n c ph hp vi L/C v cc chng t
khc hay khng?
Bt hp l thng gp khi kim tra ho n thng :
- Tn v a ch ca cc bn c lin quan c ghi trn ho n thng mi khc vi L/C v cc
chng t khc
- S bn ho n pht hnh khng theo yu cu ca L/C
- S lng, n gi, m t hng ho, tng tr gi, iu kin ng gi v k m hiu hng ho trn
ho n khng chnh xc vi ni dung ca L/C
- S L/C v ngy m L/C khng chnh xc
- Cc d kin v vn ti hng ho khng ph hp vi B/L
- Khng c ch k theo quy nh ca L/C
Vn ti n
- Kim tra s bn chnh c xut trnh

- Kim tra loi vn n:

Vn n c nhiu loi nh vn n ng bin, vn n ng thu, vn n a phng
thc...Cn c vo quy nh ca L/C, cn kim tra xem loi vn n c ph hp khng?
- Kim tra tnh xc thc ca vn n:
Nh nhp khu phi kim tra vn n c ch k ca ngi chuyn ch ( hng tu) hoc i l ca
ngi chuyn ch hoc thuyn trng ca con tu hoc ngi giao nhn v t cch php l. Nu
ch c ch k ca ngi vn chuyn, khng nu t cch php l hoc khng nu y cc chi tit
lin quan t cch phpl ca ngi th chng t s khng c ngn hng thanh ton.
- Kim tra mc ngi gi hng. Tuy nhin, ngn hng vn chp nhn mt chng t vn ti m trn
bn th ba c cp cho d trong L/C khng quy nh nh vy.
-Kim tra mc ngi nhn hng: y l mc quan trng trn B/L v lun c quy nh r trong L/C
nn ngi lp vn n phi tun th quy nh ny mt cch nghim ngt.
Trong thc t, c hai cch ph bin quy nh mc Ngi nhn hng nh sau:
Made out to order blank endorsed ( B/L c lp theo lnh ngi gi hng v k hu trng).
Mc Ngi nhn hng trn B/L phi ghi to order v ngi gi hng s k hu trng mt sau
ca B/L Made out to order of Vietcombank Hochiminh City Branch. Mc ngi gi hng trn B/L
phi nu To the order of Vietcombank Hochiminh CIty Branch v ngi gi hng khngk hu. Nu
mc ny khng ghi chnh xc tn ngn hng Ngoi thng chi nhnh Tp H Ch Minh th vn n
cng khng c chp nhn.
- Kim tra mc thng bo ( Notify): ghi tn v a ch y ca ngi lm n xin m L/C.
- Kim tra tn cng xp hng ( port of loading) &cng d hng ( port of discharge) c ph hp vi
quy nh L/C ?
- Kim tra iu kin chuyn ti:
Nu L/C quy nh khng cho php chuyn ti ( transhipment prohibited), trn B/L khng c th
hin bt c bng chng no v s chuyn ti. Nu vic chuyn ti xy ra, ngn hng ch chp
nhn chng t ny khi tn cng chuyn ti, tn tu v tuyn ng phi c nu trn cng mt
vn n.
-Kim tra ni dung hng ho c nu trn B/L c ph hp vi quy nh trong L/C v cc chng t
khc ?
Ni dung ny bao gm: tn hng ho, k m hiu hng ho, s lng, s kin hng ho, tng
trng lng hng ho. c bit ngn hng thng ch n mc k m hiu hng ho ghi trn
thng hng, s hiu container hoc s hiu l hng c gi trn tu vi ni dung L/C v Packing
List.
- Kim tra c im ca vn n: c th l vn n xp hng ( shipped on board B/L) hoc v n
n nhn hng xp ( received for shipment B/L)- loi vn n ny khng c ngn hng chp
nhn v t chi thanh ton tr khi c s chp nhn ca ngi nhp khu.
- Kim tra mc cc ph: c ph hp vi quy nh ca L/C ?
Do nc ta, hng ho nhp khu ch yu theo iu kin giao hng CIF v CFR nn hu ht cc
L/C quy nh cc ph tr trc freight prepaid. Nu vn ti n nu cc ph phi thu freight to
collect th nh nhp khu s khng chp nhn chng t ny.
- Cn lu cc sa i b sung trn B/L phi c xc nhn bng ch k v con du ng thi
kim tra cc thng tin nh s L/C v ngy m, cc dn chiu cc chng t khc nh ho n, hp
ng ...
- Nh nhp khu phi kim tra ngy k pht vn n c hp l ?
Cc bt hp l thng gp vn n:
- Tn, a ch v cc thng tin khc v ngi gi hng, ngi nhn hng, ngi c thng bo
khng ph hp theo quy nh ca L/C
- Cc thay i b sung trn vn n khng c xc nhn ca ngi lp( ch k v con du)
-Vn n thiu tnh chnh xc thc do ngi lp vn n khng nu r t cch php l i vi trch
nhim chuyn ch l hng ny
- S L/C v ngy m L/C khng chnh xc
- Cc iu kin dng gi v k m hiu hng ho khng theo ng quy nh ca L/C
- S hiu container hay l hng khng khp vi cc chng t khc nh chng t bo him, ho
n...
Chng t bo him ( insurance policy/ insurance certificate)

- Kim tra loi chng t bo him c xut trnh c ng quy nh hay khng: chng th bo
him ( Insurance Policy) hay chng nhn bo him (Insurance Certificate)
- Kim tra s lng bn chnh c xut trnh theo quy nh ca L/C
- Kim tra tnh xc thc ca chng t bo him: Chng t bo him c c k xc nhn ca ngi
c trch nhim hay khng?
- Kim tra loi tin v s tin trn chng t bo him
Trong thc t cc L/C u quy nh gi tr bo him bng 110% tr gi ho n. Do vy thanh ton
vin s i chiu s tin trn chng t bo him v ho n theo quy nh ca L/C
- Kim tra tn v a ch ca ngi c bo him c ng theo quy nh ca L/C hay khng? ng
thi kim tra vic chuyn nhng quyn bo him hng ha c hp l hay khng? Ngoi tr c
quy nh khc, tn v a ch ca ngi c bo him phi l nh xut khu ( ngi th hng)
v vic chuyn nhng quyn bo him hng ho cho nh nhp khu phi c th hin bng
hnh thc k hu trng ( blank endorsed) tng t nh trng hp chuyn quyn s hu i vi
chng t vn ti
-Kim tra ngy lp chng t bo him: Cn c theo UCP 600 chng t bo him phi c lp
trc hoc trng vi ngy B/L. Nu ngy lp chng t bo him sau ngy lp vn n, ngn hng
s t chi thanh ton.
- Kim tra ni dung hng ho trn chng t bo him: cc m t v hng ho v s liu khc phi
ph hp vi L/C v cc chng t khc. Theo UCP-600, vic m t hng ho c th chung chung
nhng khng c mu thun vi L/C.
- Kim tra cc d kin v vn chuyn hng ho trn chng t bo him: tn tu, cng xp hng,
cng d hng c ph hp vi L/C hay khng?
- Kim tra cc c quan gim nh tn tht v ni khiu ni, bi thn phi ph hp vi quy nh
ca L/C.
- Kim tra ph bo him c thanh ton hay cha? ( i vi trng hp L/C quy nh phi ghi
r)
- Kim tra cc iu kin bo him c ph hp vi yu cu ca L/C hay khng?
Thng thng trong L/C quy nh iu kin bo him mi ri ro ( all risks), ri ro chin tranh ( war
risk), ri ro nh cng ( strike risk)... Kim tra phn ny, thanh ton vin cn c theo UCP-600
Cc bt hp l thng gp i vi chng t bo him:
- S bn chnh c xut trnh khng theo yu cu ca L/C
- Tn hoc a ch ca cc bn lin quan n chng t bo him khng chnh xc
- Chng t bo him khng k hu chuyn quyn s hu bo him hng ho cho nh nhp khu
- M t hng ho v nhng thng tin khc khng khp vi L/C hoc cc chng t khc
- Mua bo him sau khi giao hng lm tu hoc khng nu ngy lp chng t bo him
- Khng nu s lng bn chnh c pht hnh
- Khng nu hoc nu khng y cc iu kin bo him
- Khng nu t chc gim nh hng ho hoc ni khiu ni, bi thng theo quy nh L/C
Phiu ng gi (packing list)
- M t hng ho, s lng, trng lng hng trn mt n v bao gi c ph hp vi quy nh ca
L/C hay khng?
- iu kin ng gi c c nu chnh xc hay khng
-Cc thng tin khc khng c mu thun vi ni dung ca L/C v cc chng t khc.
Cc bt hp l thng gp i vi phiu ng gi:
- Khng nu hoc nu khng chnh xc iu kin ng gi theo quy nh trn L/C
- Thng tin v cc bn llin quan khng y v chnh xc
- Tng trng lng tng n v hng ho khng khp vi trng lng c chuyn hng
Cc chng t khc:
Ngoi cc chng t k trn, thanh ton vin cng s ch kim tra cc chng t sau theo nguyn
tc nu trn, trong c cc chng t sau:
- Giy chng nhn kim nghim, Giy chng nhn hun trng/ Giychng nhn kim dch thc vt
.. phi c lp hoc c xc nhn ngy tin hnh kim nghim/ kim dch l trc ngy giao hng
- Ho n bu in gi chng t ( Courier receipt) ngy nhn chng t phi nm trong thi hn
ca L/C, km theo xc nhn ca ngi nhn chuyn b chng t
- Giy chng nhn cht lng v s lng phi c lp theo quy nh ca L/C

- Giy chng nhn xut x do Phng thng mi v Cng nghip hoc ngi sn xut hoc ngi
th hng lp theo quy nh ca L/C
- Cc in, fax thng bo giao hng: thi hn thng bo phi ph hp vi quy nh ca L/C
Remittance
Thanh ton bng chuyn tin l mt phng thc thanh ton trong khch hng (ngi c yu
cu chuyn tin) yu cu ngn hng phc v mnh, chuyn mt s tin nht nh cho mt ngi
khc (ngi th hng) mt a im nht nh.
Quy trnh thanh ton bng chuyn tin
(1) Ngi xut khu chuyn giao hng v b chng t hng ho cho ngi nhp khu
(2) Ngi nhp khu sau khi kim tra hng ho (hoc b chng t hng ho), nu thy ph hp
yu cu theo tho thun i bn, lp th tc chuyn tin gi ngn hng phc v mnh
(3) Ngn hng chuyn tin lp th tc chuyn tin qua ngn hng i l (hoc chi nhnh)- ngn
hng tr tin
(4) Ngn hng tr tin thanh ton tin cho ngi th hng
Nh thu hi phiu km chng t (Documentary Collection) l phng thc nh thu trong ngi
xut khu sau khi hon thnh ngha v giao hng hay cung ng dch v tin hnh u thc cho
ngn hng phc v mnh thu h tin ngi nhp khu khng ch cn c vo hi phiu m cn
cn c vo b chng t hng ho gi km theo vi iu kin nu ngi nhp khu thanh ton
hoc chp nhn thanh ton th ngn hng mi trao b chng t cho ngi nhp khu nhn hng
ho.
Quy trnh nh thu km chng t:
(1) Ngi xut khu giao hng cho ngi nhp khu nhng khng giao b chng t hng ho
(2) Ngi xut khu gi hi phiu v b chng t hng ho n ngn hng nhn u thc nh
thu h tin ngi nhp khu
(3) Ngn hng nhn u thc chuyn hi phiu v b chng t sang ngn hng i l thng bo
cho ngi nhp khu
(4) Ngn hng i l chuyn hi phiu chp nhn n ngi nhp khu yu cu tr tin hoc chp
nhn tr tin
(5) Ngi nhp khu thng bo ng hay t chi tr tin
(6) Ngn hng i l trch ti khon ngi nhp khu chuyn tin sang cho ngn hng nhn u
thc thu ghi c cho ngi xut khu hoc l thng bo vic t chi tr tin ca ngi nhp
khu
(7) Ngn hng nhn u thc bo c hoc l thng bo vic t chi tr tin cho ngi xut khu
Nhn xt: Trong phng thc nh thu hi phiu km chng t, ngi xut khu ngoi vic u thc
cho ngn hng thu tin m cn nh ngn hng thng qua cic khng ch b chng t hng ho
buc ngi nhp khu phi tr tin hoc chp nhn tr tin. Nh vy phng thc ny m bo
kh nng thu tin hn phng thc chuyn tin v nh thu hi phiu trn.
Phng thc nh thu hi phiu trn (Clean Collection) l phng thc nh thu trong ngi xut
khu u thc cho ngn hng thu h tin t ngi nhp khu cn c vo hi phiu do mnh lp ra
cn chng t hng ho th gi thng cho ngi nhp khu, khng gi cho ngn hng.
Quy trnh nh thu hi phiu trn
(1) Ngi xut khu giao hng v b chng t hng ho cho ngi nhp khu
(2) Ngi xut khu lp hi phiu v u thc cho ngn hng thu h tin t ngi nhp khu
(3) Ngn hng nhn u thc chuyn hi phiu cho ngn hng i l thng bo cho ngi nhp
khu bit
(4) Ngn hng thng bo chuyn hi phiu cho ngi nhp khu yu cu chp nhn hay thanh
ton . Nu hp ng tho thun iu kin thanh ton D/A ngi nhp khu ch cn chp nhn
thanh ton, nu l D/P ngi nhp khu phi thanh ton ngay cho ngi xut khu
(5) Ngi xut khu thng bo ng tr tin hay t chi thanh ton
(6) Ngn hng i l trch tin t ti khon ca ngi nhp khu chuyn sang ngn hng u thc
thu ghi c cho ngi xut khu trong trng hp ngi nhp khu ng tr tin hoc thng
bo cho ngn hng u thc thu bit trong trng hp ngi nhp khu t chi tr tin.
(7) Ngn hng u thc thu ghi c v bo c cho ngi xut khu hoc thng bo cho ngi xut
khu bit vic ngi nhp khu t chi tr tin

