Question: What Is The Difference Between TT And LC?

What does it mean LC at sight?

letter of creditAn LC at sight is a letter of credit (LC) that is payable immediately (within five to ten days) after the seller meets the requirements of the letter of credit.

1 This type of LC is the quickest form of payment for sellers, who are often exporting to overseas buyers..

Whats does tt mean?

telegraphic transferA telegraphic transfer (TT) is an electronic method of transferring funds utilized primarily for overseas wire transactions. … Telegraphic transfers are also known as telex transfers, abbreviated TT; they can also refer to other types of transfers.

What does Aunt TT mean?

Titi/TT meaning Aunt. Im in a relationship with a black guy and they use this to mean aunt or like your aunt’s aunt.

What does tt mean in social media?

TT in Social MediaTTTotally Talented recentTTTrending Topic Texting, Internet Terminology, Internet

What is TT twice meaning?

“TT” is a song recorded by South Korean girl group Twice. … The title “TT” refers to the emoticon used to express crying or sadness. The Japanese version of “TT” was released as the lead single from the group’s first Japanese compilation album, #Twice.

What are the different types of LC?

Main types of LCIrrevocable LC. This LC cannot be cancelled or modified without consent of the beneficiary (Seller). … Revocable LC. … Stand-by LC. … Confirmed LC. … Unconfirmed LC. … Transferable LC. … Back-to-Back LC. … Payment at Sight LC.More items…

What does TT at sight mean?

At sight is a payment due on demand. It requires the party receiving the good or service to pay a certain sum immediately upon being presented with the bill of exchange. This type of payment is also known as a “sight draft” or a “sight bill.”

What is TT rate?

TT (Telegraphic Transfer) buying rate indicates the rate at which bank convert foreign inward remittances to INR. TT Selling rate indicates the rate at which the bank sends an outward remittance through telegraphic transfer.

How safe is telegraphic transfer?

Telegraphic transfers or wire transfers are a safe way of sending funds whether you use a bank or a provider like OFX. … Scammers love telegraphic transfers because the money moves so fast, and once it’s in their account, you have almost no recourse to get it back.

What does FOB mean?

Free On BoardFree On Board (FOB) is a shipment term used to indicate whether the seller or the buyer is liable for goods that are damaged or destroyed during shipping. “FOB shipping point” or “FOB origin” means the buyer is at risk and takes ownership of goods once the seller ships the product.

What does LC 90 days mean?

A letter of credit can be LC 90 days, LC 60 days, or more rarely, LC 30 days: The “LC” stands for “letter of credit. This simply means that the funds promised in the letter of credit are due in 90, 30 or 30 days, or the guaranteeing bank is on the hook for the money.

What is TT export?

What is “TT Payment”? A bank transfer, otherwise called telegraphic transfer or telex transfer (“T/T”) is the electronic transfer of funds from a buyer/importer to a seller/exporter, via a bank or a similar institution.