Swift Charges Deducted

SJefferis · Post by **SJefferis** » Tue Mar 21, 2006 12:00 am

This is not strictly an L/C question. It relates to collections as well. The organisation that I work for has the practice of deducting a transmission charge from the proceeds of L/C's when they are sent to the negotiating bank.
This also applies to collections as well.
Is this a general practice in the banking industry?

Regards

Peter

RolandLeupi · Post by **RolandLeupi** » Wed Mar 22, 2006 12:00 am

D/C and collections as well should clearly stipulate to whom charges have to be borne to. Commissions and charges have therefore to be debited to said party.
Roland