Providing guidance or advice in a non-binding capacity, such as a consultant or expert.
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Al Sharqi Shipping is a leader in the logistics industry with more than 30 years of experience in guiding and moving freight across the globe.
What is an Advising Bank?
In the context of shipping, an advising bank is a bank that acts as an intermediary between a seller and a buyer in an international trade transaction. The advising bank is responsible for notifying the seller of the receipt of a letter of credit from the buyer’s bank, and for ensuring that the terms and conditions of the letter of credit are met.
The advising bank may also provide additional services related to the transaction, such as authentication of documents, verification of shipping and delivery, and payment processing. The advising bank typically charges a fee for these services, which can vary depending on the nature and scope of the transaction.
Related Glossary terms
→ Advisory Capacity
→ Customs Clearance
→ Letter of Credit (L/C)
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