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Letter of credit   /lˈɛtər əv krˈɛdət/   Listen
Letter of credit

noun
1.
A document issued by a bank that guarantees the payment of a customer's draft; substitutes the bank's credit for the customer's credit.



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"Letter of credit" Quotes from Famous Books



... several merchants lodged, some French, two Italians, or rather Jews, and one Englishman. Here I stayed above nine months, considering what course to take. I had some English goods with me of value, and a considerable sum of money; my nephew furnishing me with a thousand pieces of eight, and a letter of credit for more if I had occasion, that I might not be straitened, whatever might happen. I quickly disposed of my goods to advantage; and, as I originally intended, I bought here some very good diamonds, which, of all other things, were the most proper ...
— The Further Adventures of Robinson Crusoe • Daniel Defoe

... I went to Pulo-way, where I got 1000 cattees of nutmegs, and 200 cattees of mace. The 1st August, the Dutch gave me a letter of credit, for the payment at Bantam of all the debts due me at Banda; and this day I went on shore, at the request of the Dutch governor, to view their fort, which was a square redoubt, with thirty pieces of artillery, eight ...
— A General History and Collection of Voyages and Travels, Vol. VIII. • Robert Kerr

... do less than Mammon to-day for the infidel's ease and comfort in Palestine. The unholy little yellow god works his modern miracles even in the Holy Land. You have but to speak the word, and show your purse or letter of credit, in Beirut or Jaffa, and, as suddenly as if you had rubbed Aladdin's lamp, a retinue will be at your door to do your bidding. First a dragoman, with great baggy trousers of silk, a little gold-embroidered jacket over a colored vest, a girdle whose ...
— Lippincott's Magazine, October 1885 • Various

... "My letter of credit is at your disposal, old man," said Brock promptly. He meant it. It readily may be seen from this that their friendship is no small item to be considered in the ...
— The Husbands of Edith • George Barr McCutcheon



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