Suppose your employer wants to export its products and be paid through letter of credit (LC). You

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Suppose your employer wants to export its products and be paid through letter of credit (LC). You have volunteered to become the company’s LC expert. One way to accomplish this is to visit globalEDGE™ and do a search on the keywords “letter of credit.” Another is to visit the websites of major banks to learn about procedures and instructions to receive payment through LC. Visit the websites of CIBC (www.cibc.com), the National Australia Bank (www.nab.com.au), and HSBC (www

.hsbc.com) to see what you can learn about LCs. For each bank, what are the requirements for getting an LC? What services does the bank offer regarding LCs? Can you get training in LCs from these banks?

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