Nhn xt: Trong phng thc nh thu hi phiu trn ngn hng ch ng vai tr trung gian trong
thanh ton bi v b chng t hng ho giao cho ngi nhp khu nn ngn hng i l khng
th khng ch ngi nhp khu c. V vy, ngi xut khu ch nn p dng phng thc ny
trong trng hp c quan h lu nm v tn nhim ngi nhp khu.
Xut khu: ng tng ''c L/C l c tin''!
i vi cc doanh nghip ln, c kinh nghim th vic la chn phng thc thanh ton v chun
b cc b chng t cn thit i tin hng xut khu l chuyn n gin. Tuy nhin, i vi cc
doanh nghip va v nh Vit Nam, vic thc hin n hng xut khu v i tin thanh ton
nc ngoi hay xy ra nhng trc trc trong khu thanh ton.
Trong cc giao dch xut khu hng ho t Vit Nam i cc nc, phng thc thanh ton ph bin
nht v c cc doanh nghip Vit Nam, nht l doanh nghip va v nh, a chung nht hin
nay l thanh ton theo tn dng chng t (gi tt l thanh ton L/C -Letter of Credit). Cc thng l
v tp qun lin quan n L/C c quy nh chi tit trong cc b quy tc UCP 500 ca Phng
Thng mi quc t.
V bn cht L/C l mt cam kt thanh ton c iu kin ca ngn hng pht hnh, do vy, nh
xut khu Vit Nam c th an tm v kh nng thanh ton ca ngi mua hng, nht l gn y,
hng Vit Nam xut i cc th trng mi nh Chu Phi, Trung ng hay xut hng cho cc doanh
nghip nh ca Trung Quc, i Loan... th kh nng thanh ton ca ngi mua l iu m doanh
nghip Vit Nam no cng lo ngi.
Tuy nhin bn thn L/C khng phi l cng c thanh ton an ton tuyt i cho doanh nghip xut
khu nh nhiu ngi thng lm tng, "c L/C l c tin". Chnh vic i tin theo L/C cng cha
ng rt nhiu ri ro m nhiu doanh nghip va v nh ca Vit Nam khng . Cc ri ro ny
xut pht t bn cht cam kt thanh ton c iu kin ca L/C.
L/C a ra rt nhiu iu kin rng buc i vi cc doanh nghip xut khu i c tin theo
L/C. Thc t thi gian qua ti Vit Nam, c rt nhiu doanh nghip do khng nn thng sai
st trong vic p ng cc iu kin ny. Cc sai st ny hon ton c kh nng l ngn hng s
t chi thanh ton L/C (thng thng th l do thc s t chi thanh ton l nhng bin ng th
trng v ngi mua vin dn nhng sai st ch l ci c m thi). Khi xut khu hng ho thanh
ton bng L/C, cc doanh nghip cn lu mt s im:
Kh nng tr hn giao hng so vi quy nh ca L/C: y l kh nng thng xy ra i vi cc
doanh nghip xut khu ca Vit Nam. iu ny xut pht t nhiu nguyn nhn khch quan v
ch qun. Do vy, khi nhn c thng bo L/C t ngn hng, doanh nghip cn cn nhc k thi
hn giao hng c kp doanh nghip sn xut hoc thu mua hng ho hay khng. Nu khng
kp, yu cu ngi mua tu chnh li hn giao hng cho kp. Nu khng, hng ho ang sn xut d
dang mi xin tu chnh th s rt b ng. c trng hp mt doanh nghip gia cng giy xut
khu ni ting ti thnh ph khng c ngi mua gia hn giao hng, phi m ton b l hng
m khng bit bn cho ai, dn n kit qu v ti chnh. Hoc cc doanh nghip ngnh may khi
hn giao hng qu gp, phi chu vn chuyn hng ho bng my bay th tin cc vn chuyn
lm doanh nghip t li thnh l nng.
C cu hng ho khng ging vi c cu hng c quy nh trong L/C: do trong L/C quy nh c
cu mt hng rt chi tit, n khi thu mua hng ho khng c cu nh L/C quy nh. iu ny
thng xy ra i vi cc doanh nghip ch bin xut khu thu hi sn, do khng ch ng c
c cu ngun nguyn liu ph hp vi c cu t hng ca ngi mua. Trong trng hp ny, khi
nhn c L/C nn yu cu ngi mua quy nh s linh hot v mt khi lng + - 5% hoc 10%
d xoay x.
Tr gi L/C khng nn quy nh mt s tin chnh xc: phi c s chnh lch (+ hoc -) 5% hoc
10% v tr gi, nu L/C quy nh s tin chnh xc th vic chun b mt l hng xut khu ng
nh tr gi L/C s rt kh khn v s dn n s khng ph hp.
Giao hng tng phn nu khng c php th phi ht sc lu v hng ho xut khu phi tp
trung cho s lng v tr gi mi giao c, iu ny c th dn n ng vn cho cc doanh
nghip va v nh, thng phi i vay tin chu li sut kinh doanh. Tt nht l nn quy nh
giao hng tng phn d ch ng trong vic xut hng.
Hn hiu lc L/C: i vi cc doanh nghip va v nh vn tit kim chi ph qun l, nhn vin
thng phi kim nhim 2 - 3 cng vic th vic chun b b chng t xut khu thng ko di rt

lu. Thng thng L/C ch cho php khong 2 - 3 tun hon chnh b chng t i tin v xut
trnh cho ngn hng.
Ngoi ra cn rt nhiu cc im sai st tuy nh nht khc nhng hon ton c th dn n nhng
tranh chp thit hi n quyn li ca pha doanh nghip xut khu. Tt nht l cc doanh nghip
va v nh nn nh b phn thanh ton quc t ca cc ngn hng t vn khi chun b cc b
chng t i tin sao cho cht ch, ph hp vi thng l quc t.
(Ngun: TGTM)
Letter of credit (L/C): A financial document issued by an issuing bank at the request of a
buyer (applicant) to a seller (beneficiary), which guarantees payment to the seller if the
terms and conditions specified in the L/C are fulfilled. It usually contains a brief description
of the goods, the documents required, shipping date and an expiry date after which
payment will no longer be made.
Issuing bank:
A bank which opens a letter of credit, thereby assuming the obligation to pay the beneficiary or
the correspondent bank if the documents presented are in accordance with the terms of the
letters of credit.
Confirming bank:
This is frequently the same institution as the Advising bank. The confirming bank will add its
commitment to that of the issuing bank to pay the beneficiary of a Letter of credit, provided that
all the documents are in order.
Advising bank:
Also known as the notifying bank. This is the bank operating in the exporter's country which
handles letter of credit on behalf of the foreign bank, by notifying the exporter that the credit has
been opened in his favour and informing him of the terms and conditions of the letter of credit. It
does not necessarily have responsibility for payment.
There are different types of L/C, according to the level of security they grant the beneficiary
(seller/exporter).
(1) Irrevocable Letter of Credit This can neither be modified nor cancelled without the
agreement of all the parties concerned. The payment by the issuing bank is guaranteed provided
that the beneficiary (seller/exporter) satisfies all the terms and conditions of the L/C.
A payment technique whereby the issuing bank's engagement is extended to third parties who
negotiate or purchase the beneficiary's draft/documents presented under the documentary credit.
This assures anyone who is authorized to negotiate the draft/documents that they will be duly
honoured by the issuing bank, provided the terms and conditions of the documentary credit are
fulfilled. A bank which effectively negotiates the draft/documents buys them from the beneficiary,
thereby becoming a holder in due course.
Irrevocable Straight Letter of Credit/Documentary Credit:
A payment technique implying that the obligation of the issuing bank is extended only to the
beneficiary in honouring the draft/documents and usually expires at the counter of the issuing
bank. This kind of Documentary Credit carries no commitment or obligation by the issuing bank
towards any person other than the named beneficiary.
(2) Revocable Letter of Credit: This may be modified or cancelled by the issuing bank at any
time and without notice to the beneficiary. However, payments or drafts negotiated within the
terms of the credit before receipt of the revocation or amendment notice from the issuing bank
remain validly binding for all parties. Negotiability is restricted to the advising bank and
confirmation is usually not available. The revocable letter of credit gives maximum flexibility to the
buyer but involves risks for the seller.
(3) Confirmed Irrevocable Letter of Credit: A L/C in which the responsibility of another bank
(the confirming bank, which is usually the same as the advising bank) has been added to that of
the issuing bank, upon authorization or request of the latter. The confirmation represents a
definite undertaking by the confirming bank, which obligates itself in the same manner as the
issuing bank. It is used to back up the credit standing of the issuing bank and to mitigate risk by
replacing a foreign bank risk with a domestic bank risk.

(4) Irrevocable Unconfirmed Letter of Credit: A L/C which has been advised through an
advising bank, acting as an agent of the issuing bank, without however assuming any
responsibility towards the beneficiary except for taking reasonable care to check the apparent
authenticity of the documentary credit which it advises.
(5) Revolving Letter of Credit: A type of L/C issued only once and through which the money
made available to the seller, after being drawn within a stated period of time, will again become
available in the future, usually under the same terms and without another L/C being issued. This
type of credit is used in connection with regular and ongoing purchases from a foreign supplier.
Revolving L/Cs may be revocable or irrevocable, and the revolving element may be linked to time
and/or value.
(6) Documentary Letter of Credit: A L/C where the issuing bank stipulates that certain
documents should accompany the draft. These documents assure the applicant (buyer/importer)
that the merchandise has been shipped, is in good condition and that title to the goods has been
transferred to the importer.
(7) Negotiable Letter of Credit: A L/C issued in such form that it allows any bank to negotiate
the documents.
See also Irrevocable Negotiation Letter of Credit, Irrevocable Straight Letter of Credit, Back-to-Back
letter of credit, Red Clause credit, Green Clause credit, Standby Letter of Credit.
Letter of Credit -Travellers (circular):
A L/C issued on behalf of a customer who plans to travel extensively. The customer pays for the
L/C when it is issued and can request payments from the correspondent banks indicated by the
issuing bank, during a specified period of time. The correspondent banks will honour the drafts up
to the amount of credit. Each bank which honours a draft endorses the L/C with the date the
payment was made, the bank's name, the amount drawn against the L/C and the charges to the
issuing bank's account.
Leverage:
A US term to indicate the degree to which a business is funded by loans rather than by
shareholders' equity (i.e. the indebtedness of a firm compared to its equity structure). This is
equivalent to gearing in UK terms.
Leveraged buy-out (LBO):
The take-over/acquisition of a company, financed largely by debt (i.e. loans and bonds) rather
than equity. The loans extended and the bonds issued to finance the take-over are usually secured
against the assets and cash flow of the target company (i.e. being bought). Due to the large
amount of debt relative to equity in the newly bought company, its bonds are typically junk bonds.
Leveraged lease:
A Lease arrangement whereby the lessor borrows a large proportion of the funds needed to
purchase an asset and then grants the lender a Lien on such asset, together with pledging the
lease payments to secure the borrowing.
Liabilities:
A companys obligations towards its creditors, suppliers, customers etc., as distinguished from
those to its owners, partners or shareholders. Liabilities consist of borrowed funds and must be
paid in the short-, medium- or long-term. Short-term debts, bank loans and overdrafts are often
known as current liabilities. With reference to banks, their liabilities are made up of deposits,
bonds and bills. Opposite: Assets.
Liability on bills of exchange:
A liability created by the signature on the bill of Exchange .
Lien:
A legal term indicating the right or claim of a creditor against the property of a debtor in
connection with secured debt financing. The creditor is entitled to hold such property until the
debt is paid or some other obligation is fulfilled.
Interbank Offered Rate (IBOR):
Also known as the interbank rate, this is the interest rate applied on short term loans between
banks and which serves as a reference rate for other types of loans, including buyer credit or

supplier credit. The interest rate terms are calculated daily and determined according to the
length of and currency of the loan. A number of financial centres offer an IBOR, including London
(LIBOR), Paris (PIBOR), Singapore (SIBOR), Zurich (ZIBOR), etc. The US Federal Funds Rate is also
an example of an interbank rate.
Buyer's credit:
A financial arrangement by which a bank, financial institution or export credit agency in the
country of the exporter extends a loan, either directly to the foreign buyer of the exported goods,
or indirectly through a bank in the buyer's country acting on his behalf. The credit is thus meant to
enable the buyer/importer to make payments due to the supplier/exporter under the contract. It is
typically a medium-to long-term loan.
Suppliers' credit:
A financing arrangement under which an exporter extends credit to a foreign importer to finance
his purchase. Usually the importer pays a portion of the contract value in cash and issues a
Promissory note or accepts a draft as evidence of his obligation to pay the balance over a period
of time. The exporter thus accepts a deferred payment from the importer, and may be able to
obtain cash payment by discounting or selling the draft or promissory notes created with his bank.
CHEQUE mun c hiu lc
1. Tiu SEC. Nu khng c tiu , ngn hng s t chi thc hin lnh ca ngi pht hnh
sc.
2. Ngy, thng, nm v a im pht hnh sc.
3. Ngn hng tr tin.
4. Ti khon ca ngi tr tin.
5. S tin. Ghi r rng, n gin s tin ca sc bng s v bng ch (phi thng nht vi nhau).
Nu c s khng thng nht gia hai cch ghi th cn c vo s tin ghi bng ch.
6. Tn v a ch ngi tr tin.
7. Tn v ch k ca ngi hng li v ti khon (nu c).
8. Ch k ca ngi pht hnh sc.
t mnh lnh v iu kin ca ngi ch ti khon, ra lnh cho ngn hng trch t ti khon ca
mnh tr cho ngi c tn trong sc, hoc tr theo lnh ca ngi y hoc tr cho ngi cm
sc mt s tin nht nh, bng tin mt hay bng chuyn khon.
Mt lnh tr tin mun c coi l sc th trc tin phi c tiu SEC ghi trn t lnh .
V sc l lnh nn khi ngn hng nhn c sc phi chp hnh lnh ny v iu kin, tr
trng hp ti khon pht hnh sc khng c tin hoc t sc khng tnh cht php l. S
tin ghi trn sc phi r rng, phi va ghi bng s v va ghi bng ch khp ng nhau, c
k hiu tin t. Trn sc phi ghi a im v ngy thng lp sc, tn a ch ca ngi yu
cu trch ti khon, ti khon c trch tr, ngn hng tr tin, tn a ch ca ngi hng
s tin trn sc, ch k ca ngi pht hnh sc. Nu l t chc th phi c ch k ca ch
ti khon, k ton trng v du ca t chc .
c im ca sc l c tnh cht thi hn, tc l t sc ch c gi tr tin t hoc thanh ton
nu thi hn hiu lc ca n cha ht i vi sc thng mi. Thi hn hiu lc ca t sc
c ghi r trn t sc. Thi hn d tu thuc vo phm vi khng gian m sc lu hnh v
lut php cc nc quy nh.
2 - Nhng ngi lin quan n sc:
Ngi pht hnh sc tr n gi l ngi pht hnh sc.Ngn hng thanh ton l ngi tr
tin. Ngi nhn tin l ngi hng li t sc. Sc c th chuyn nhng cho nhiu ngi
lin tip bng th tc k hu trong thi hn hiu lc ca sc.
3 - Cc loi sc:
C th chia thnh cc loi sau: sc ghi tn, sc v danh, sc theo lnh.
cn c vo gc khc c th chia ra : sc gch cho, sc gch cho thng, sc gch
cho c bit, sc chuyn khon, sc du lch, sc xc nhn.

