Letter of Credit Specialists for Hire
Letter of Credit (LOC/LC) also known as documentary credit or bankers’ commercial credit, or letter of undertaking (LoU), is an economic guarantee given to the Exporter of goods in International Trade by an authorized bank (Issuing Bank). It is a letter issued by one bank (Issuing Bank) in one country to the other bank (Negotiating Bank) based in a different country. It guarantees payment to an Exporter from the Importer by the Issuing Bank. It is a letter in which if the buyer is unable to make the payment, the bank pays the amount to the buyer. The amount could include the total amount of the transaction or it could include the remaining amount to be paid. LCs are used by Importers and Exporters themselves. Working overseas can be risky because there is no clarity of the person on both sides of the trade. A LOC contains details like type of shipment, payment method, bearing charges, etc. which helps in determining the trade transactions.
What Does a Letter of Credit Specialist Do?
Credit Specialists understand the types, characteristics and uses of LCs. They possess knowledge about various rules and trade terms like ISBP 745, ISP 98, UCP 600 URR 725 and Incoterms 2010. They understand the parties involved in the LOC transaction, their roles and obligations. They obtain the necessary information before issuing the LOC. They ensure that all credit data is evaluated and is according to bank policies and procedures. They understand the types of risks, their control and mitigation. They possess knowledge about the implications of breaching rules related to financial crime, including money laundering and terrorist financing.
LC Specialists work with one client or more clients at the same time depending on their choice. Their specialist services can be hired in many financial Institutions, corporate offices and banks. Freelance Letter of Credit Experts can be hired from Guru.com which is one of the best platforms to hire freelance services online. You should ensure the below requirements before considering letter of credit specialists for hire:
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Knowledge on processing of Trade Finance and Letter of Credit Products
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Ability to meet the times frames as per Client’s requirements
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Adaptable to change
Qualifications of Letters of Credit Specialists
It is ideal that your freelancer has the following skills:
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Certifications such as CDCS (Certified Documentary Credit Specialist)
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Working knowledge of the latest government regulations
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In-depth knowledge of documentation requirements including transportation, transport insurance, customs tariff and mercantile law
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Knowledge of International Banking practices
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Proficiency in Legal Risk Procedures
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Excellent problem-solving skills
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Relevant work experience in International Trade
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Excellent verbal and written communication skills
Benefits of Hiring Freelance Letter of Credit Experts
Hire a letter of credit freelancer to get your work done and they can help you:
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Process of documentation from the beginning to the final stage.
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Stay updated about new rules and regulations set out by the International Chamber of Commerce.
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Review the work done by other LC specialists.
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Ensure that transactions are processed accurately.
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Plan, formulate and implement strategies for the growth of trade businesses.
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