¿Qué es la carta de crédito? Tipos, Características, Importancia

A letter of credit is a bank undertaking of payment separate from the sales or other contracts on which it is based. It is a way of reducing the payment risks associated with the movement of goods. Expressed more fully, it is a written undertaking by a bank (issuing bank) given to the seller (beneficiary) at the request, and following the buyer’s (applicant) instructions to effect payment — that is by making a payment, or by accepting or negotiating bills of exchange (drafts) — up to a stated amount, against stipulated documents and within a prescribed time limit.

Características de la Carta de Crédito

Entre los instrumentos utilizados en los negocios internacionales, el L/C se ha distinguido por las siguientes características;

1. Negociabilidad

Letters of credit are usually negotiable. The issuing bank is obligated to pay not only the beneficiary but also any bank nominated by the beneficiary. Negotiable instruments are passed freely from one party to another almost in the same way as money. To be negotiable, the letter of credit must include an unconditional promise to pay on demand or at a definite time. The nominated bank becomes a titular en su momentoComo tenedor en su momento, el tenedor toma la carta de crédito por su valor; de buena fe; y sin previo aviso de ningún reclamo en su contra. Un tenedor, en su debido momento, recibe un trato favorable según la Ley Uniforme.

2. Código Comercial

The transaction is considered a straight negotiation if the issuing bank’s payment obligation extends only to the beneficiary of the credit. If a letter of credit is a straight negotiation it is referenced on its face by “we engage with you” or “available with ourselves. Under these conditions, the promise does not pass to a purchaser of the draft as a holder in due course.

3. Revocabilidad

Letters of credit may be either revocable or irrevocable. Whether revocable or irrevocable, it will state on the face of the document what type of credit is being presented. A revocable letter of credit may be revoked or modified for any reason, at any time by the issuing bank without notification. A revocable letter of credit cannot be confirmed. If a correspondent bank is engaged in a transaction that involves a revocable letter of credit, it serves only as of the advising bank. Once the documents have been presented and meet the terms and conditions in the letter of credit, and the draft is honored, the letter of credit cannot be revoked. The revocable letter of credit is not commonly used. It is generally used to provide guidelines for shipment. The most commonly used irrevocable letter of credit may not be revoked or amended without the agreement of the issuing bank; the confirming bank; and the seller (beneficiary). An irrevocable letter of credit from the issuing bank insures the seller that if the required documents are presented and the terms and conditions are complied with, payment will be made.

4. Transferencia y Asignación

The seller has the right to transfer or assign the right to draw, under a letter of credit only when the letter of credit states that it is transferable or assignable. Letters of credit governed by the Uniform Commercial Code (Domestic) may be transferred an unlimited number of times. Under the Uniform Customs Practice for Documentary Credits (International) the credit may be transferred only once. However, even if the credit specifies that it is nontransferable or non-assignable, the seller may transfer their rights before a performance.

5. Borradores de vista y tiempo

All letters of credit require the seller to present a draft and specified documents to receive payment. A draft is a written order by which the party creating it, orders another party to pay money to a third party. A draft is sometimes referred to as a bill of exchange. The two types of drafts used in letters of credit are sight and time. A sight draft is payable as soon as it is presented for payment although the issuing bank is allowed a reasonable time to review the documents before making payment. A time draft is not payable until the lapse of a particular period stated on the draft (often 90 days). The issuing bank is required to accept the draft as soon as the documents comply with the letter of credit terms. The issuing bank is then obligated to pay the draft at maturity.

Tipos de cartas de crédito

Tipos básicos de cartas de crédito

Hay tres características básicas de las cartas de crédito, cada una de las cuales tiene dos opciones. Estos se describen a continuación. Cada carta de crédito tiene una combinación de cada una de las tres características.

1. Vista o Término/Uso

Las cartas de crédito pueden permitir que el beneficiario reciba el pago inmediatamente después de la presentación de documentos específicos (carta de crédito a la vista), o en una fecha futura según lo establecido en el contrato de venta (carta de crédito a plazo/uso).