A bill of exchange : a written order by the drawer to the drawee to pay money to the payee. The
most common type of bill of exchange is the cheque, which is defined as a bill of exchange drawn
on a banker and payable on demand. Bills of exchange are used primarily in international trade,
and are written orders by one person to his bank to pay the bearer a specific sum on a specific
date sometime in the future.
Cc thnh phn lin quan:
Ngi k pht hi phiu: thng thng l ngi bn, i din t chc xut khu, cung ng dch v.
Ngi chu trch nhim thanh ton hi phiu: l ngi m hi phiu gi n cho h, i tin h (c
th l ngi mua, ngn hng m L/C, ngn hng thanh ton, ...).
Ngi hng li hi phiu: trc ht l ngi k pht hi phiu, k n l ngi do ngi k pht
hi phiu ch nh trn hi phiu. Theo lut qun ch ngoi hi nc ta ngi hng li l cc
ngn hng kinh doanh i ngoi c ngn hng nh nc cp giy php.
c im ca hi phiu:
Tnh tru tng ca hi phiu:
trn hi phiu khng cn phi ghi ni dung quan h kinh t, m ch cn ghi r s tin phi tr l
bao nhiu v tr cho ai, ngi no s thanh ton, thi gian thanh ton khi no, ...
Tnh bt buc tr tin ca hi phiu:
Ngi tr tin ca hi phiu phi tr tin y ng theo yu cu ca t hi phiu. Ngi tr tin
khng c vin l do ring ca bn thn i vi ngi k pht hi phiu, tr trng hp hi phiu
c lp ra tri vi o lut chi phi n.
VD: Mt nh nhp khu t mua hng, sau khi k hp ng th nh nhp khu ny nhn c mt
hi phiu i tin hng v nh nhp khu k chp nhn tr tin vo t phiu do nh xut khu
gi n, hi phiu c chuyn sang tay ngi th ba th nh nhp khu bt buc phi tr
tin cho ngi cm phiu ny, ngay c trong trng hp nh xut khu vi phm hp ng khng
giao hng cho nh nhp khu.
Tnh lu thng ca hi phiu: Hi phiu c th c chuyn nhng mt hay nhiu ln trong thi
hn ca n. S d c c c im ny l nh vo tnh tru tng v tnh bt buc tr tin ca
hi phiu.
Hnh thc ca hi phiu:
Hnh mu hi phiu di hay ngn khng nh hng n gi tr php l ca n. Hi phiu c vit
tay hay in sn theo mu u c gi tr nh nhau. Thng thng ngi ta s dng hi phiu in sn
c nhng khong trng cho ngi k pht in vo nhng ni dung cn thit. Ngn ng tp lp
hi phiu bng mt th ting nht nh v thng nht vi ngn ng in sn trn hi phiu, thng
thng l bng ting Anh.
Khng c vit trn hi phiu bng bt ch, mc d phai, mc .
Hi phiu c lp thnh mt hay nhiu bn, thng thng l hai bn, mi bn c nh s th
t: bn th nht ghi s 1, bn th hai ghi s 2 v c gi tr ngang nhau, nhung ch c mt bn
c thanh ton. Hi phiu khng c bn chnh, bn ph.
Chp nhn hi phiu (Acceptance):
Hi phiu sau khi c k pht phi c xut trnh cho ngi tr tin ngi tr tin k chp
nhn tr tin, nht l i vi hi phiu c k hn. R rng l, mt hi phiu c k chp nhn
mi c s tin cy trong thanh ton.
Thng thng hi phiu c gi ti ngi tr tin, ngi ny k chp nhn bt c lc no trc
ngy ht hn xut trnh hi phiu. Thi hn chp nhn c th c gii thch trong hai trng hp:
Trng hp th nht: nu hai bn khng c qui nh g khc th ULB qui nh thi hn chp nhn l
12 thng k t ngy k pht hi phiu.
Trng hp th hai: nu hai bn qui nh r vi nhau trong hp ng mua bn hoc trong th tn
dng thi hn c th phi xut trnh hi phiu chp nhn, th hi phiu phi c xut trnh
chp nhn trong thi hn . VD: thi hn hiu lc ca th tn dng l 45 ngy, hay l ht hn 20

ngy k t sau ngy giao hng th thi hn chp nhn hi phiu ch trong vng 20 ngy , nu
qu 20 ngy , tc l L/C ht hiu lc, ngn hng m L/C s t chi thanh ton t hi phiu gi
n (nu l tr tin ngay) hoc t chi chp nhn hi phiu (nu l tr tin sau).
S chp nhn c ghi vo mt trc, g di bn tri ca t hi phiu v c thc hin bng
ch chp nhn (Accepted) vit k bn ch k ca ngi tr tin.
Ngoi cng thc chp nhn , ULB cn cho php ngi tr tin dng nhng ch khc tng t
th hin s chp nhn ca mnh nh xc nhn, ng , ng tr tin.
Nhng s chp nhn ca ngi tr tin c thc hin trn t hi phiu bng nhng ch m h, ti
ngha khin cho hi phiu mt tnh cht lut nh ca n s v gi tr.
Cng khng loi tr kh nng, ngi tr tin k chp nhn vo mt sau ca t hi phiu. phn
bit gia k chp nhn v k hu chuyn nhng, ngi tr tin dt khot phi tn trng ng
cng thc k chp nhn nu trn.
Trong thanh ton quc t, ngi ta loi tr s chp nhn bng vn th ring bit hoc chp
nhn gp nhiu hi phiu bng mt vn th chung. iu ny ULB coi l v hiu.
Ngy thng k chp nhn khng phi l mt yu cu bt buc ca cng thc k chp nhn. Song
trong thc tin s dng hi phiu, ngi ta thy c loi hi phiu i hi k chp nhn c ghi ngy
thng, c loi khng cn ghi ngy thng.
i vi phiu tr tin ngay X ngy, ngi nhp khu mun nhn b chng t thanh ton th phi
k chp nhn vo loi hi phiu tr ngay ny. Trong trng hp ny, ghi ngy thng k chp nhn
l khng cn thit. i vi hi phiu c k hn m vic qui nh k hn tr tin r rt, v d hi
phiu ghi X ngy k t ngy k pht bn th ... ca hi phiu ny hoc ghi n ngy ... tr cho
bn th ... ca hi phiu ny... th vic ghi ngy thng k chp nhn cng khng cn thit.
Song, i vi hi phiu c k hn c xc nh trong tng lai X ngy k t ngy nhn thy bn
th ... ca hi phiu ny... th ngy thng k chp nhn l ngy nhn thy hi phiu, l mc thi
gian tnh ra k hn ca hi phiu.
Tuy nhin ngi tr tin vn c quyn t chi khng chp nhn thanh ton hi phiu, nu nh s
t chi l hp l vi l do chng ng, chng hn nh: hng ho thc nhn khng ng vi hp
ng k kt v mt s lng, cht lng, chng loi hoc b chng t bt hp l khng ph
hp vi nhng iu khon, iu kin quy nh.
K hu hi phiu (Endorsement): th tc chuyn nhng quyn s hu hi phiu t
ngi hng li ny sang ngi hng li khc.
Vic k hu hi phiu c thc hin bng cch ngi k hu (Endorser) k chuyn chuyn vo
mt sau ca t hi phiu v trao cho ngi c chuyn nhng (Endorsee).
Hnh vi k hu c nhng ngha php l nh:
Tha nhn s chuyn quyn li hi phiu cho ngi khc c qui nh trong mt sau ca t hi
phiu. S k hu ny mang tnh cht tru tng, c ngha l ngi k hu khng cn phi nu l
do ca s chuyn nhng v cng khng cn phi thng bo cho ngi tr tin bit v s chuyn
nhng , m ngi c chuyn nhng nhin nhin tr thnh ngi hng quyn li hi phiu
.
Xc nh trch nhim ca ngi k hu v vic tr tin hi phiu i vi nhng ngi hng li hi
phiu . Ngi k hu khng nhng m bo rng ngi tr tin hi phiu c mc n s tin ghi
trn hi phiu m cn m bo rng mnh s tr tin hi phiu cho nhng ngi c chuyn
nhng nu nh ngi tr tin t chi thanh ton hi phiu .
K hu c ghi mt sau ca t hi phiu di cc hnh thc k hu sau:
_ K hu trng (Blank endorsement): trong hnh thc ny, ngi chuyn nhng ch n gin
l k tn vo mt sau v khng ch nh ngi c hng quyn li hi phiu. Vi cch k hu
ny, ngi no cm hi phiu s tr thnh ngi c hng li hi phiu v vic chuyn nhng

k tip ca ngi cm phiu ny khng cn phi k hu na, ch cn trao tay l . Ngi cm

phiu c th chuyn hnh thc k hu trng ny sang hnh thc k hu khc bng cch ghi
thm cu tr theo lnh ng (b)... nu l k hu theo lnh hoc chi tr cho ng (b)... nu l
k hu hn ch, ...
_ K hu theo lnh (To order endorsement) hay cn gi l k hu c bit (Special
endorsement): Vi cch k hu ny ngi chuyn nhng ch nh mt cch suy on ngi hng
li hi phiu. Ngi k hu ch ghi cu tr theo lnh ng (b) X (Pay to order of Mr (Mrs) X) v k
tn. Nh vy, ngi hng li hi phiu trong trng hp ny cha quy nh r rng, cn phi suy
on ch ca ng (b) X. Nu ng (b) X ra lnh tr cho mt ngi khc th ngi s tr thnh
ngi hng li hi phiu, nu ng (b) X im lng th ngi hng li hi phiu ng nhin l ng
X.
Vi cch k hu ny, hi phiu s c chuyn nhng k tip nhau n khi no ngi hng li
cui cng khng k hu chuyn nhng na, nhng phi trc khi hi phiu n hn tr tin. V
vy k hu theo lnh l loi k hu rt thng dng trong thanh ton quc t.
_ K hu hn ch (Restricitve emdorsement): l vic k hu ch nh ch danh ngi hng li
hi phiu v ch ngi m thi. Ngi k hu ghi cu Ch tr cho ng (b) X v k tn. i vi
loi k hu ny, ch c ng (b) X mi nhn c tin ca hi phiu, do ng (b) X khng th
chuyn nhng tip hi phiu ny cho ngi khc bng th tc k hu na.
_ K hu mim truy i (Without recourse endorsement): l vic k hu m ngi k hu ghi
cu Min truy i ngi k hu vi mt trong ba loi k hu nu trn. V d: Tr tin theo lnh
ng (b) X, mim truy i v k tn. i vi loi k hu ny, mt khi hi phiu b t chi tr tin
th ng (b) X khng c truy i li tin ca ngi k hu trc tip ca mnh. Nu hi phiu c
nhiu ngi k hu theo lnh u ghi ch Min truy i vo ch k hu ca mnh, cn c mt
hay nhiu ngi khng ghi ch Min truy i , th ng nhin nhng ngi ny khng c
hng quyn min truy i, khi hi phiu b t chi thanh ton, h phi ng ra thanh ton cho
ngi hng li k tip. K hu min truy i cng l mt loi k hu c s dng nhiu trong
thanh ton quc t.
_ K hu bo lu (Conditioanl endorsement): l vic k hu chuyn nhng hi phiu cho mt
ngi nu ngi ny thc hin nhng quy nh do ngi k hu ra.
* Bo lnh hi phiu (Guarantee): s cam kt ca ngi th ba tr cho ngi hng li khi hi
phiu n hn tr tin. Thng thng ngi ng ra bo lnh hi phiu l cc ngn hng.
Hnh thc bo lnh c thc hin bng cch ghi ch bo lnh good as aval vo mt trc hoc
sau ca t hi phiu v ngi bo lnh s k tn ln hi phiu.
Ngoi ra mt s nc ngi ta c th thc hin vic bo lnh bng mt vn th ring gi l bo
lnh b mt. S d c hnh thc bo lnh ny l do ngi tr tin khng mun ngi th ba bit
tnh hnh ti chnh ca mnh n mc cn bo lnh.
Nu trn hi phiu trong phng thc thanh ton tn dng chng t c ghi theo th tn dng s...
m ngy ...gi ngn hng m tn dng ..., th cng l mt hnh thc bo lnh hi phiu.
* Khng ngh (Protest):
Khi n hn tr tin ca hi phiu m ngi tr tin t chi th ngi hng li phi chng thc s
t chi bng mt vn bn khng ngh. Bn khng ngh phi do ngi hng li lp ra trong thi
hn khng qu hai ngy lm vic tip sau ngy ht hn ca hi phiu. Sau khi lp xong bn khng
ngh, trong vng 4 ngy lm vic, ngi b t chi tr tin phi bo cho ngi chuyn nhng trc
tip i tin hoc c th i tin bt c ngi no k hu chuyn nhng hi phiu hoc i
ngi k pht hi phiu. Nu khng c bn khng ngh v vic b t chi tr tin th nhng ngi
c chuyn nhng c min trch nhim tr tin hi phiu, nhng ngi k pht hi phiu v
ngi chp nhn vn phi chu trch nhim ny i vi ngi khng ngh.
Trn thc t ngi ta thng lm nh sau: VD: A l ngi k pht hi phiu, B,C,D l nhng ngi
c chuyn nhng tip theo, E l ngi c chuyn nhng cui cng. Khi E b t chi tr tin,
E s chuyn hi phiu i tin D km theo mt bn tnh tin gm s tin ca hi phiu, chi ph lm
th tc khng ngh v cc chi ph khc. D hon tr tin cho E v truy i ngc li C, v c nh
vy cho ti A. Cui cng A trc tip i tin ngi mc n.
Chit khu hi phiu (Discount):

