Business > Products & Services > International > Interactive tools > Free online course in Foreign Trade > Test There is only one correct answer to each question. Mark the correct response. The customer who asks their bank to issue a documentary credit is the exporter. The International Chamber of Commerce regulations governing documentary credits are set out in the publication URC 522 The International Chamber of Commerce regulations governing documentary credits are set out in the publication UPC 600 What does it mean when a documentary credit has been confirmed? That the beneficiary has confirmation that the credit has been issued because they are in possession of the Swift message setting out the terms and conditions thereof. The exporter’s bank has added an extra guarantee to the guarantee provided by the documentary credit. The exporter has confirmed with the importer the terms of the contract to issue the documentary credit. What is open exchange rate insurance? When the timeframe and the amount to which the agreed rate will be applied are left open. It allows the agreed rate to be applied to operations that arise throughout the course of the insurance policy, always within a pre-established global amount and a fixed expiry date. When the price can only be applied to a single operation for the total amount of the insurance on the agreed expiry date. Mark the correct response. The incoterm FOB means that the exporter has to pay for insurance covering the goods. The incoterm CIF means that the exporter has to pay for the freight and insurance covering the goods. The incoterm CFR means that the exporter has to pay for insurance covering the goods. What is a TARGET transfer? It is an urgent transfer in a currency other than the Euro. It is an urgent transfer in Euros made and received within the Euro Zone. It is a transfer wherein the ordering party is located in a European Union country. In a Stand-by documentary credit... The original documentation pertaining to the export is sent through the respective banks and financial entities. If non-payment occurs, the exporter cannot demand collection. As a guarantee of documentary execution, the exporter must present the required documents in the event of non-payment in order to demand payment. A personal cheque... Offers guaranteed collection for an exporter. Is a method of payment wherein, when it comes to collection, the linked account might or might not have sufficient funds to cover it. Is a type of cheque in which a bank makes the payment. An exporter who has assured payment collection by means of a documentary credit: Must send the commercial documents indicated in the terms and conditions of the credit directly to the buyer’s address. Must present the commercial documents indicated in the terms and conditions of the credit to their bank, which will in turn forward them to the issuing bank. Must present the documents with discrepancies in order to guarantee their collection. A virtual TPV is: A means of receiving/making payments for sales/purchases made on the internet. A means of receiving/making payments in which the buyer is not asked for any bank details. A means of receiving/making payments used chiefly for sales/purchases for large amounts of money. By transferring a documentary credit: All the details of the original documentary credit can be modified. The amount and expiry date of the original documentary credit can be modified, among other details. No details from the original documentary credit can be modified.
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