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English to Spanish: Letter of credits General field: Bus/Financial Detailed field: Accounting
Source text - English L/C types:
• Nostro (import) letters of credit are opened by domestic banks upon the order of their domestic customers (importers) in favour of foreign sellers (exporters).
• Vostro (export) letters of credit are opened by foreign banks for domestic sellers (exporters).
After receiving vostro letters of credit in favour of its customers – exporters, Erste Bank provides the following services:
• Notifies and forwards the letter of credit to its customer
• Provides necessary information and expert advice in connection with meeting the L/C terms and thereby the preparation of documents as well
• Enables inspection and sending of the L/C documents for collection
• Confirmed letter of credit is a letter of credit by which the confirming bank assumes joint and several payment liability in addition to the issuing bank.
• Transferable letter of credit is a letter of credit that allows the (first) beneficiary to transfer the letter of credit to another beneficiary. The letter of credit is transferred to another beneficiary by a special statement (transfer order). By transferring the letter of credit, the right of collection and the obligation of goods delivery from the letter of credit and the presentation of documents are transferred to another beneficiary.
• Letter of credit payable at sight is paid by the bank immediately against the presentation of the documents complying with the L/C terms.
• Letter of credit with deferred payment (term letter of credit) is a type of letter of credit in which the payment becomes due on a specific date – most often on the 60th, 90th or 120th day from the date of the shipping document or invoice. It is a very good method for financing imports because it enables the importer to sell the goods until the deferred payment deadline and obtain the funds for L/C payment.
• Stand-by letter of credit is an obligation of the issuing bank to pay against the letter of credit to the beneficiary, however, not against the presentation of commercial documents but on the basis of a written statement of the beneficiary that the applicant failed to fulfil its obligation from the underlying transaction. These letters of credit were created as a substitute for bank guarantees in the countries in which the issuance of certain types of guarantees was prohibited.
Translation - Spanish Tipos de cartas de crédito (L/C, por sus siglas en inglés):
• Los bancos nacionales abren cartas de crédito Nostro (importación) por orden de sus clientes nacionales (importadores) a favor de vendedores extranjeros (exportadores).
• Los bancos extranjeros abren cartas de crédito Vostro (exportación) para vendedores nacionales (exportadores).
Erste Bank brinda los siguientes servicios después de recibir las cartas de crédito Vostro a favor de sus clientes (exportadores):
• Notifica y reenvía la carta de crédito a su cliente.
• Proporciona la información necesaria y el asesoramiento de expertos en relación con el cumplimiento de los términos de la carta de crédito y asimismo con la preparación de los documentos correspondientes.
• Facilita la inspección y el envío de los documentos de la carta de crédito para su recolección.
La carta de crédito confirmada es una carta de crédito por la cual el banco confirmante asume la responsabilidad de pago del banco emisor de manera conjunta y solidaria.
La carta de crédito transferible es una carta de crédito que le permite al (primer) beneficiario transferir todo o parte de sus derechos establecidos en la carta de crédito a otro beneficiario. La carta de crédito se transfiere a otro beneficiario mediante una declaración especial (orden de transferencia). Al transferir la carta de crédito, el derecho de cobro y la obligación de entrega de bienes de la carta de crédito y la presentación de documentos se transfieren a otro beneficiario.
La carta de crédito pagadera a la vista es pagada por el banco inmediatamente contra la presentación de los documentos que cumplen con los términos de la carta de crédito.
La carta de crédito con pago diferido (carta de crédito a plazo) es un tipo de carta de crédito en la cual el pago vence en una fecha específica, la mayoría de las veces en el día 60, 90 o 120 desde la fecha del documento de envío o de la factura. Es un muy buen método para financiar la importación porque permite al importador vender los productos hasta el plazo de pago diferido y obtener los fondos para el pago de la carta de crédito.
La carta de crédito Stand-by es la obligación de pago respecto a la carta de crédito, del banco emisor al beneficiario, sin embargo, no es respecto a la presentación de los documentos comerciales, sino sobre la base de una declaración escrita del beneficiario en la que se indica que el solicitante no cumplió con su obligación de la transacción subyacente. Estas cartas de crédito se crearon como sustituto de las garantías bancarias en los países en los que estaba prohibida la emisión de ciertos tipos de garantías.
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Years of experience: 5. Registered at ProZ.com: Sep 2020. Became a member: Sep 2020.
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My background as a financial accountant, along with my translation certifications, make me stand out when choosing a language professional. If your upcoming English to Spanish translation needs includes any type of financial documents, reach out to me. I’m here to be your most viable asset in your important English to Spanish financial projects.
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