Chit khu hi phiu l mt nghip v ca ngn hng. Trong ngi hng li hi phiu xut
trnh hi phiu cha n hn tr tin cho ngn hng ly tin ngay vi mt gi thp hn s tin
ghi trn t hi phiu.
Nu hai bn ng , ngi hng li hi phiu s thc hin nghip v k hu chuyn nhng
hi phiu cho ngn hng. Chnh lch gia s tin ghi trn t hi phiu vi s tin ngn hng b
ra mua t hi phiu gi l li tc chit khu.
Cc loi hi phiu:
_ Cn c vo thi hn tr tin ca hi phiu, ngi ta chia hi phiu lm ba loi:
Hi phiu tr tin ngay: ngi tr tin khi nhn thy hi phiu ny do ngi cm phiu xut trnh
th phi tr tin ngay cho h.
Hi phiu tr tin sau mt s ngy nht nh, thng l t 5 n 7 ngy: ngi tr tin khi nhn
thy hi phiu ny do ngi cm phiu xut trnh th tin hnh k chp nhn tr tin, sau th t
5 n 7 ngy th tr tin t hi phiu .
Hi phiu c k hn: sau mt thi hn nht nh ghi trn hi phiu, ngi tr tin phi tr hoc
tnh t ngy k pht hi phiu hoc tnh t ngy chp nhn hi phiu hoc t ngy quy nh c
th.
_ Cn c vo hi phiu c km theo chng t hay khng, c th chia hi phiu lm hai loi
Hi phiu trn: loi hi phiu ny c gi n i tin ngi tr tin khng c km theo chng
t hng ha. Trong thanh ton quc t, hi phiu ny dng thu tin cc ph vn ti, bo him,
hoa hng, ... hoc dng i tin mua hng ca nhng thng nhn nhp khu ng tin cy.
Hi phiu km chng t: loi hi phiu ny c gi n cho ngi nhp khu c km theo
chng t hng ha. Hi phiu km chng t c hai loi:
Loi hi phiu km chng t tr tin ngay (Documents against Payment (D/P)).
Loi hi phiu km chng t c chp nhn (Documents against Acceptance (D/A)).
_ Cn c vo tnh cht chuyn nhng ca hi phiu, c th chia hi phiu lm hai loi:
Hi phiu ch danh: l loi hi phiu ghi r tn ngi hng li hi phiu khng km theo iu
khon theo lnh.
VD: Hi phiu ghi nh sau: Sau khi nhn thy hi phiu ny, tr cho ng (b) X mt s tin l ....
Hi phiu ch danh khng chuyn nhng c bng th tc k hu theo lut nh.
Hi phiu theo lnh: l loi hi phiu ghi tr tin theo lnh ca ngi hng hi phiu. VD: Hi
phiu ghi nh sau: Sau khi nhn thy hi phiu ny, tr theo lnh ca ng (b) X mt s tin
l .... Hi phiu theo lnh chuyn nhng bng hnh thc k hu theo lut nh. y l loi hi
phiu c s dng rng ri trong thanh ton quc t.
_ Cn c vo ngi k pht hi phiu, ngi ta chia hi phiu lm hai loi:
Hi phiu thng mi: l hi phiu do ngi xut khu k pht i tin ngi nhp khu trong
nghip v v thanh ton hng ha xut khu hoc cung ng lao v ln nhau.
Hi phiu ngn hng: l hi phiu do ngn hng pht hnh ra lnh cho ngn hng i l ca
mnh thanh ton mt s tin nht nh cho ngi hng li ch nh trn hi phiu
Tr tin sau th c nhiu cch tha thun:
-Nu phi tr tin sau bao nhiu ngy nhn hi phiu th s ghi l X ngy sau khi nhn thy (At
90 days after sight )
-Nu phi tr tin sau bao nhiu ngy khi giao hng th s ghi l X ngy sau khi k vn n
(At days after bill of ladingdate).
-Nu phi tr sau bao nhiu ngy k pht hi phiu, th ghi X ngy k t ngy k pht hi phiu
(At 90 days after bill of exchange date)
Lu phi lu ngy ht hn ca hi phiu cn trong hiu lc ca L/C
-To the order :L tr tin theo lnh ca ai
-TO:L gi n ngi b k pht
-Drawer l ngi k pht tc ngi pht hnh sec ny, trong mt s hi phiu, n c ghi l
:Authorized signature
Theo Lut thng nht v hi phiu (ULB), hi phiu c gi tr php l khi c cc ni dung sau:

1. Tiu hi phiu: phi ghi ch Hi phiu (Bill of Exchange).

2. a im k pht hi phiu. Trong trng hp hi phiu khng ghi a im k pht th a ch
ghi bn cnh tn ngi k pht l a im thnh lp hi phiu.
3. a im tr tin. Nu trn hi phiu khng ghi a im tr tin th a ch ghi bn cnh
ngi tr tin l a im tr tin ca hi phiu.
4. Trn hi phiu phi ghi r: Tr theo lnh ca ... (Pay to the order of...)
5. S tin v loi tin. S tin phi ghi r rng, n gin, ng tp qun quc t, c ghi c
bng s v bng ch.
Ch : nu s tin ghi bng s v bng ch khc nhau th cn c vo s tin ghi bng ch.
6. K hn tr tin ca hi phiu:
+ Tr tin ngay: hi phiu ghi: Tr ngay khi nhn thy bn th nht (hai) ca hi phiu ny ( At ...
sight of first (second) Bill of Exchange).
+ Tr tin sau:
- Tr sau mt s ngy k t ngy nhn hi phiu: Tr 30 ngy sau khi nhn thy (At .30.. days after
sight)
- Tr sau mt s ngy k t ngy giao hng: Tr .30.. ngy sau khi k vn n (At..30.. days after
Bill of Lading date)
- Tr sau mt s ngy k t ngy k pht hi phiu: Tr sau 30 ngy k t ngy k pht hi phiu
(At.30.days after Bill of Exchange date).
7. Ngi hng li hi phiu. Ghi y h tn v a ch ca ngi hng li. i vi hi
phiu thng mi, ngi hng li l ngi xut khu v cng c th l mt ngi khc do ngi
hng li ch nh.
8. Ngi tr tin hi phiu: Ghi y h tn v a ch ca ngi tr tin ca hi phiu vo
gc di bn tri ca hi phiu.
9. Ngi k pht hi phiu. Ngi k pht hi phiu phi k tn gc di bn phi ca t hi
phiu bng ch k thng dng trong giao dch. Cc ch k di dng in, photocopy v ng du...
m khng phi vit tay u khng c gi tr php l.
Vic k pht hi phiu khng loi tr s u quyn. Ngi c u quyn k pht hi phiu phi th
hin s u quyn ngay bn cnh ch k ca mnh. Ngn ng ca hi phiu l ngn ng no th
ngn ng th hin s u quyn phi l ngn ng y, iu quy nh ny to iu kin d dng cho
ngi c lin quan n hi phiu thy c s u quyn v vic thnh lp hi phiu .
K phiu : mt loi chng khon, trong ngi k pht cam kt s tr mt s tin nht nh
vo mt ngy nht nh cho ngi hng li c ch nh trn lnh phiu hoc theo lnh ca
ngi hng li tr cho mt ngi khc.
Ni dung k phiu:
- Cam kt tr mt s tin nht nh mt cch v iu kin
- Thi hn tr tin
- a im tr tin
- Tn h ngi th hng
- a im, ngy k pht hi phiu
- Ch k ca ngi k pht lnh phiu
Understanding and Using Letters of Credit ( Source: http://www.crfonline.org/)
Letters of credit accomplish their purpose by substituting the credit of the bank for that of the
customer, for the purpose of facilitating trade. There are basically two types: commercial and
standby. The commercial letter of credit is the primary payment mechanism for a transaction,
whereas the standby letter of credit is a secondary payment mechanism.
Commercial Letter of Credit
Commercial letters of credit have been used for centuries to facilitate payment in international
trade. Their use will continue to increase as the global economy evolves.
Letters of credit used in international transactions are governed by the International Chamber of
Commerce Uniform Customs and Practice for Documentary Credits. The general provisions and
definitions of the International Chamber of Commerce are binding on all parties. Domestic
collections in the United States are governed by the Uniform Commercial Code.

A commercial letter of credit is a contractual agreement between a bank, known as the issuing
bank, on behalf of one of its customers, authorizing another bank, known as the advising or
confirming bank, to make payment to the beneficiary. The issuing bank, on the request of its
customer, opens the letter of credit. The issuing bank makes a commitment to honor drawings
made under the credit. The beneficiary is normally the provider of goods and/or services.
Essentially, the issuing bank replaces the bank's customer as the payee.
Elements of a Letter of Credit
*
*
*
*
*
*
*

A payment undertaking given by a bank (issuing bank)

On behalf of a buyer (applicant)
To pay a seller (beneficiary) for a given amount of money
On presentation of specified documents representing the supply of goods
Within specified time limits
Documents must conform to terms and conditions set out in the letter of credit
Documents to be presented at a specified place

Beneficiary
The beneficiary is entitled to payment as long as he can provide the documentary evidence
required by the letter of credit. The letter of credit is a distinct and separate transaction from the
contract on which it is based. All parties deal in documents and not in goods. The issuing bank is
not liable for performance of the underlying contract between the customer and beneficiary. The
issuing bank's obligation to the buyer, is to examine all documents to insure that they meet all the
terms and conditions of the credit. Upon requesting demand for payment the beneficiary warrants
that all conditions of the agreement have been complied with. If the beneficiary (seller) conforms
to the letter of credit, the seller must be paid by the bank.
Issuing Bank
The issuing bank's liability to pay and to be reimbursed from its customer becomes absolute upon
the completion of the terms and conditions of the letter of credit. Under the provisions of the
Uniform Customs and Practice for Documentary Credits, the bank is given a reasonable amount of
time after receipt of the documents to honor the draft.
The issuing banks' role is to provide a guarantee to the seller that if compliant documents are
presented, the bank will pay the seller the amount due and to examine the documents, and only
pay if these documents comply with the terms and conditions set out in the letter of credit.
Typically the documents requested will include a commercial invoice, a transport document such
as a bill of lading or airway bill and an insurance document; but there are many others. Letters of
credit deal in documents, not goods.
Advising Bank
An advising bank, usually a foreign correspondent bank of the issuing bank will advise the
beneficiary. Generally, the beneficiary would want to use a local bank to insure that the letter of
credit is valid. In addition, the advising bank would be responsible for sending the documents to
the issuing bank. The advising bank has no other obligation under the letter of credit. If the issuing
bank does not pay the beneficiary, the advising bank is not obligated to pay.
Confirming Bank
The correspondent bank may confirm the letter of credit for the beneficiary. At the request of the
issuing bank, the correspondent obligates itself to insure payment under the letter of credit. The
confirming bank would not confirm the credit until it evaluated the country and bank where the
letter of credit originates. The confirming bank is usually the advising bank.

