The traveler's letter of credit is issued by a bank to banks in other countries authorizing foreign banks to cash checks or purchase drafts presented by the bearer.

Name: The traveler's letter of credit is issued by a bank to banks in other countries authorizing foreign banks to cash checks or purchase drafts presented by the bearer.
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Question

Quizplus · Accepted Answer

The statement accurately describes what a traveler's letter of credit is and how it works.

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