2. Revocable o Irrevocable

Letters of credit can be revocable. This means that they can be canceled or amended at any time by the issuing bank without notice to the beneficiary. However, drawings negotiated before notice of cancellation or amendment must be honored by the issuing bank. An irrevocable letter of credit cannot be canceled without the consent of the beneficiary.

3. No confirmado o confirmado

An unconfirmed letter of credit carries the obligation of the issuing bank to honor all drawings, provided that the terms and conditions of the letter of credit have been complied with. A confirmed letter of credit also carries the obligation of another bank which is normally located in the beneficiary’s country, thereby giving the beneficiary the comfort of dealing with a bank known to him.

Tipos especiales de cartas de crédito

So far a description has been provided of the basic types of letters of credit used to cover the shipment of goods. In addition to these basic types, various specialized formats meet particular sets of circumstances.

1. Carta de crédito con cláusula roja

A red clause letter of credit incorporates a clause, traditionally written in red, which authorizes the bank acting as the negotiating or paying bank to pay the beneficiary in advance of shipment. This enables the purchase and accumulation of goods from several different suppliers, and the arrangement of shipment under the letter of credit terms. Such advances will be deducted from the amount due to be paid when the documents called for are presented under the letter of credit. If the beneficiary fails to ship the goods or cannot do so before the expiry of the Letter of credit, the issuing bank is bound to reimburse the negotiating or paying bank, recovering its payment from the applicant. Variations of such credits may also require that any advances be secured by temporary warehouse receipts until shipment is effected. Beneficiaries of red clause letters of credit are invariably brokers/agents of buyers in a particular field.

2. Carta de crédito transferible

A transferable letter of credit allows the beneficiary to act as a middleman and transfer his rights under a letter of credit to another party or parties who may be suppliers of the goods. Depending on whether the letter of credit permits partial shipments, fractional amounts may be transferred to more than one beneficiary. The letter of credit, however, can be transferred only once: the secondary beneficiaries cannot transfer their rights to a third party. Transfer of a letter of credit can be made on specific application by the original beneficiary to the authorized transferring bank To be transferable, a letter of credit must be so marked by the issuing bank which can only do so on the applicant’s specific instructions. The applicant should be aware that any second beneficiary, the probable supplier, is usually a party not likely known to the applicant. The terms and conditions of the transferred letter of credit must be identical to those of the original letter of credit with the following exceptions:

• El beneficiario original puede aparecer como solicitante en el crédito transferido.
• El monto de la carta de crédito y los precios unitarios, si los hubiera, pueden ser menores que en la carta de crédito original (la diferencia es el margen de ganancia del beneficiario original).
• Se deben acortar la última fecha de envío, si la hubiera, y la fecha de vencimiento que se muestran en la carta de crédito original.
• El porcentaje de cobertura del seguro, si corresponde, debe aumentarse para satisfacer los requisitos de la carta de crédito original.
• Cuando se realiza un giro, el beneficiario original normalmente sustituye sus facturas por las del segundo beneficiario hasta por el monto y los precios unitarios disponibles en la carta de crédito original y retira la diferencia como ganancia.

3. Carta de crédito consecutiva

Although not recorded on a letter of credit, “back-to-back” is a term used in transactions involving two irrevocable letters of credit. Such transactions originate when a seller receives a letter of credit covering goods which must be obtained from a third party that in turn requires a letter of credit. The “second” issuing bank looks to the first issuing bank for reimbursement after paying under the second letter of credit. The difference between back-to-back letters of credit and transferable letters of credit is such that in a transferable letter of credit, the rights under the existing letter of credit are transferred. In a back-to-back transaction, different letters of credit are issued. Because technical problems can arise in back-to-back transactions, banks tend to discourage their use.

4. Carta de Crédito de Pago Diferido

Under a deferred payment letter of credit, the applicant does not pay until a future date determined under the terms of the letter of credit. No drafts are called for, which avoids “stamp duties” charged by some countries on bills of exchange (drafts). One reason an exporter might extend credit terms to an importer could be the competitiveness of the market and the need for the exporter to finance the importer if the exporter is to make the sale.

