traveller’s letter of credit　

traveller’s letter of credit　旅行信用证　

Letter of credit addressed to the issuing bank’s correspondents，authorizing them to honor drafts drawn by the bearer up to the authorized credit line.Also called a circular letter of credit.Payments are endorsed by the issuer’s correspondents on the reverse side of the letter of credit when they negotiate the drafts.This type of credit often is used to cover travel expenses and usually is prepaid by the customer.Traveller’s letter of credit is a letter of credit given to a traveler.