A letter of credit agrees to provide the seller with needed currency exchanges when transactions with foreign buyers occur.

Name: A letter of credit agrees to provide the seller with needed currency exchanges when transactions with foreign buyers occur.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A letter of credit is a document from a bank guaranteeing that a seller will receive payment from the buyer as long as certain delivery conditions have been met, not to provide currency exchange services.

A Letter of Credit Agrees to Provide the Seller with Needed