LETTER OF CREDIT • DICCIONARIO INGLES.COM • Definition of Letter of credit

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/lˈɛtər əv krˈɛdət/ Listen

Letter of credit

noun

A document issued by a bank that guarantees the payment of a customer's draft; substitutes the bank's credit for the customer's credit.

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Etymology of 'Letter of credit'

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commercial letter of credit

traveler's letter of credit

traveller's letter of credit

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"Letter of credit" Quotes from Famous Books

... necessary. Being favoured by the secretary of the Association, the late Henry Beaufoy, Esq., with a recommendation to Dr. John Laidley (a gentleman who had resided many years at an English factory on the banks of the Gambia), and furnished with a letter of credit on him for 200 pounds, I took my passage in the brig Endeavour—a small vessel trading to the Gambia for beeswax and ivory, commanded by Captain Richard Wyatt—and I became impatient ...

— Travels in the Interior of Africa - Volume 1 • Mungo Park

Words linked to "Letter of credit" : traveler's letter of credit, commercial letter of credit, credit, document, traveller's letter of credit