letter of indication

letter of indication
= letter of identification
A letter issued by a bank to a customer to whom a letter of credit has been supplied. The letter has to be produced with the letter of credit at the negotiating bank; it provides evidence of the bearer's identity and a specimen of his or her signature. It is used particularly with a circular letter of credit carried by travellers, although traveller's cheques are now more widely used.

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  • letter of indication — noun A banker s letter requesting foreign bankers to accept the bearer s circular notes • • • Main Entry: ↑letter …   Useful english dictionary

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