Abrir la carta de crédito

Discussion in 'Spanish-English Vocabulary / Vocabulario Español-Inglés' started by Andy KG, Sep 18, 2010.

  1. Hello everyone!

    I'm making a business translation, my boss is asking his dealer to "abrir la carta de crédito". I know the translation is "Letter of Credit", but do you use the verb "open" with it? Or should I use "start" or "make"?

    Thanks for the help!
  2. Alma de cántaro

    Alma de cántaro Senior Member

    Una villa cerca de Madrid
    Español ibérico
    Hola Andy,

    En España no decimos "carta de crédito" sino "tarjeta de crédito", lo que traducido al inglés significa "credit card". Espero que esto te haya ayudado porque realmente no sé responder a tu pregunta acerca del verbo adecuado.

  3. ¡Hola Alma!

    No, si acá también tenemos tarjetas de crédito. La carta de crédito es una cosas totalmente distinta, lo chequeé en el diccionarion y todo. Sólo que no encuentro el verbo adecuado en inglés.

    Gracias igual.
  4. duvija

    duvija Senior Member

    Spanish - Uruguay
    To open a line of credit?
    (Maybe a full sentence would help)
  5. I don't have a full sentence. The dealer asked what's the next step, I need to ask him "to open the Letter of credit".

    I'll just use open and to heck with it. :p
  6. Peterdg

    Peterdg Senior Member

    Dutch - Belgium
    Is "letter of credit" the same as "credit note", i.e. like an inverse invoice (meaning that it is a document stating that the sender of the document is in debt with the receiver for a certain amount of money?)
  7. roanheads Senior Member

    Scotland, english
    Tal vez,
    que ponga a disposición nuestra la carta de crédito.> put the letter of credit at our disposal.> make the letter of credit available to us.
  8. FromPA

    FromPA Senior Member

    Philadelphia area
    USA English
    In AE, a letter of credit is a guarantee of payment issued by a bank. If I want to purchase something, but the seller doesn't trust in my ability to pay, I can have my bank issue a letter of credit in favor of the seller. If I fail to pay the seller, the seller can force the bank to pay. I "obtain" a letter of credit from the bank, or I ask the bank to "issue"/"provide" a letter of credit on my behalf in favor of the seller.
  9. Peterdg

    Peterdg Senior Member

    Dutch - Belgium
    Aah, so it's not the same as a "credit note".

    Then it could be "aval bancario" o "garantía bancaria" which is supposed to be the same in Spain as what you describe. Remains the question though what the OP means by "opening the credit letter".

    EDIT. I realize now that the OP wants a translation to English and not to Spanish:eek:

    Use FromPA's suggestion: "issue a credit letter".
    Last edited: Sep 18, 2010
  10. FromPA

    FromPA Senior Member

    Philadelphia area
    USA English
    It's always "letter of credit," not "credit letter." It is the bank that "issues" the letter of credit; the person whose credit is being guaranteed by the bank "asks the bank to issue a letter of credit."
  11. duvija

    duvija Senior Member

    Spanish - Uruguay
    ¡ Un pagaré ! (Así lo llamamos... en serio)
  12. Ismaelogoitia Member

    Español - España
    Hola a todos.

    No creo que sea un pagaré. FromPA lo ha explicado bien:

    Una carta de crédito (letter of credit, lettre de crédit en francés), es un documento mercantil por el cual tú, como vendedor te aseguras el pago de una mercancía que vendes. Se suele utilizar en exportación. Ejemplo:

    Un cliente nuevo quiere comprarte algo que tú vendes, pero no te fías de que te vaya a pagar. Entonces el cliente habla con SU banco para que le abra una carta de crédito. SU banco le abrirá la carta de crédito si se fía del cliente y se pondrá en contacto con TU banco según los términos que se fijen en la carta de crédito para efectuarle el pago a TU banco. TU banco ya se asegurará de que SU banco pague. Pero a TÍ, como vendedor, el que te paga es TU banco, no el cliente, por lo cual te aseguras el pago de la mercancía. El que asume el riesgo de cobro es TU banco, o SU banco con el cliente final, no TÚ.

    Una vez que la carta de crédito está concedida, TÚ ya te aseguras el pago, el comprador manda una copia al vendedor y ya se puede enviar la mercancía sin problemas de cobro.

    Luego hay distintos tipos de cartas de crédito, contra documentos que debe presentar el vendedor para poder cobrar (garantía sellada, manuales de puesta en marcha, etc.), con pagos diferidos a 30, 60 ó 90 días, etc., pero siempre, la transacción comercial la hace banco con banco.

    Espero que se entienda, porque puede ser algo lioso.
  13. LluviaDeRisa Senior Member

    "India-Hindi & English"
    Implica algún costo la apertura de tal carta de crédito? Aquí tengo una frase:

    "Tambien se podrá cancelar por una carta de crédito, si el contratista así lo requiere, éste responderá por el costo que implique la apertura de la misma..."

    The payment could also be made by a letter of credit, if the contractor so requires, he being liable to bear the cost of issue of the same...?