Otros tipos de cartas de crédito

Las cartas de crédito descritas hasta ahora cubren el movimiento de mercancías de un destino a otro. Existen otros tipos de cartas de crédito que no están específicamente relacionadas con el movimiento de mercancías.

1. Cartas de crédito en espera

Standby letters of credit may apply in general to transactions that are based on the concept of default by the applicant in the performance of a contract or obligation. In the event of default, the beneficiary is permitted to draw under the letter of credit. Standby letters of credit may be used as a substitute for performance guarantees or issued to guarantee loans granted by one firm to another, thereby securing payment to the creditor in the event the other party fails to repay its obligation on the due date. Even if the applicant claims to have performed, the bank issuing the letter of credit is obliged to make payment provided the beneficiary produces complying documents, usually a sight draft, and a written demand for payment.

2. Costumbres y prácticas uniformes para los créditos documentarios (UCP)

The Uniform Customs and Practice for Documentary Credits is an internationally agreed-upon set of rules for all parties involved in all types, of letters of credit transactions. The rules, which were adopted by the International Chamber of Commerce in Vienna in 1933, have been revised several times and are used by banks in practically all countries. The Uniform Customs and Practice for Documentary Credits, currently applicable, is a set of rules which, when not in contravention of local laws, are binding on the parties who have adopted them. The authority of UCP lies in its universal acceptance which is acknowledged by a statement on the letter of credit itself. All Scotia banks’ Documentary Letters of Credit are issued subject to UCP. Copies of the Uniform Customs and Practice for Documentary Credits are available upon request from your nearest Scotia bank office.

Importancia y necesidad de una carta de crédito (L/C)

The need for a letter of credit is a consideration in the course of negotiations between the buyer and seller when the important matter of method of payment is being discussed. Payment can be made in several different ways:

• por el comprador remitiendo efectivo con su pedido
• mediante cuenta abierta mediante la cual el comprador remite el pago en un momento acordado después de recibir la mercancía;
• mediante cobro documental a través de un banco, en cuyo caso el comprador paga al banco cobrador por cuenta del vendedor a cambio de los documentos de envío que incluirían, en la mayoría de los casos, el título de propiedad de la mercancía.

In the aforementioned methods of payment, the seller relies entirely on the willingness and ability of the buyer to effect payment. When the seller has doubts about the credit-worthiness of the buyer and wishes to ensure prompt payment, the seller can insist that the sales contract provides for payment by irrevocable letter of credit. Furthermore, if the bank issuing the letter of credit (issuing bank) is unknown to the seller or if the seller is shipping to a foreign country and is uncertain of the issuing bank’s ability to honor its obligation, the seller can, with the approval of the issuing bank, request its bank — or a bank of international repute to assume the risk of the issuing bank by confirming the letter of credit.

Beneficios de una carta de crédito

Beneficios de una carta de crédito al exportador/vendedor

• Las cartas de crédito abren puertas al comercio internacional al proporcionar un mecanismo seguro de pago tras el cumplimiento de obligaciones contractuales.
• Un banco sustituye al comprador como fuente de pago de los bienes o servicios exportados.
• El banco emisor se compromete a realizar el pago, siempre que se cumplan todos los términos y condiciones estipulados en la carta de crédito.
• En muchos países existen oportunidades de financiación, como la financiación previa al envío garantizada mediante una carta de crédito y/o el descuento de letras aceptadas giradas en virtud de cartas de crédito.
• La experiencia bancaria está disponible para ayudar a completar las transacciones comerciales con éxito.
• El pago de los productos enviados puede remitirse a su banco o al banco de su elección.

Beneficios de una carta de crédito al importador/comprador

• Sólo se realizará el pago al vendedor cuando se cumplan los términos y condiciones de la carta de crédito.
• El importador puede controlar las fechas de envío de los bienes que se compran.
• Los recursos en efectivo no están inmovilizados.

