A bank in the beneficiary's country through which the issuing bank communicates the credit to the beneficiary is known as the:

Question

Quizplus · Accepted Answer

The correct answers are A) Advising bank and B) Correspondent bank. An advising bank is the bank in the beneficiary's country that notifies the beneficiary of the opening of a letter of credit. A correspondent bank is a bank that provides services on behalf of another, equivalent or similar, bank in a different location. Both terms are used to describe banks that can act in the capacity of communicating the credit to the beneficiary, depending on the context and specific arrangements made.

A Bank in the Beneficiary's Country Through Which the Issuing