can someone tell me how secure is Letter of Credit L/C in buying goods from abroad . am trying to buy goods from u s with the use of L/C . can it safeguard me against being fraud ? plz advice

@poster.The bankers have the answer for this,over to you,bankers.
You may want to post this topic at the bankers forum.

pleas i need real people to breaf me.

It is as secured as the bank that issued it.

Letter of credit is the only secure way for you to order goods abroad as there is no risk on our side, because your bank have to inspect the goods at arrival and if all that is ordered is complete then the bank will honor the letter if not the will not honor it, as a buyer with LC you have not risk.

some letter of Credit are fake, some can be done by 419ers but the original one are sure as bank draft.

this is how it works; when your bank opens LC on ur behalf, to a named beneficiary(ie ur seller) when your seller send the goods he wil send the ocean fright document including other document named in the LC such as certificate of origine, commercial invoice, packing list etc to ur bank who will check the docs to see its confirmity with LC docs then will ppay the seller. note that the bnk wil not gurantee the goods sent but will only make sure that what is said to be sent according to the paper was what is in the paper. so to make sure you got your goods in the condition u agrre with your seller, use third party inspection, eg coteckna or so and SGS inspections services and theri certificate of quantity and quality will be part of the docs that the seller will be sending to ur bank.

i rest my case

let me know what you want to buy,how much and country of purchase I can advise or provide lc for you but you must have 100% cash or 10-20% i show u the secret of lc trading
Abbott Ude
08033815699
stabbotts@yahoo.co.uk

This is an old thread, anyone with more current information on how this is processed easily in Nigerian banks?

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