A traveler's letter of credit is issued by a bank in one country and addressed to a list of foreign banks which are usually correspondents of the issuing bank and have agreed to purchase sight drafts presented to them by persons with appropriate letters of credit.

Question

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A traveler's letter of credit is indeed issued by a bank in one country and addressed to foreign banks, which are usually correspondents of the issuing bank and have agreed to purchase sight drafts presented to them by persons with appropriate letters of credit.

A Traveler's Letter of Credit Is Issued by a Bank