Letter of Credit Characteristics

Negotiability
Letters of credit are usually negotiable. The issuing bank is obligated to pay not only the
beneficiary, but also any bank nominated by the beneficiary. Negotiable instruments are passed
freely from one party to another almost in the same way as money. To be negotiable, the letter of
credit must include an unconditional promise to pay, on demand or at a definite time. The
nominated bank becomes a holder in due course. As a holder in due course, the holder takes the
letter of credit for value, in good faith, without notice of any claims against it. A holder in due
course is treated favorably under the UCC.
The transaction is considered a straight negotiation if the issuing bank's payment obligation
extends only to the beneficiary of the credit. If a letter of credit is a straight negotiation it is
referenced on its face by "we engage with you" or "available with ourselves". Under these
conditions the promise does not pass to a purchaser of the draft as a holder in due course.
Revocability
Letters of credit may be either revocable or irrevocable. A revocable letter of credit may be
revoked or modified for any reason, at any time by the issuing bank without notification. A
revocable letter of credit cannot be confirmed. If a correspondent bank is engaged in a transaction
that involves a revocable letter of credit, it serves as the advising bank.
Once the documents have been presented and meet the terms and conditions in the letter of
credit, and the draft is honored, the letter of credit cannot be revoked. The revocable letter of
credit is not a commonly used instrument. It is generally used to provide guidelines for shipment.
If a letter of credit is revocable it would be referenced on its face.
The irrevocable letter of credit may not be revoked or amended without the agreement of the
issuing bank, the confirming bank, and the beneficiary. An irrevocable letter of credit from the
issuing bank insures the beneficiary that if the required documents are presented and the terms
and conditions are complied with, payment will be made. If a letter of credit is irrevocable it is
referenced on its face.
Transfer and Assignment
The beneficiary has the right to transfer or assign the right to draw, under a credit only when the
credit states that it is transferable or assignable. Credits governed by the Uniform Commercial
Code (Domestic) maybe transferred an unlimited number of times. Under the Uniform Customs
Practice for Documentary Credits (International) the credit may be transferred only once. However,
even if the credit specifies that it is nontransferable or nonassignable, the beneficiary may
transfer their rights prior to performance of conditions of the credit.
Sight and Time Drafts
All letters of credit require the beneficiary to present a draft and specified documents in order to
receive payment. A draft is a written order by which the party creating it, orders another party to
pay money to a third party. A draft is also called a bill of exchange.
There are two types of drafts: sight and time. A sight draft is payable as soon as it is presented for
payment. The bank is allowed a reasonable time to review the documents before making
payment.
A time draft is not payable until the lapse of a particular time period stated on the draft. The bank
is required to accept the draft as soon as the documents comply with credit terms. The issuing
bank has a reasonable time to examine those documents. The issuing bank is obligated to accept
drafts and pay them at maturity.

Standby Letter of Credit

The standby letter of credit serves a different function than the commercial letter of credit. The
commercial letter of credit is the primary payment mechanism for a transaction. The standby
letter of credit serves as a secondary payment mechanism. A bank will issue a standby letter of
credit on behalf of a customer to provide assurances of his ability to perform under the terms of a
contract between the beneficiary. The parties involved with the transaction do not expect that the
letter of credit will ever be drawn upon.
The standby letter of credit assures the beneficiary of the performance of the customer's
obligation. The beneficiary is able to draw under the credit by presenting a draft, copies of
invoices, with evidence that the customer has not performed its obligation. The bank is obligated
to make payment if the documents presented comply with the terms of the letter of credit.
Standby letters of credit are issued by banks to stand behind monetary obligations, to insure the
refund of advance payment, to support performance and bid obligations, and to insure the
completion of a sales contract. The credit has an expiration date.
The standby letter of credit is often used to guarantee performance or to strengthen the credit
worthiness of a customer. In the above example, the letter of credit is issued by the bank and held
by the supplier. The customer is provided open account terms. If payments are made in
accordance with the suppliers' terms, the letter of credit would not be drawn on. The seller
pursues the customer for payment directly. If the customer is unable to pay, the seller presents a
draft and copies of invoices to the bank for payment.
The domestic standby letter of credit is governed by the Uniform Commercial Code. Under these
provisions, the bank is given until the close of the third banking day after receipt of the documents
to honor the draft.
Procedures for Using the Tool
The following procedures include a flow of events that follow the decision to use a Commercial
Letter of Credit. Procedures required to execute a Standby Letter of Credit are less rigorous. The
standby credit is a domestic transaction. It does not require a correspondent bank (advising or
confirming). The documentation requirements are also less tedious.
Step-by-step process:
* Buyer and seller agree to conduct business. The seller wants a letter of credit to guarantee
payment.
* Buyer applies to his bank for a letter of credit in favor of the seller.
* Buyer's bank approves the credit risk of the buyer, issues and forwards the credit to its
correspondent bank (advising or confirming). The correspondent bank is usually located in the
same geographical location as the seller (beneficiary).
* Advising bank will authenticate the credit and forward the original credit to the seller
(beneficiary).
* Seller (beneficiary) ships the goods, then verifies and develops the documentary requirements to
support the letter of credit. Documentary requirements may vary greatly depending on the
perceived risk involved in dealing with a particular company.
* Seller presents the required documents to the advising or confirming bank to be processed for
payment.
* Advising or confirming bank examines the documents for compliance with the terms and
conditions of the letter of credit.
* If the documents are correct, the advising or confirming bank will claim the funds by:
o Debiting the account of the issuing bank.
o Waiting until the issuing bank remits, after receiving the documents.
o Reimburse on another bank as required in the credit.

* Advising or confirming bank will forward the documents to the issuing bank.
* Issuing bank will examine the documents for compliance. If they are in order, the issuing bank
will debit the buyer's account.
* Issuing bank then forwards the documents to the buyer.
Standard Forms of Documentation
When making payment for product on behalf of its customer, the issuing bank must verify that all
documents and drafts conform precisely to the terms and conditions of the letter of credit.
Although the credit can require an array of documents, the most common documents that must
accompany the draft include:
Commercial Invoice : The billing for the goods and services. It includes a description of
merchandise, price, FOB origin, and name and address of buyer and seller. The buyer and seller
information must correspond exactly to the description in the letter of credit. Unless the letter of
credit specifically states otherwise, a generic description of the merchandise is usually acceptable
in the other accompanying documents.
(Ocean) Bill of Lading : A document evidencing the receipt of goods for shipment and issued by a
freight carrier engaged in the business of forwarding or transporting goods. The documents
evidence control of goods. They also serve as a receipt for the merchandise shipped and as
evidence of the carrier's obligation to transport the goods to their proper destination.
Warranty of Title : given by a seller to a buyer of goods that states that the title being conveyed
is good and that the transfer is rightful. This is a method of certifying clear title to product transfer.
It is generally issued to the purchaser and issuing bank expressing an agreement to indemnify and
hold both parties harmless.
Letter of Indemnity : Specifically indemnifies the purchaser against a certain stated
circumstance. Indemnification is generally used to guaranty that shipping documents will be
provided in good order when available.
Common Defects in Documentation
About half of all drawings presented contain discrepancies. A discrepancy is an irregularity in the
documents that causes them to be in non-compliance to the letter of credit. Requirements set
forth in the letter of credit cannot be waived or altered by the issuing bank without the express
consent of the customer. The beneficiary should prepare and examine all documents carefully
before presentation to the paying bank to avoid any delay in receipt of payment. Commonly found
discrepancies between the letter of credit and supporting documents include:
*
*
*
*
*
*
*
*
*
*
*
*
*

Letter of Credit has expired prior to presentation of draft.

Bill of Lading evidences delivery prior to or after the date range stated in the credit.
Stale dated documents.
Changes included in the invoice not authorized in the credit.
Inconsistent description of goods.
Insurance document errors.
Invoice amount not equal to draft amount.
Ports of loading and destination not as specified in the credit.
Description of merchandise is not as stated in credit.
A document required by the credit is not presented.
Documents are inconsistent as to general information such as volume, quality, etc.
Names of documents not exact as described in the credit. Beneficiary information must be exact.
Invoice or statement is not signed as stipulated in the letter of credit.

When a discrepancy is detected by the negotiating bank, a correction to the document may be
allowed if it can be done quickly while remaining in the control of the bank. If time is not a factor,

the exporter should request that the negotiating bank return the documents for corrections.
If there is not enough time to make corrections, the exporter should request that the negotiating
bank send the documents to the issuing bank on an approval basis or notify the issuing bank by
wire, outline the discrepancies, and request authority to pay. Payment cannot be made until all
parties have agreed to jointly waive the discrepancy.
Tips for Exporters
* Communicate with your customers in detail before they apply for letters of credit.
* Consider whether a confirmed letter of credit is needed.
* Ask for a copy of the application to be fax to you, so you can check for terms or conditions that
may cause you problems in compliance.
* Upon first advice of the letter of credit, check that all its terms and conditions can be complied
with within the prescribed time limits.
* Many presentations of documents run into problems with time-limits. You must be aware of at
least three time constraints - the expiration date of the credit, the latest shipping date and the
maximum time allowed between dispatch and presentation.
* If the letter of credit calls for documents supplied by third parties, make reasonable allowance
for the time this may take to complete.
* After dispatch of the goods, check all the documents both against the terms of the credit and
against each other for internal consistency.
Summary
The use of the letters of credit as a tool to reduce risk has grown substantially over the past
decade. Letters of credit accomplish their purpose by substituting the credit of the bank for that of
the customer, for the purpose of facilitating trade.
The credit professional should be familiar with two types of letters of credit: commercial and
standby. Commercial letters of credit are used primarily to facilitate foreign trade. The commercial
letter of credit is the primary payment mechanism for a transaction.
The standby letter of credit serves a different function. The standby letter of credit serves as a
secondary payment mechanism. The bank will issue the credit on behalf of a customer to provide
assurances of his ability to perform under the terms of a contract.
Upon receipt of the letter of credit, the credit professional should review all items carefully to
insure that what is expected of the seller is fully understood and that he can comply with all the
terms and conditions. When compliance is in question, the buyer should be requested to amend
the credit.
L/C is commonly used to reduce credit risk to sellers in both domestic and international sales
arrangements. By having a bank issue a letter of credit, in essence, one is substituting the bank's
credit worthiness for that of the customer.
Types
There are two basic forms of letters of credit: Standby and Documentary. Documentary letters of
credit can be either Revocable or Irrevocable, although the first is extremely rare. Irrevocable
letters of credit can be Confirmed or Not Confirmed. Each type of credit has advantages and
disadvantages for the buyer and for the seller, which this information will review below. Charges
for each type will also vary. However, the more the banks assume risk by guaranteeing payment,
the more they will charge for providing the service.
Documentary Revocable Letter of Credit
Revocable credits may be modified or even canceled by the buyer without notice to the seller.
Therefore, they are generally unacceptable to the seller.

Documentary Irrevocable Letter of Credit

This is the most common form of credit used in international trade. Irrevocable credits may not be
modified or canceled by the buyer. The buyer's issuing bank must follow through with payment to
the seller so long as the seller complies with the conditions listed in the letter of credit. Changes in
the credit must be approved by both the buyer and the seller. If the documentary letter of credit
does not mention whether it is revocable or irrevocable, it automatically defaults to irrevocable.
See Credit Administration, Sample Procedure for Administration of a Documentary Irrevocable
Letters of Credit for a systematic procedure for establishing an irrevocable letter of credit.
2 forms of irrevocable credits:
Unconfirmed credit (the irrevocable credit not confirmed by the advising bank)
In an unconfirmed credit, the buyer's bank issuing the credit is the only party responsible for
payment to the seller. The seller's advising bank pays only after receiving payment from the
issuing bank. The seller's advising bank merely acts on behalf of the issuing bank and, therefore,
incurs no risk.
Confirmed credit (the irrevocable confirmed credit)
In a confirmed credit, the advising bank adds its guarantee to pay the seller to that of the buyer's
issuing bank. Once the advising bank reviews and confirms that all documentary requirements are
met, it will pay the seller. The advising bank will then look to the issuing bank for payment.
Confirmed Irrevocable letters of credit are used when trading in a high-risk area where war or
social, political, or financial instability are real threats. Also common when the seller is unfamiliar
with the bank issuing the letter of credit or when the seller needs to use the confirmed letter of
credit to obtain financing its bank to fill the order. A confirmed credit is more expensive because
the bank has added liability.
Standby Letter of Credit
This credit is a payment or performance guarantee used primarily in the United States. They are
often called non-performing letters of credit because they are only used as a backup should the
buyer fail to pay as agreed. Thus, a stand-by letter of credit allows the customer to establish a
rapport with the seller by showing that it can fulfill its payment commitments. Standby letters of
credit are used, for example, to guarantee repayment of loans, to ensure fulfillment of a contract,
and to secure payment for goods delivered by third parties. The beneficiary to a standby letter of
credit can cash it on demand. Stand-by letters of credit are generally less complicated and involve
far less documentation requirements than irrevocable letters of credit. See Credit Administration,
Sample Procedure for Administration of a Standby Letter of Credit for a systematic procedure for
establishing a standby letter of credit.
Special Letters of Credit
The following is a brief description of some special letters of credit.
* Back-to-Back Letter of Credit
This is a new letter of credit opened based on an already existing, nontransferable credit used as
collateral. Traders often use back-to-back arrangements to pay the ultimate supplier. A trader
receives a letter of credit from the buyer and then opens another letter of credit in favor of the
supplier. The first letter of credit serves as collateral for the second credit.
* Deferred Payment (Usance) Letter of Credit
In Deferred Payment Letters of Credit, the buyer accepts the documents related to the letter of
credit and agrees to pay the issuing bank after a fixed period. This credit gives the buyer a grace
period for payment.
Red Clause Letter of Credit
Red Clause Letters of Credit provide the seller with cash prior to shipment to finance production of
the goods. The buyer's issuing bank may advance some or all of the funds. The buyer, in essence,

extends financing to the seller and incurs the risk for all advanced credits.
Revolving Letter of Credit
With a Revolving Letter of Credit, the issuing bank restores the credit to its original amount once it
has been used or drawn down. Usually, these arrangements limit the number of times the buyer
may draw down its line over a predetermined period.
Transferable Letter of Credit
This type of credit allows the seller to transfer all or part of the proceeds of the original letter of
credit to a second beneficiary, usually the ultimate supplier of the goods. The letter of credit must
clearly state that it is transferable for its to be considered as such. This is a common financing
tactic for middlemen and is common in East Asia.
Assignment of Proceeds
The beneficiary of a letter of credit may assign all or part of the proceeds under a credit to a third
party (the assignee). However, unlike a transferred credit, the beneficiary maintains sole rights to
the credit and is solely responsible for complying with its terms and conditions. For the assignee,
an assignment only means that the paying bank, once it receives notice of the assignment,
undertakes to follow the assignment instructions, if and when payment is made. The assignee is
dependent upon the beneficiary for compliance, and thus this arrangement is riskier than a
transferred credit. Before agreeing to an assignment of proceeds arrangement, the assignee
should carefully review the original letter of credit.
Common Problems with Letters of Credit
Most problems result from the seller's inability to fulfill obligations stated in the letter of credit.
The seller may find these terms difficult or impossible to fulfill and, either tries to fulfill them and
fails, or asks the buyer to amend to the letter of credit. As most letters of credit are irrevocable,
amendments may at times be difficult since both the buyer and the seller must agree.
Sellers may have one or more of the following problems:
*
*
*
*
*
*

The
The
The
The
The
The

shipment schedule cannot be met;

stipulations concerning freight costs are unacceptable;
price becomes too low due to exchange rates fluctuations;
quantity of product ordered is not the expected amount;
description of product is either insufficient or too detailed; and,
stipulated documents are difficult or impossible to obtain.