Partes involucradas en una transacción de carta de crédito

Para ayudar al lector a comprender los pasos que se siguen en una transacción de carta de crédito, a continuación se incluye una breve descripción de las partes más comúnmente involucradas en las cartas de crédito.

1. Banco Aceptador

El banco nombrado en una carta de crédito sobre quién se giran los giros a plazo y que indica la aceptación del giro fechando y firmando en su anverso, incurriendo así en la obligación legal de pagar el monto del giro al vencimiento.

2. Banco asesor

A branch or correspondent bank at or near the domicile of the beneficiary, to which the issuing bank either sends the letter of credit or a notification that a letter of credit has been issued, with instructions to notify the beneficiary. The advising bank advises the beneficiary of the letter of credit without engagement.

3. Solicitante

El comprador o la parte que solicita que se emita la carta de crédito. Beneficiario El vendedor o la parte a quien se dirige la carta de crédito.

4. Banco confirmador

Un banco generalmente en el país del beneficiario que, a solicitud del banco emisor, se une a ese banco en el compromiso de honrar los giros realizados por el beneficiario, siempre que se hayan cumplido los términos y condiciones de la carta de crédito.

5. Banco de descuento

Un banco que descuenta un giro para el beneficiario después de que haya sido aceptado por un banco aceptador.

6. Banco de cajones

El banco nombrado en la carta de crédito sobre el cual se girarán los giros.

7. Cajón

El beneficiario de la carta de crédito que girará el giro según los términos de la carta de crédito.

8. Banco emisor

El banco abre una carta de crédito en nombre del solicitante y la envía al banco notificador para que la entregue al beneficiario.

9. Banco negociador

Generalmente, el banco del beneficiario, que, después de asegurarse de que los documentos se ajustan a la carta de crédito, acepta comprar el giro (pagar al beneficiario).

10. Pagando Banco

The bank named in the letter of credit where drafts are to be paid. It is not necessarily the issuing bank, but often a branch of the issuing bank or its correspondent. Once drafts have been paid or accepted by the paying/ drawer bank, there is no recourse to the drawers.

11. Banco de reembolso

El banco autorizado por el banco emisor para reembolsar al banco librador o a otros bancos que presenten reclamaciones en virtud de la carta de crédito.

Pasos en una transacción de carta de crédito de importación

Paso 1. El contrato de venta

El contrato de compraventa es el acuerdo formal entre el comprador y el vendedor que especifica los términos de venta que ambas partes han acordado. El contrato debe incluir una descripción de los bienes; La cantidad; el precio unitario; las condiciones de entrega; el tiempo permitido para el envío y presentación de documentos; la moneda; y la forma de pago.

Paso 2. Solicitud y Acuerdo

The bank’s letter of the credit application and agreement forms, when executed, constitute a payment and reimbursement contract between the issuing bank and its customer. It is also the customer’s instruction to the issuing bank. The letter of credit must be issued exactly under the customer’s instructions; therefore, the application must be completed fully and accurately, to avoid the inconvenience of having to have the letter of credit amended. The agreement constitutes an undertaking by the customer to reimburse the issuing bank for drawings paid following the terms of the letter of credit, and normally takes the form of an authorization to debit the customer’s account.

Paso 3. Emisión de la Carta de Crédito

The issuing bank prepares the letter of credit as specified in the application and forwards it by transmission or airmail to the advising bank, (a branch or correspondent of the issuing bank). The issuing bank instructs the advising bank as to whether or not to add its confirmation, as per their customer’s instructions.

Paso 4. Asesoramiento

The advising bank forwards the letter of credit to the beneficiary (seller) stating that no commitment is conveyed on its part. However, if the advising bank has been asked to confirm the letter of credit and agrees to do so, it will incorporate a clause undertaking to honor the beneficiary’s drafts, provided the documents evidence that all terms and conditions of the letter of credit have been complied with.

Pasos en una transacción de carta de crédito de exportación

Paso 1. Envío de mercancías

Upon receiving the letter of credit, the beneficiary should examine it carefully and be satisfied that all the terms and conditions can be complied with. If this is not possible, the beneficiary should request the applicant to arrange an amendment to the letter of credit. Once completely satisfied, the beneficiary will then be in a position to assemble and ship the goods.

