iştira bankası

Turkish - English

Definition of iştira bankası in Turkish English dictionary

(Ticaret) negotiating bank

Bank nominated on a letter of credit to negotiate the bill of exchange, i e check the documents, pay the seller and seek reimbursement from the Issuing bank

Bank to which letter of credit documents are presented by the beneficiary for collection of payment The name derives from the fact that the negotiating bank is normally authorized by the issuing bank to negotiate documents (see "negotiate"), but it may or may not choose actually to do so Furthermore, recognizing that this bank may be authorized to pay or accept drafts, rather than negotiate them, UCP500 now uses the term "nominated bank" rather than "negotiating bank " Unless otherwise instructed, negotiating banks in North America generally examine the documents for discrepancies before forwarding them to the issuing bank, but this is properly viewed as a service separate from negotiating and is not even necessary when negotiating with recourse

Bank, other than the issuing bank, that has discounted or purchased a draft drawn under a letter of credit

This is the bank that cashes the Letter of Credit provided by your purchaser’s bank after you’ve met all the requirements stated in the letter Letters of Credit are either freely negotiated, which can be cashed at any bank, or restricted, which can only be cashed at a specified bank

A bank named in the credit; examines the documents and certifies to the issuing bank that the terms are complied with

Hyphenation

iş·ti·ra ban·ka·sı