Even when sellers accept the terms of a letter of credit, problems often arise late in the process.
When this occurs, the buyer's and seller's banks will try to negotiate any differences. In some
cases, the seller can correct the documents and present them within the time specified in the
letter of credit. If the documents cannot be corrected, the advising bank will ask the issuing bank
to accept the documents despite the discrepancies found. It is important to note that, if the
documents are not in accord with the specifications of the letter of credit, the buyer's issuing bank
is no longer obligated to pay.
Basic Procedures for Establishing a Letter of Credit
The letter of credit process has been standardized by a set of rules published by the International
Chamber of Commerce (ICC). These rules are called the Uniform Customs and Practice for
Documentary Credits (UCP) and are contained in ICC Publication No. 600. The following is the basic
set of steps used in a letter of credit transaction. Specific letter of credit transactions follow
somewhat different procedures.
1. After the buyer and seller agree on the terms of a sale, the buyer arranges for his bank to open
a letter of credit in favor of the seller. Note: The buyer will need to have a line of credit established

at the bank or provide cash collateral for the amount of the letter of credit.
2. The buyer's issuing bank prepares the letter of credit, including all of the buyer's instructions to
the seller concerning shipment and required documentation.
3. The buyer's bank sends the letter of credit to the seller's advising bank.
4. The seller's advising bank forwards the letter of credit to the seller.
5. The seller carefully reviews all conditions stipulated in the letter of credit. If the seller cannot
comply with any of the provisions, it will ask the buyer to amend the letter of credit.
6. After final terms are agreed upon, the seller ships the goods to the appropriate port or location.
7. After shipping the goods, the seller obtains the required documents. Please note that the seller
may have to obtain some documents prior to shipment.
8. The seller presents the documents to its advising bank along with a draft for payment.
9. The seller's advising bank reviews the documents. If they are in order, it will forward them to
the buyer's issuing bank. If a confirmed letter of credit, the advising bank will pay the seller (cash
or a bankers' acceptance).
10. Once the buyer's issuing bank receives and reviews the documents, it either (1) pays if there
are no discrepancies; or (2) forwards the documents to the buyer if there are discrepancies for its
review and approval.
Opening a Letter of Credit
Level of Detail
The wording in a letter of credit should be simple, but specific. The more detailed an L/C is, the
more likely the seller will reject it as too difficult to fulfill. At the same time, the buyer will wish to
define in detail what its is paying for.
Type of Credit
Letters of credit used in trade are usually either irrevocable unconfirmed credits or irrevocable
confirmed credits. In choosing which type to open both the seller and the buyer should consider
the generally accepted payment processes in each country, the value and demand for the goods,
and the reputation of the buyer and seller.
Documents
In specifying required documents, it is very important to include those required for customs and
those reflecting the agreement reached between the buyer and the seller. Required documents
usually include the bill of lading, a commercial and/or consular invoice, the bill of exchange, the
certificate of origin, and the insurance document. Other documents required may be an inspection
certificate, copies of a cable sent to the buyer with shipping information, a confirmation from the
shipping company of the state of its ship, and a confirmation from the forwarder that the goods
are accompanied by a certificate of origin. Prices should be stated in the currency of the letter of
credit and documents should in the same language as the letter of credit.
The Letter of Credit Application
1. Beneficiary
The seller should provide to the buyer its full corporate name and correct address. A simple
mistake here may translate to inconsistent or improper documentation at the other end.
2. Amount
The seller should state the actual amount of the letter of credit. One can request a maximum
amount when there is doubt as to the actual count or quantity of the goods. Another option is to
use words like "approximate", "circa", or "about" to indicate an acceptable 10 % plus or minus
from the stated amount. For consistency, if you use this wording you will need to use it also in
connection with the quantity.
3. Validity
The seller will need time to ship and to prepare all the necessary documents. Therefore, the seller
should ensure that the validity and period for document presentation after the shipment of the
goods is long enough.

4. Seller's Bank
The seller should list its advising bank as well as a reimbursing bank if applicable. The reimbursing
bank is the local bank appointed by the issuing bank as the disbursing bank.
5. Type of Payment Availability
The buyer and seller may agree to use sight drafts, time drafts, or some sort of deferred payment
mechanism.
6. Desired Documents
The buyer specifies the necessary documents. Buyers can list, for example, a bill of lading, a
commercial invoice, a certificate of origin, certificates of analysis, etc. The seller must agree to all
documentary requirements or suggest an amendment to the letter of credit.
7. Notify Address
This is the address to notify upon the imminent arrival of goods at the port or airport of
destination. A notification listing damaged goods is also sent to this address, if applicable.
8. Description of Goods
The seller should provide a short and precise description of the goods as well as the quantity
involved. Note the comments in step #2 above concerning approximate amounts.
9. Confirmation Order
With international arrangements, the seller may wish to confirm the letter of credit with a bank in
its country.
Amendment of a Letter of Credit
For the seller to change the terms noted on an irrevocable letter of credit, it must request an
amendment from the buyer. The amendment process is as follows:
1. The seller requests a modification or amendment of questionable terms in the letter of credit;
2. If the buyer and issuing bank agree to the changes, the issuing bank will change the letter of
credit;
3. The buyer's issuing bank notifies the seller's advising bank of the amendment; and
4. The seller's advising bank notifies the seller of the amendment. Tips for Buyers and Sellers
Seller
1. Before signing a sales contract, the seller should make inquiries about the buyer's
creditworthiness and business practices. The seller's bank will generally assist in this investigation.
2. In many cases, the issuing bank will specify the advising and/or confirming bank. These
designations are usually based on the issuing bank's established correspondent relationships. The
seller should ensure that the advising/confirming bank is a financially sound institution.
3. The seller should confirm the good standing of the buyer's issuing bank if the letter of credit is
unconfirmed.
4. For confirmed letters of credit, the seller's advising bank should be willing to confirm the letter
of credit issued by the buyer's bank. If the advising bank refuses to do so, the seller should
request another issuing bank as the current bank may be or is in the process of becoming
insolvent.
5. The seller should carefully review the letter of credit to ensure its conditions can be met. All
documents must conform to the terms of the letter of credit. The seller must comply with every
detail of the letter of credit specifications; otherwise the security given by the credit is lost.
6. The seller should ensure that the letter of credit is irrevocable.
7. If amendments are necessary, the seller should contact the buyer immediately so that the
buyer can instruct the issuing bank to make the necessary changes quickly. The seller should keep
the letter of credit's expiration date in mind throughout the amendment process.
8. The seller should confirm with the insurance company that it can provide the coverage specified
in the letter of credit and that insurance charges listed in the letter of credit are correct. Typical
insurance coverage is for CIF (cost, insurance and freight) often the value of the goods plus about
10 percent.
9. The seller must ensure that the goods match the description in the letter of credit and the
invoice description.

10. The seller should be familiar with foreign exchange limitations in the buyer's country that
could hinder payment procedures.
Buyer
1. When choosing the type of letter of credit, the buyer should consider the standard payment
methods in the seller's country.
2. The buyer should keep the details of the purchase short and concise.
3. The buyer should be prepared to amend or re-negotiate terms of the letter of credit with the
seller. This is a common procedure in international trade. With irrevocable letters of credit, the
most common type, all parties must agree to amend the document.
4. The buyer can reduce the foreign exchange risk by buying forward currency contracts.
5. The buyer should use a bank experienced in foreign trade as its issuing bank.
6. The validation time stated on the letter of credit should give the seller ample time to produce
the goods or to pull them out of stock.
7. A letter of credit is not fail-safe. Banks are only responsible for the documents exchanged and
not the goods shipped. Documents in conformity with the letter of credit specifications cannot be
rejected on grounds that the goods were not delivered as specified in the contract. The goods
shipped may not in fact be the goods ordered and paid for.
8. Purchase contracts and other agreements pertaining to the sale between the buyer and seller
are not the concern of the issuing bank. Only the letter of credit terms are binding on the bank.
9. Documents specified in the letter of credit should include those the buyer requires for customs
clearance.
TH TC XUT NHP KHU
Bill of lading (also referred to as a BOL or B/L) is a document issued by a carrier, e.g. a ship's
master or by a company's shipping department, acknowledging that specified goods have been
received on board as cargo for conveyance to a named place for delivery to the consignee who is
usually identified. A through bill of lading involves the use of at least two different modes of
transport from road, rail, air, and sea. The term derives from the noun "bill", a schedule of costs
for services supplied or to be supplied, and from the verb "to lade" which means to load a cargo
onto a ship or other form of transport.
Short statement of principle : evidence of the contract of carriage of goods and it serves a
number of purposes:
it is evidence that a valid contract of carriage, or a chartering contract, exist, and it may
incorporate the full terms of the contract between the consignor and the carrier by reference (i.e.
the short form simply refers to the main contract as an existing document, whereas the long form
of a bill of lading issued by the carrier sets out all the terms of the contract of carriage);
it is a receipt signed by the carrier confirming whether goods matching the contract description
have been received in good condition (a bill will be described as clean if the goods have been
received on board in apparent good condition and stowed ready for transport); and
it is also a document of transfer, and a negotiable instrument, i.e. it governs all the legal aspects
of physical carriage, and, like a cheque or other negotiable instrument, it may be endorsed
affecting ownership of the goods actually being carried. This matches everyday experience in that
the contract a person might make with a commercial carrier like FedEx for mostly airway parcels,
is separate from any contract for the sale of the goods to be carried, however it binds the carrier
to its terms, irrespectively of who the actual holder of the B/L, and owner of the goods, may be at
a specific moment.
Straight bill of lading states that the goods are consigned to a specified person and it is not
negotiable free from existing equities, i.e. any endorsee acquires no better rights than those held
by the endorsor. So, for example, if the carrier or another holds a lien over the goods as security
for unpaid debts, the endorsee is bound by the lien although, if the endorsor wrongfully failed to
disclose the charge, the endorsee will have a right to claim damages for failing to transfer an
unencumbered title.
Also known as a non-negotiable bill of lading.
Order bill of lading uses express words to make the bill negotiable, e.g. it states that delivery is
to be made to the further order of the consignee using words such as "delivery to A Ltd. or to

order or assigns". Consequently, it can be endorsed by A Ltd. or the right to take delivery can be
transferred by physical delivery of the bill accompanied by adequate evidence of A Ltd.'s intention
to transfer.
Also known as a negotiable bill of lading.
Bearer bill of lading
Surrender bill of lading
Under a term import documentary credit the bank releases the documents on receipt from the
negotiating bank but the importer does not pay the bank until the maturity of the draft under the
relative credit. This direct liability is called Surrender Bill of Lading (SBL), i.e. when we hand over
the bill of lading we surrender title to the goods and our power of sale over the goods.
Air waybill (AWB) or air consignment note refers to a receipt issued by an international courier
company for goods and an evidence of the contract of carriage, but it is not a document of title to
the goods. Hence, the AWB is non-negotiable.
The AWB has a tracking number which can be used to check the status of delivery, and current
position of the shipment. The number consists of a three letter identifier issued by IATA and a 8
digit number. The last number being a check digit. The first 7 digits can be divided by 7 using Long
division and the remainder will be the last digit. The first three copies are classified as originals.
The first copy is retained by the issuing carrier or their appointed agent. The 2nd copy by the
receiving carrier or their appointed agent. The 3rd copy is used as Proof Of Delivery (POD).
The goods in the air consignment are consigned directly to the party (the consignee) named in the
letter of credit (L/C). Unless the goods are consigned to a third party like the issuing bank, the
importer can obtain the goods from the carrier at destination without paying the issuing bank or
the consignor. Therefore, unless a cash payment has been received by the exporter or the buyer's
integrity is unquestionable, consigning goods directly to the importer is risky.
For air consignment to certain destinations, it is possible to arrange payment on a COD (cash on
delivery) basis and consign the goods directly to the importer. The goods are released to the
importer only after the importer makes the payment and complies with the instructions in the
AWB.
In air freight, the exporter (the consignor) often engages a freight forwarder or consolidator to
handle the forwarding of goods. The consignor provides a Shipper's Letter of Instructions which
authorizes the forwarding agent to sign certain documents (e.g. the AWB) on behalf of the
consignor.
The AWB must indicate that the goods have been accepted for carriage, and it must be signed or
authenticated by the carrier or the named agent for or on behalf of the carrier. The signature or
authentication of the carrier must be identified as carrier, and in the case of agent signing or
authenticating, the name and the capacity of the carrier on whose behalf the agent signs or
authenticates must be indicated.
International AWBs that contain consolidated cargo are called master air waybills (MAWB). MAWBs
have additional papers called house air waybills (HAWB). Each HAWB contains information of each
individual shipment (consignee, contents, etc.) within the consolidation. International AWBs that is
not consolidated (only one shipment in one bill) are called simple AWBs.