Paso 2. Presentación de Documentos por Beneficiario

The beneficiary prepares an invoice in the number of copies required, with the description of goods shown exactly as stipulated in the letter of credit. The beneficiary obtains the bill of lading and/or other transport documents from the carrier and prepares and/or obtains all other documents required by the letter of credit. These are attached to the draft, drawn on the bank indicated and at the term stipulated in the letter of credit, and are presented to the advising/ confirming/ negotiating bank.

Paso 3. Envío de documentos al banco emisor

El banco asesor/confirmante/negociador verifica los documentos presentados por el vendedor con la carta de crédito. Si los documentos cumplen con los requisitos de la carta de crédito, ese banco los enviará al banco emisor, reclamando el reembolso y pagando al vendedor.

Paso 4. Entrega de documentos al solicitante

El banco emisor también comprobará el cumplimiento de los documentos y luego los entregará al solicitante, ya sea contra pago o como compromiso de pago al vencimiento del giro en virtud de la carta de crédito.

Documentos generalmente requeridos bajo una carta de crédito

There is no limit to the number and variety of documents that letters of credit may stipulate. The following is a list of documents most commonly seen in a letter of the credit transaction. Each document is described in brief with a check-list for preparing the document. As already stated, the beneficiary should, on first being advised of the letter of credit, examine it carefully and be satisfied that all the documentary requirements can be complied with. Unless the documentary requirements can be strictly complied with, the beneficiary may not receive payment from the issuing bank. If any requirements cannot be complied with, the beneficiary should immediately request the applicant to arrange for an appropriate amendment to the letter of credit.

1. Borrador

A draft is a bill of exchange and a legally enforceable instrument which may be regarded as the formal evidence of debt under a letter of credit. Drafts drawn at sight are payable by the drawee on presentation. Term (usance) drafts, after acceptance by the drawee, are payable on their indicated due date.

2. Factura comercial

La factura comercial es una cuenta detallada emitida por el beneficiario y dirigida al solicitante, y debe presentarse en el número de copias especificado en la carta de crédito.

3. Factura Consular o Aduanera

El beneficiario prepara una factura consular o aduanera en formularios proporcionados por el comprador o por las oficinas consulares locales;

• Las facturas consulares deben estar visadas (selladas oficialmente) y firmadas por un funcionario consular del país importador y presentarse en el formato oficial y en el número de copias estipulado en la carta de crédito.
• Se deben completar todos los encabezados de los formularios.
• El valor de los bienes requeridos debe coincidir con el que figura en la factura comercial.

4. Guía de carga

Un conocimiento de embarque es un recibo emitido por un transportista para las mercancías que se transportarán a un destino determinado, que detalla los términos y condiciones de tránsito. En el caso de mercancías enviadas por vía marítima, es el título de propiedad el que controla la custodia física de las mercancías.

5. Carta de porte aéreo

An air waybill is a receipt issued by an air carrier indicating receipt of goods to be transported by air and slowing goods consigned to a named party. Being a non-negotiable receipt it is not a document of title.

6. Póliza o Certificado de Seguro

Under the terms of a CIF contract, the beneficiary is obliged to arrange insurance and furnish the buyer with the appropriate insurance policy or certificate. The extent of coverage and risks should be agreed upon between the buyer and seller in their initial negotiations and be set out in the sales contract. Since the topic of seguro marítimo es extremadamente especializado y con condiciones que varían de un país a otro, los servicios de un corredor de seguros marítimo competente son útiles y bien asesorados.

7. Lista de embalaje

El comprador suele solicitar una lista de embalaje para ayudar a identificar el contenido de cada paquete o contenedor. Debe mostrar las marcas de envío y el número de cada paquete. Generalmente no es necesario firmarlo.