    Es correcta la traducción?
  14. Jim2996 Senior Member

    Boston, MA
    American English
    I have heard of this before. It's a standard commercial bank thing, especially for international dealings.

    For those who want to know more, google "letter of credit." You will be able to find out anything you want.

    I've always heard open a letter of credit. This gets millions of hits on Google. I'm 99.99% sure that this is it.

    But, if you have doubts, a manager at a local commercial bank is the best person to call. Even better if you can find a local branch of an American or British bank.

    For the curious this is my understanding of a letter of credit: Say you are a fruit dealer and want to go to Central America and buy a boat-load of bananas. There are plenty of bananas to be had, but he would prefer you pay first, before loading the bananas. He has no way of checking you creditworthiness. You want to pay after delivery and after you've checked the bananas. The solution is to go a bank and get a letter of credit. It's actually a formal and official document you get from your bank to give to the seller that guarantees to him that you will pay. Guarantees in the sense that if you don't pay him, they will.

    That is the basic idea, but what often happens is that the banks handle all the money transactions. He takes the letter of credit to his bank along with some supporting documents. His bank talks to your bank. Your bank pays, either out of your account, your line of credit with your bank, or using a pre-approved loan. You enjoy your boat-load of bananas, and everyone is happy. The letter of credit is closed.

    My guess is that there is no longer any paper involved, that it is now all done electronically between international banks.
    Last edited: Sep 23, 2011
  15. Ismaelogoitia Member

    Español - España
    Hi, LluviaDeRisa.

    Yes, you`re right!! You have to pay something to open a letter of credit, also if you have to do a modification later (requested by your supplier for example), if you want to cancel it, etc., etc. Remember that banks never have a gift!!!
  16. Ismaelogoitia Member

    Español - España
    ....Even better if you can find a local branch of an American or British bank.

    Jim don't get angry with me but please, don't be so infantile! We are in a global world and banks usually work fine all over it!! I work in a Spanish company, with a Spanish bank and it runs as well (or better in some cases) as American or British banks. We have worked with Moroccan, Algerian, Arabian, Chinese banks and we have never been a problem!!!

    Other topic that USA citizens should use: American banks are also Mexican, Brazilian, Argentinan banks for example. Remember that America is a continent, not a country...
  17. LluviaDeRisa Senior Member

    "India-Hindi & English"
    Thanks, Ismaelogoitia. That's actually a great tip to remember, especially considering how aggressively they advertise these days. ;)
  18. Jim2996 Senior Member

    Boston, MA
    American English
    This was somewhat of an afterthought. I was thinking that they might be the most likely to have the most people familiar with the English terminology. I really didn't mean to imply anything more.

    As far as US banks being better, I think quite the opposite. US banks have had quite a meltdown in the last few years and have tanked our economy. Many people blame them for our current recession. Of course, this is not all US banks.

    Sorry about letting American slip in. I've been trying to use US in my posts. I hope that this was my first mistakes. The everyday usage where I live doesn't include terms like USA citizens; however it came to be, we normally just say American. I'm sure there are many people who consider us arrogant, for this and other good reasons. I assure you I'm not arrogant.

    I'm certainly not angry. That would be infantile. I actually appreciate the feedback; it's hard to catch all of one's own mistakes.
  19. Spug Senior Member

    Lamento decirte, pero... when it comes to the English language, you're simply wrong.

    In Latin American pedagogy, there is one continent: America. In American pedagogy (and, therefore, in American English), however, there are two American continents: North America and South America.

    Whenever you use the adjective American in American English, it refers to something from the United States unless it's in a very specific and unusual context. It's different in Spanish.

    We would use the adjective Latin American to refer to banks from Mexico, Brazil, Argentina. and other Latin American countries (including those from Central America).

    I don't believe Jim was trying to make any kind of political statement. Of course, banks from any country can issue letters of credit. Like any other banking service, their price will determine which banks clients choose. But when Jim used the term "American bank," it's clear to American English speakers that he's referring to a bank domiciled in the US.

    Tranquilo, amigo... no es pa' tanto. :)
  20. duvija

    duvija Senior Member

    Spanish - Uruguay
    Please, not again!
    The country is called 'United States of America'. No one has the right to tell anybody how they should call themselves!
    That said, we also choose to call others any name we want to. As long as we understand each other, we're fine. Remember we use translations like Alemania, Inglaterra, Costa de Marfil. Nobody told us not to. But we have to make sure everybody understands it.
  21. Jim2996 Senior Member

    Boston, MA
    American English
    I'm not so sure. Sure, in American English American refers to ... well, of America, but you didn't say "American English," you said "English." I'm not so sure what it means in British English. I suspect it may mean something like of the Americas, both continents. It may be used in a more general sense, like when we refer to the Far East. I'll also note that in most parts of the world the English that is taught is British English, in India, Africa, Spain, and, I believe, Argentina. I'm not totally surprised that I am sometimes misunderstood by other English speakers.
    Last edited: Sep 29, 2011

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