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bill of exchange & letter of credit

Spanish translation: letra de cambio

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:bill of exchange
Spanish translation:letra de cambio
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13:30 Nov 15, 2000
English to Spanish translations [PRO]
Bus/Financial
English term or phrase: bill of exchange & letter of credit
What's the translation?

More importantly, what's the difference?
xxxLia Fail
Spain
Local time: 01:10
LETRA DE CAMBIO Y CARTA DE CRÉDITO
Explanation:
Bill of exchange: letra de cambio.

An unconditional order in writing, addressed by one person to another and signed by the person giving it, requring the drawee to pay on demand or at a fixed future time a specified sum of money to or to the order of a specified person or to the bearer. The use of bills of exchange enables one person to transfer to another an enforceable right to a sum of money.

Letter of credit: carta de crédito.

A document whereby a bank, at the request of a customer, undertakes to pay money to a third party on presentation of documents specified in the letter (eg. Bills of lading and policies of insurance).

Hope it helps!

Selected response from:

Blanca Amoroso
Local time: 20:10
Grading comment
Thanks all.
3 KudoZ points were awarded for this answer

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Summary of answers provided
naLETRA DE CAMBIO Y CARTA DE CRÉDITO
Blanca Amoroso
naletra de cambio y carta fianzaSergio Romero
naletra de cambio and carta de crédito
Elinor Thomas


  

Answers


8 mins
letra de cambio and carta de crédito


Explanation:
Carta de crédito is a document opened by the purchaser in a local bank, which is transferred to a bank in the country of the exporter. It's the bank that pays the vendor.

I don't know exactly how a letra de cambio works, but it is not a credit.

Hope this helps! :)

Elinor Thomas
Local time: 21:10
Native speaker of: Spanish
PRO pts in pair: 860
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13 mins
letra de cambio y carta fianza


Explanation:
That's how we use it here, in Perú.

Sergio Romero
Local time: 19:10
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18 mins
LETRA DE CAMBIO Y CARTA DE CRÉDITO


Explanation:
Bill of exchange: letra de cambio.

An unconditional order in writing, addressed by one person to another and signed by the person giving it, requring the drawee to pay on demand or at a fixed future time a specified sum of money to or to the order of a specified person or to the bearer. The use of bills of exchange enables one person to transfer to another an enforceable right to a sum of money.

Letter of credit: carta de crédito.

A document whereby a bank, at the request of a customer, undertakes to pay money to a third party on presentation of documents specified in the letter (eg. Bills of lading and policies of insurance).

Hope it helps!




    A concise dictionary of LAW. Oxford.
Blanca Amoroso
Local time: 20:10
Native speaker of: Native in SpanishSpanish
PRO pts in pair: 78
Grading comment
Thanks all.
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