Proforma Invoices : an invoice provided by a supplier in advance of providing the goods or

service. Suppliers will do this if for some reason they are not prepared to extend normal
credit terms to the University. Finance strongly advise department to consider very carefully
the risks of trading with companies in this way, as if the goods are never forthcoming it is
unlikely the University will be able to recover the money and departments will bear that
cost. However, in exceptional instances we do allow payments on proforma invoices, but
before proceeding in this way departments are required to consider the following
alternatives:
Is it possible to arrange credit terms with the supplier?
Is it possible to use another supplier?
Is it possible to arrange for a cheque to be handed over on delivery of the goods?
Is it possible to pay only a deposit up front, and the rest on normal credit terms, or on
delivery?
If after consideration of these options, the department still wish to proceed along this route and
pay on a proforma invoice, a Proforma Invoice Form must be completed and must accompany the
invoice.
EXPORT-IMPORT PROCEDURE
1
Seller and Buyer conclude a sales contract, with method of payment usually by letter of
credit (documentary credit).
2 Buyer applies to his issuing bank, usually in Buyer's country, for letter of credit in favor of
Seller (beneficiary).
3 Issuing bank requests another bank, usually a correspondent bank in Seller's country, to
advise, and usually to confirm, the credit.
4 Advising bank, usually in Seller's country, forwards letter of credit to Seller informing about the
terms and conditions of credit.
5 If credit terms and conditions conform to sales contract, Seller prepares goods and
documentation, and arranges delivery of goods to carrier.
6 Seller presents documents evidencing the shipment and draft (bill of exchange) to paying,
accepting or negotiating bank named in the credit (the advising bank usually), or any bank willing
to negotiate under the terms of credit.
7 Bank examines the documents and draft for compliance with credit terms. If complied with,
bank will pay, accept or negotiate.
8 Bank, if other than the issuing bank, sends the documents and draft to the issuing bank.
9 Bank examines the documents and draft for compliance with credit terms. If complied with,
Seller's draft is honored.
10 Documents release to Buyer after payment, or on other terms agreed between the bank and
Buyer.
11 Buyer surrenders bill of lading to carrier (in case of ocean freight) in exchange for the goods
or the delivery order.
Shipping documentation
_ Numerous documents are required for shipping. The primary documents are listed below with
links to samples. Exporters should seriously consider having a freight forwarder handle the
formidable amount of documentation that exporting requires, as forwarders are specialists in this
process.
_ Documentation must be precise because slight discrepancies or omissions may prevent
merchandise from being exported, result in nonpayment, or even result in the seizure of the
shipment by customs. Collection documents are subject to precise time limits and may not be
honored by a bank if time has expired.
_ Most documentation is routine for freight forwarders and customs brokers, but the exporter is
ultimately responsible for the accuracy of its contents.
A Certificate of Origin : a document used in international trade. It traditionally states from what
country the shipped goods originate, but "originate" in a CO does not mean the country the goods

are shipped from, but the country where there goods are actually made. This raises a definition
problem in cases where less than 100% of the raw materials and processes and added value are
not all from one country. An often used practice is that if more than 50% of the sales price of the
goods originate from one country, that country is acceptable as the country of origin (then the
"national content" is more than 50%). In various international agreements, other percentages of
national content are acceptable.
Commercial invoice indicates the quantity and description of the goods, the loading port and
destination port, the mode of transportation, the country of origin, the price per unit and total cost
of the goods. The commercial invoice is provided by exporter.
DEBIT CARD : a plastic card which provides an alternative payment method to cash when making
purchases. Its functionality is more similar to writing a cheque as the funds are withdrawn directly
from either the bank account (often referred to as a cheque card), or from the remaining balance
on the card. In some cases, the cards are designed exclusively for use on the Internet, and so
there is no physical card.[1][2]
The use of debit cards has become wide-spread in many countries and has overtaken the cheque,
and in some instances cash transactions by volume. Like credit cards, debit cards are used widely
for telephone and Internet purchases. This may cause inconvenient delays at peak shopping times
(e.g., the last shopping day before Christmas), caused when the volume of transactions overloads
the bank networks.
In some countries the debit card is multipurpose, acting as the ATM card for withdrawing cash and
as a cheque guarantee card. Merchants can also offer "cashback"/"cashout" facilities to
customers, where a customer can withdraw cash along with their purchase.
Credit or Debit?
For consumers, the difference between a "debit card" and a "credit card" is that the debit card
deducts the balance from a deposit account, like a checking account, whereas the credit card
allows the consumer to spend money they might not actually have (but promise to pay later to the
card-issuing bank).
In some countries: When a merchant asks "credit or debit?" the answer determines whether they
will use a merchant account affiliated with one or more traditional credit card associations (Visa,
MasterCard, Discover, American Express, etc.) or an interbank network typically used for debit and
ATM cards, like PLUS, Cirrus (interbank network), or Maestro.
In other countries: When a merchant asks "credit or debit?" the answer determines whether the
transaction will be handled as a credit transaction or as a debit transaction. In the former case, the
merchant is more likely than in the latter case to have to pay a fee defined by fixed percentage to
the merchant's bank. In both cases, the merchant may have to pay a fixed amount to the bank. In
either case, the transaction will go through a major credit/debit network (such as Visa, MasterCard,
Visa Electron or Maestro). In either case, the transaction may be conducted in either online or
offline mode, although the card issuing bank may choose to block transactions made in offline
mode. This is always the case with Visa Electron transactions, usually the case with Maestro
transactions and rarely the case with Visa or MasterCard transactions.
In yet other countries: A merchant will only ask for "credit or debit?" if the card is a combined
credit+debit card. If the payee chooses "credit", the credit balance will be debited the amount of
the purchase; if the payee chooses "debit", the bank account balance will be debited the amount
of the purchase.
This may be confusing because "debit cards" which are linked directly to a checking account are
sometimes dual-purpose, so that they can be used seamlessly in place of a credit card, and can be
charged by merchants using the traditional credit networks. There are also "pre-paid credit cards"
which act like a debit card but can only be charged using the traditional "credit" networks. The
card itself does not necessarily indicate whether it is connected to an existing pile of money, or
merely represents a promise to pay later.
In some countries: The "debit" networks typically require that purchases be made in person and
that a PIN be supplied. The "credit" networks allow cards to be charged with only a signature,
and/or picture ID.

In other countries: Identification typically requires the entering of a PIN or signing a piece of paper.
This is regardless of whether the card network in use mostly is used for credit or dedit
transactions. In the event of an offline transaction (regardless of whether the offline transaction is
a credit transaction or a debit transaction), identification using a PIN is impossible, so only
signatures on pieces of paper work.
In some countries: Consumer protections also vary, depending on the network used. Visa and
MasterCard, for instance, prohibit minimum and maximum purchase sizes, surcharges, and
arbitrary security procedures on the part of merchants. Merchants are usually charged higher
transaction fees for credit transactions, since debit network transactions are less likely to be
fraudulent. This may lead them to "steer" customers to debit transactions. Consumers disputing
charges may find it easier to do so with a credit card, since the money will not immediately leave
their control. Fraudulent charges on a debit card can also cause problems with a checking account
because the money is withdrawn immediately and may thus result in an overdraft or bounced
checks. In some cases debit card-issuing banks will promptly refund any disputed charges until the
matter can be settled, & in some jurisdictions the consumer liability for unauthorized charges is
the same for both debit and credit cards.
In other countries: In India, the consumer protection is the same regardless of the network used.
Some banks set minimum and maximum purchase sizes, mostly for online-only cards. However,
this has nothing to do with the card networks, but rather with the bank's judgement of the
person's age and credit records. Any fees that the customers have to pay to the bank are the
same regardless of whether the transaction is conducted as a credit or as a debit transaction, so
there is no advantage for the customers to choose one transaction mode over another. Shops may
add surcharges to the price of the goods or services in accordance with laws allowing them to do
so. Banks consider the purchases as having been made at the moment when the card was swiped,
regardless of when the purchase settlement was made. Regardless of which transaction type was
used, the purchase may result in an overdraft because the money is considered to have left the
account at the moment of the card swiping.
A debit card is an ATM card with a VISA or Mastercard logo on it. [VISA calls them "Checkcards"
and Mastercard calls them "Mastermoney" cards.]
The difference? Debit cards are riskier than password protected (PIN-only) old-fashioned ATM cards
because debit card can be used with a PIN OR can also be used with only a signature, without a
secret PIN or password, just like a credit card, over the phone or in a store.
Debit Cards: Much greater liability risk than credit cards:
-- Legally, your ultimate liability for fraudulent use of a credit card is generally only $50. And,
when a credit card is fraudulently used, you are also only disputing whether you owe
the bank money.
-- Unlike a credit card, if your debit card is used fraudulently, the thief robs your checking account.
Potentially, all your money is drained out of your checking account. It could take the bank 10 days
or more to investigate and refund your money. In the meantime--you could bounce checks to your
landlord, credit card company, or mortgage company.
-- Worse, unlike a credit card, under the law, your debit card liability could be as much as $500, if
you notify the bank more than 48 hours after you learn of the problem or even up to all the money
in your checking account plus your maximum overdraft line of credit if you fail to notify the bank
within 60 days (See Fed excerpt below). Under pressure from the state PIRGs, banks claim to
have voluntarily limited debit card liability to $50. PIRG has received complaints from consumers
whose banks have not honored the well-publicized alleged voluntary $50 limit. Even the Federal
Reserve recognizes the difference in liability rules.
What about Loss or Theft? Its important to be aware of the potential risk in using an EFT
(Electronic Fund Transfer) card, which differs from the risk on a credit card.
On lost or stolen credit cards, your loss is limited to $50 per card (see Lost or Stolen Credit Cards).
On an EFT card, your liability for an unauthorized withdrawal can vary: Your loss is limited to $50 if
you notify the financial institution within two business days after learning of loss or theft of your
card or code.
But you could lose as much as $500 if you do not tell the card issuer within two business days
after learning of loss or theft.

If you do not report an unauthorized transfer that appears on your statement within 60 days after
the statement is mailed to you, you risk unlimited loss on transfers made after the 60-day period.
That means you could lose all the money in your account plus your maximum overdraft line of
credit, if any. (end of Fed excerpt.)
Even worse, you are fighting to recover your own money back into your own checking
account. It is true that some banks may eventually honor the voluntary $50 limit, but consumers
face horrific problems because while the bank is conducting its internal investigation, consumers
are dealing with other checks that may bounce, and consumers face enormous hassles explaining
what happened to the bounced checks they wrote to their other creditors, since the fraudster
drained their account. In 2001, the chief national bank regulator, the Office of the Comptroller of
the Currency, which regulates all banks with national in their name, warned banks that the burden
of proof in a reinvestigation is on the bank to show that a transaction was authorized (in other
words, the bank isn't supposed to presume the consumer is guilty, but innoncent, when the
consumer claims fraud). Excerpt:
...The OCC is concerned that some banks may be rejecting claims of unauthorized transactions
solely because the customer's Automated Teller Machine (ATM) card or debit card and personal
identification number (PIN) were used in the transaction, and the customer supplied no
information indicating that the card or PIN was misappropriated. These facts alone may be
insufficient to establish that a transaction was authorized because fraudulent means may have
been used to obtain the customer's account number, card, or PIN. For instance, the customer may
have been a victim of "shoulder surfing," a practice used by criminals to obtain account or card
numbers or PINs by observing customer transactions. Therefore, banks cannot assume that they
have satisfied their duty to investigate simply by concluding that the customer's debit card and
PIN were used in the transaction at issue.... OCC, 7 Sept 2001
-- Debit cards may offer some convenience. But debit cards have more risks than PIN-based ATM
cards. Since the risk of credit card fraud on the Internet is so high, we urge consumers to ONLY use
credit cards on the Internet-- never use debit cards. In addition to this greater legal liability
protection with a credit card, you have greater legal protection if goods are defective or don't
arrive, under the Fair Credit Billing Act, which applies to credit cards.
-- Debit cards make banks a lot of money. When you use the card like a credit card (with a
signature, but not with a PIN), banks take a hefty fee from the merchant. When you use it with a
PIN, like an ATM card, more and more banks are charging you a transaction fee (called a POS fee)
of $0.25-$1. Other banks are charging a monthly card rental fee (even if you do not use it at all) of
$1-2/month. That adds up to $12-24/year, plus transaction fees. Of course, banks are hitting you
with a POs fee in hopes you use the card with a signature-- so they can make more money from
the merchant.
-- "Blocking" is also a problem with debit cards. Some firms (hotels, gas stations and rent-acar companies) routinely block a card in advance for the estimated cost of a transaction that may
not be completed for several days. It isn't a problem for most credit card customers, unless they
are near their account limits. But if you buy ten dollars worth of gas with your debit card, you may
not know that the station may routinely block all transactions for $50-75, then doesn't "un-block"
as you drive away -- it waits until that evening, or worse, every few days to conduct a "batch"
transaction. If you are close to your checking account limit -- much more common than being close
to a credit card limit -- you could end up bouncing checks or be refused transactions by other
merchants due to faulty blocks. Most banks do a poor job of informing consumers that they may
bounce transactions due to overdrafts created by blocks. Of course, virtually no gas station
explains their blocking policy, which presumes everyone drives an RV or tractor trailer truck, and
is filling it up.
-- Finally, most banks don't ask for consumer consent. When ATM cards expire, they replace them
with risky debit cards. And, we are unaware of any bank that adequately explains the risks of debit
cards.
WHAT CAN CONSUMERS DO TO LOWER DEBIT CARD RISK?
(1) If you don't want a debit card, demand a plain old ATM card.
(2) If you do want the convenience of a debit card, lower the risks:

-- Never use a risky debit card on the Internet. Only use a credit card for Internet transactions. In
addition to greater legal liability protection with a credit card, you have greater legal protection if
goods are defective or don't arrive.
-- Use a debit card only with merchants you trust. It is also a good idea never to let it leave your
sight-- it's one thing to watch a clerk "swipe" it right in front of you at the cash register and hand it
back to you. It's another story when you hand it off to a potentially unscrupulous waiter or
waitress who could have an illegal card "skimmer" (the size of a pack of cards) in their pocket and
copy your information after they walk away with it.
-- Just as you wouldn't use it on the Internet, don't use it to call info-mercial 800#s off the
television. If you have a dispute over double-billing or products that don't arrive from a sleazy infomerchant, remember-- you'll be fighting to get your own money back, and that could take ten days
or more of arguing with your bank.
(3) Complain to Congress! Urge Congress to enact legislation to change the Electronic Funds
Transfer Act law so that debit card liability is legally the same as credit card liability. Not
surprisingly, the banks oppose it. No matter what card you use, you should be equally protected.
(4) Send comments of any complaints about unfair treatment by your bank of your debit card
dispute to uspirg@pirg.org.
When you buy goods or get cash with a debit card the money is taken from your bank account
right away. With a credit card you get a monthly a bill. If you don't repay the amount owed in full
on a credit card, or if you take out cash, the charges are very high.
How debit cards work
Debit cards are linked directly to your bank account. You can use them to buy goods or withdraw
cash and the amount is taken from your account right away.
You can also use debit cards to get 'cashback' from certain shops (you buy goods and also ask for
money back from the cashier). The total amount is deducted from your account right away.
When using a cash machine or paying for goods with a debit card you'll need to enter your PIN
(personal identity number). When buying goods you usually enter it into an electronic hand held
device, but in some cases you may have to sign.
Most bank accounts offer debit cards. Most debit cards double up as 'cheque guarantee cards',
guaranteeing that your cheque will be honoured by your bank up to a stated amount.
What happens if there's not enough money in your account?
This will depend on the type of debit card you have:
if you have a Solo or Electron debit card the balance in your account is checked before
each transaction if theres not enough money you wont be able pay or withdraw cash with
the debit card without prior agreement
if you have Switch, Visa or Delta card your account balance wont necessarily be
checked and the payment may still go through
If you go overdrawn the charges youll pay will depend on whether or not you have an authorised
overdraft arrangement with your bank. If you do, youll pay the agreed amount of interest at the
end of each month. This is usually much lower than interest charged on credit cards.
If you dont have an overdraft agreement, or you exceed the agreed limit, your bank may allow
the payment to go through but youll usually pay much higher fees than if you had an agreed
overdraft.
Using a debt card over the phone or internet
Debit cards can be used to make payments by phone or over the internet. In this case you'll need
to provide certain details that are printed on your card. Find out more and view an example debit
card on the FSA website.
How credit cards work
Credit cards allow you to 'buy goods now and pay later' - called 'buying on credit'. They aren't
linked to your bank account. Like debit cards, they can be used to buy goods in shops over the
telephone and internet, with the same details being required. You can also get a 'cash advance' by
drawing money at bank cash machines.

Your bank may offer you a credit card, or you can apply for one to any institution offering one. The
credit card provider will normally run checks to see if you've had problems repaying debts before
offering you one (called a 'credit check').
The risks of using a credit card
Think carefully before using a credit card. If you don't repay your bill in full by the date shown
you're charged interest on the whole amount of the bill for that month. The rates of interest indicated by the APR (annual percentage rate) - can be very high indeed.
If you take cash out with a credit card you're charged daily interest from the moment you take out
the cash until the credit card bill is paid in full. This is an expensive way of borrowing money.
Some credit cards also charge you an annual fee simply for having the card.
A credit card is a form of borrowing. You can apply for one from a bank, building society and
certain high street stores. If they accept your application, they (your card issuer) will set you a
credit limit (the amount you can borrow).
You can use your credit card to buy goods and services and you'll get a statement each month
showing how much you've spent. You have to pay back at least the minimum amount shown on
the statement each month. The card issuer will charge you interest each month on any money you
still owe (the outstanding balance).
A credit card gives you the freedom to buy things now and pay later - but usually at a cost.
Things to watch out for
The late payment trap
Your statement will show that you must make a payment by a certain date each month. If you
miss it, you may be fined a late payment charge. If you're behind with your payments, this could
also show up on your credit history, which another potential lender might also see.
An easy remedy: ask for a direct debit form from your card issuer. You can then choose to pay off
the full balance every month, or the minimum payment, automatically from your bank account.
The minimum payment trap
It's easy to slip into a pattern of paying just the minimum payment each month. But it means, of
course, that interest is building up, month after month, on every pound you owe. If you can't pay
the balance off, at least try to pay a bigger amount each month.
The cash trap
Don't confuse credit cards with debit cards when you're at a cash machine. If you use a credit card
to withdraw cash, you'll normally be charged an extra fee every time. Some credit card companies
also offer credit card cheques but bear in mind that they charge interest from the moment
they're used.
The store card trap
Many leading shops and stores have their own credit cards. They offer benefits such as extra
discounts for cardholders only, and preview days for sale goods ahead of the general public.
However, many store cards carry very high interest rates if you don't pay them off immediately in some cases, double the cost of ordinary credit cards. Be careful to check their APR rate before
taking out another card.
Other ways to borrow
Credit cards have their advantages, but they're not always the right choice. If you can't pay for
what you're buying and need the help of some extra funds, consider a bank overdraft or a
personal loan - see Loans for more information.
Top tips
1. Set up a direct debit to make sure your minimum payment is made each month.
2. Ask yourself whether credit cards are the best solution - a loan might be cheaper.
3. Don't use credit cards for cash unless you have to.
4. Don't sign up for a store card without checking its interest rate (the APR).
Different bank accounts offer different features - such as cheque books, cash cards, overdrafts etc.
See the table below to compare the different types of account.
Basic bank account
Current account
Savings account
Commo This will:
This will:
This will:
n
receive money;
receive money;
give you interest on

Different bank accounts offer different features - such as cheque books, cash cards, overdrafts etc.
See the table below to compare the different types of account.
Basic bank account
Current account
Savings account
pay bills;
give you a cash card;
let you set up direct
pay bills;
debits; and
give you a cash card;
act as a stepping
give you a debit card;
stone to a current
allow you to set up
account.
direct debits and
However, this won't usually
standing orders;
your money; and
allow you to go overdrawn
give you a cheque book
be deposit-based: for
by more than 10, if at all.
and guarantee card; and
every 1 you save you
allow you to have an
features It might offer:
will usually get at
overdraft.
least 1 back (short of
a debit card and
It might offer:
a bank or building
payment by standing
interest on your money;
society collapse).
order; and
special services - e.g.
a linked savings
sending money abroad
account to help you
or cashing foreign
budget. This means
cheques. But there will
you can keep some of
often be a charge for
your money in your
these services.
savings account until
you need to transfer it
over to pay a bill.
You want to set money
You want to make sure
aside for a purchase
you don't go
or expense that you
You want more than a
It's
overdrawn.
know will come up
right for
You might not get
basic bank account can
fairly soon (like a
you if
offer you.
holiday or a deposit on
through the bank's
a house), and you
credit check to open a
may need to get at
current account.
the money quickly.
Different types of basic bank
account is a table of the
banks and building societies
All banks and building
Any high-street bank.
which offer this type of
societies offer
Some building societies.
Where account and what they call
different types of
can I them.
Certain banks don't
savings accounts.
get
have branches - you
Compare savings
one? You can also find this table
deal with them by post,
accounts on our
inside our free Basic bank
telephone or internet.
savings tables.
accounts printed guide. You
can download or order it
online from Publications
What to
Cash machines - how
Cash machines - how
Type of account look for
many can you use free
many can you use free
the Types of savings
of charge?
of charge?
products section will
Branches - do you
Branches - do you need
help you understand
what type of account
need one near where
one near where you live
is going to suit your
you live or work?
or work?
needs
(Some basic bank
Post Office - do you
Minimum
accounts allow you to
need an account that

Different bank accounts offer different features - such as cheque books, cash cards, overdrafts etc.
See the table below to compare the different types of account.
Basic bank account
Current account
Savings account
withdraw cash only
from a cash machine
or Post Office
branch, so do check
investment - how
offers access at a Post
this.)
much money do you
Office branch? Check
Post Office - do you
have to put in to open
whether your bank
the account?
need an account that
offers this service.
Access to your
allows you to pay in or
Overdrafts - some
check your balance at
money - can you take
banks charge fees, on
a Post Office
your money out
top of interest. Consider
branch? Check
straight away, or do
the charges that will
whether your bank
you have to give
apply to your account.
offers this service.
notice?
Telephone/online
Paying bills - does
Interest - how much
banking - does the
the account enable
interest will you earn
account allow you to
you to pay your bills
on your money, and
bank over the telephone
easily? All accounts
how often will you
or internet?
offer direct debits.
receive it?
Some also offer
standing orders and a
debit card.
These accounts are deposit-based. This means you'll usually get back what you have put in, unless
your bank or building society collapses. But if this happens, there is a scheme which may pay
compensation to customers, up to a set limit. Visit the Financial Services Compensation Scheme
(FSCS) website for more information.
Running your account
1. Paying money in
You can take cash and cheques made payable to you to your local branch, and complete a
paying-in form.
You can pay in cheques made payable to you, by post.
Your account can receive automated transfers, such as your salary, paid straight into your
account by your employer. This is known as payment by BACS and your employer will
need your bank details to do this, including your sort code and your account number. Youll
find these on your bank statement, cheque book or card.
Keep your bank details safe and protect yourself against fraud. Find out more in the Stay
safe section of this site.
2. Paying money out
Get cash out from a cash machine, at the supermarket and other shops (known as
cashback), or at your branch. There is a limit to how much you can get each time.
Pay for goods using your debit card or by cheque.
Pay bills by direct debit, standing order, cheque, telephone or online banking.
In the UK, we now use 'chip and PIN' for the vast majority of our transactions. Chip and PIN means
your cards are better protected from fraud. For more information, visit the Chip and PIN website see Related links.
Make sure you keep track of how much money is left in your account, because if you go overdrawn
you may be charged.
3. Keeping track of your money
Check statements from your bank and report anything wrong.
Check receipts or mini-statements from cash machines and report anything wrong.
Fill in cheque book stubs to keep track of what cheques you have written and who you've
written them to.

 Keep paying-in stubs until the money has arrived in your account.
Keep track of where your money is going and keep your bank statements in a safe place. You may
need them for tax purposes. It's a good idea to shred any personal data once you no longer need
to keep it - this helps protect you against identity fraud.
Stay safe
Getting the right financial product can be complicated, and unfortunately there are some
unscrupulous people who will take advantage of this to try to part you from your money.
However, theres plenty you can do to protect yourself from dodgy salesmen, bad deals and
outright fraud.
You can help protect yourself by:
knowing the right questions to ask when you're buying financial services or seeking advice;
knowing the warning signs to look out for if anything is wrong; and
being familiar with how criminals operate scams and swindles so you don't get caught out
by one.

Main ways to save or invest your money

If you've money to spare, you can save and/or invest it. With saving you put your money aside
without risk, usually with the chance to earn interest. With investing, there's potential for your
money to grow more, but the returns aren't guaranteed. Investing is generally more suitable for
the longer term.
Savings products
Banks and building societies savings accounts
With savings accounts you'll always get back at least the money you paid in plus interest at the
rate advertised. There's a wide range of accounts to choose from, with key differences being how
quickly you can get at your money, the minimum amount required to keep the account open and
the type and rate of interest rate paid.
Cash ISA (Individual Savings Accounts)
Most banks and building societies also offer tax-free savings and investment accounts called ISAs.
The Cash ISA (one type of ISA) generally contains only cash, so there's no risk to your money. For
the tax year 2008-2009 you can save up to 3,600 in a Cash ISA if you're a UK resident aged 16 or
over. Read more about ISAs in the section on investment products below.
National Savings and Investments
National Savings and Investments (NS&I) are savings and investment products backed by the
government. As a result, any money you invest is totally secure. NS&I offers tax-free products
(including premium bonds); products offering guaranteed returns; monthly income products;
children's savings products - and more.
Credit unions
Credit unions are mutual financial organisations which are owned and run by their members for
their members who can save with them. Once you've established a record as a reliable saver they
will also lend you money but only what they know you can afford to repay. Members have a
common bond, such as living in the same area, a common workplace, membership of a housing
association or similar.

Investment products
Shares
When you buy shares you buy a stake in a company. If the company does well the value of the
shares may rise and you may be able to sell them at a profit. You may also get a share of the
profits through income payments called dividends. If the company doesn't do well, you may not
get any dividends and the value of the shares could fall or, in some cases, cease to have any
value at all.
Pooled or collective investments
Pooled or collective investments are where small contributions from lots of people make up a
single investment fund. They include:

Authorised Unit Trusts

Open Ended Investment companies (OEICs)
Investment Trusts
Exchange Trade Funds
Unit linked life assurance
ISAs (see next section)

Individual Savings Accounts (ISAs)

An ISA offers tax-free returns. It can be made up of cash, and/or longer term investments like
stocks and shares or insurance. You don't pay tax on the interest or dividends (investment income)
from an ISA, apart from the 10 per cent tax credit which is deducted from dividend payments
before you get them. You also don't pay Capital Gains Tax on gains (profits) from investments in an
ISA.
There are limits to how much you can pay into an ISA each tax year.
Bonds
Bonds are loans to a company, a local authority or the government. They pay a set amount of
interest and are traded on the stock market, so their value can rise or fall.