A Standby Letter of Credit (bank guarantee) may be defined as the irrevocable obligation of a bank to pay a sum of money in the event of non-performance of a contract by a third party. A Standby L/C is a separate obligation independent of the principal debt or the contractual relationship between the creditor and the principal debtor. Under the terms of the Standby L/C the bank has to pay on first demand provided that the conditions contained in the Standby L/C are fulfilled.
A Standby L/C can facilitate business transactions when your own credit may not be known or readily accepted. It can be used to support loans and other financing arrangements, to support an overseas bank guarantee, and in various escrow arrangements. Applicant must understand that credit approval is necessary and would require appropriate lending structure.
Foreign exchange (FX) trading involves buying and selling foreign currencies against U.S. dollars; or buying and selling one foreign currency against another, termed cross trading. Exchange can be traded at spot (1-3 days delivery), or future, (beyond 3 days delivery).
The need to buy and sell foreign exchange is generated by tourism, and to a much larger extent, by exporters, importers, and investments abroad. Risks in foreign exchange grow out of economic and political factors.
International Banking & Trade Services
1505 Westlake Ave. N, Suite 125
Seattle, WA 98109
Tel. 206-664-2404 / 877-229-4685
Fax 206-664-7368 / 206-664-2411
SWIFT: COWLUS66
ABA No. 123307583
1.US Dollar Bank of New York, NY, SWIFT: IRVTUS3N
2. Euro Commerzbank, Frankfurt, Germany, SWIFT: COBADEFF
3. YEN The Bank of Tokyo-Mitsubishi UFJ, Tokyo, Japan, SWIFT: BOTKJPJT