8. Certificado de origen

Como sugiere el nombre, un certificado de origen certifica el país de origen de los productos descritos y debe cumplir con las estipulaciones de la carta de crédito en cuanto al país de origen y por quién debe ser emitido el certificado. El certificado debe ser coherente e identificarse con los demás documentos de envío mediante marcas y números de envío y debe estar firmado.

9. Certificado de inspección

Cuando una carta de crédito exige un certificado de inspección, generalmente especificará quién debe emitir el certificado; en caso contrario, se aplican las mismas observaciones generales que en el caso del certificado de origen. As a preventative measure against fraud or as a means of protecting the buyer against the possibility of receiving substandard or unwanted goods, survey or inspection certificates issued by a reputable third party may be deemed prudent. Such certificates indicate that the goods have been examined and found to be as ordered.

Procedimiento de pago LC

El procedimiento de pago suele ser el siguiente:

1. Pago

On presentation of the documents called for under the letter of credit, provided they comply with its terms, the advising/negotiating bank, in the case of an unconfirmed letter of credit, may pay/negotiate the draft. In the case of a confirmed letter of credit, the confirming bank is obliged to honor the drawing without recourse to the beneficiary.

2. Reembolso

El banco avisador/confirmante/negociador reclamará el reembolso al banco emisor.

3. Asentamiento

Al recibir los documentos conformes, el banco emisor también será responsable de verificar los documentos y cargará la cuenta del solicitante según los términos de la carta de solicitud de crédito y los formularios de acuerdo, efectuando el reembolso al banco negociador.

¿Qué hacer si se rechazan los documentos?

Cuando los documentos son presentados por el beneficiario y se determina que no están bajo los términos de la carta de crédito, se encuentran disponibles los siguientes cursos de acción: Alternativa 1: The documents may be corrected if possible. However, this option is only applicable if the discrepancies are such that the beneficiary, shipping company or whoever is concerned can correct the discrepancies before the expiry of the letter of credit and within the period allowed for presentation of the documents. Alternativa 2: Si las discrepancias no pueden corregirse, el banco del beneficiario puede solicitar autorización al banco emisor para negociar la letra, a pesar de las discrepancias. Alternativa 3: If in the case of a sight draft, the beneficiary wishes to receive the proceeds of the drawing immediately, then an indemnity may be the expedient method. Under the indemnity, the beneficiary agrees to indemnify the negotiating bank for payment of principal, interest and any other loss resulting from the refusal of the issuing bank to honor the drawing due to non-conformity of the documents. If the discrepancies are considered minor, the beneficiary’s bank may be prepared to negotiate the draft “under reserve”; it is understood the beneficiary’s bank will have recourse to the beneficiary if the discrepancies are unacceptable to the issuing bank. Alternativa 4: Como último recurso, los documentos pueden enviarse al banco emisor previa aprobación; los documentos se entregarán al comprador sólo contra la autoridad del comprador para pagar o aceptar.

Problemas comunes con las cartas de crédito

Most problems result from the seller’s inability to fulfill the obligations stated in the letter of credit. The seller may find these terms difficult or impossible to fulfill and, either try to fulfill them and fails or asks the buyer to amend to the letter of credit. As most letters of credit are irrevocable, amendments may at times be difficult since both the buyer and the seller must agree. Sellers may have one or more of the following problems:

1. No se puede cumplir el cronograma de envío;
2. Las estipulaciones relativas a los costos de flete son inaceptables;
3. El precio se vuelve demasiado bajo debido a las fluctuaciones de los tipos de cambio;
4. La cantidad de producto solicitada no es la cantidad esperada;
5. La descripción del producto es insuficiente o demasiado detallada; y,
6. Los documentos estipulados son difíciles o imposibles de obtener.

Even when sellers accept the terms of a letter of credit, problems often arise late in the process. When this occurs, the buyer’s and seller’s banks will try to negotiate any differences. In some cases, the seller can correct the documents and present them within the time specified in the letter of credit. If the documents cannot be corrected, the advising bank will ask the issuing bank to accept the documents despite the discrepancies found. It is important to note that, if the documents are not in accord with the specifications of the letter of credit, the buyer’s issuing bank is no longer obligated to pay.