{"id":4140,"date":"2019-01-25T19:15:40","date_gmt":"2019-01-26T00:15:40","guid":{"rendered":"http:\/\/www.letterofcredit.biz\/?p=4140"},"modified":"2019-04-06T03:07:53","modified_gmt":"2019-04-06T07:07:53","slug":"usa-letter-of-credit-transactions","status":"publish","type":"post","link":"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/25\/usa-letter-of-credit-transactions\/","title":{"rendered":"USA Letter of Credit Transactions"},"content":{"rendered":"<p>You should understand USA economy, USA exports and imports as well as US banks before you proceed to work with an US letter of credit.<\/p>\n<h4><strong>The United States of America&#8217;s Economy and International Trade at a Glance:<\/strong><\/h4>\n<ul>\n<li>Gross domestic product of USA is 15.6 trillion US dollars in year 2013. This makes the US economy largest economy in the world.<\/li>\n<li>USA is the world&#8217;s biggest importer with 2.31 trillion US dollars volume and 3rd biggest exporter with 1.49 trillion US dollars volume in year 2013.<\/li>\n<li>US Dollar is the main reserve currency in today&#8217;s economic system. Most of the international trade transactions are handled by US Dollar. For example when you buy a 20ft container of textile from China you most probably pay by US dollars whichever country you may locate.<\/li>\n<li>USA is one of the least risky countries in the world in terms of financial, economic and politic stability factors.<\/li>\n<li>Most of the big global companies are originated from USA.<\/li>\n<li>Although USA has s strong and well established finance system, last global financial crises hit hard to US financial institutions. Even biggest US banks had to be rescued by US government as a result of unwanted effects of global financial crisis.<\/li>\n<li>Trade deficit or, a trade gap, is one of the key problems in US economy. US has been covering its trade deficit by the help of direct foreign investment and borrowing for decades. As a result USA has a very high level of external debt stock at the moment.<\/li>\n<\/ul>\n<h4><strong>Biggest Banks in USA and their SWIFT Codes:<\/strong><\/h4>\n<div class='jtrt_table_MotherShipContainer'><div class='jtTableContainer jtrespo-stack  ' data-jtrt-stack-width='500'><div class='jtsettingcontainer' style='display:none;position:absolute;left:-9999px;'><textarea data-jtrt-table-id='4145' id='jtrt_table_settings_4145' cols='30' rows='10'>[[[\"Bank Name\",\"Assets (Billion USD)\",\"Swift Code\"],[\"JP Morgan Chase \\u00a0 \\u00a0 \\u00a0\\u00a0\\u00a0 \\u00a0 \\u00a0 \\u00a0\\u00a0\",\"2,265.8\",\"CHASUS33\"],[\"Bank of America Corp.\",\"2,136.6\",\"BOFAUS3N\"],[\"Citigroup Inc.\",\"1,873.9\",\"CITIUS33\"],[\"Wells Fargo\",\"1,313.9\",\"WFBIUS6S\"],[\"Goldman Sachs Group\",\"923.7\",\"GOLDUS33\"],[\"Morgan Stanley\",\"749.9\",\"MSNYU33\\u00a0\"],[\"U.S. Bancorp\",\"340.1\",\"USBKUS44\"],[\"HSBC North America Holdings 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data-jtrt-table-id='4145' id='jtrt_table_bps_4145' cols='30' rows='10'>[]<\/textarea><\/div><table id='jtrt_table_4145' data-sorting='false' data-paging='false' data-paging-size='10' data-paging-menu='10,25,50,100' data-filtering='false' data-jtrt-table-id='4145' class='jtrt-table  ' ><thead><tr><th>Bank Name<\/th><th>Assets (Billion USD)<\/th><th>Swift Code<\/th><\/tr><\/thead><tbody><tr><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Bank Name:<\/span><br>JP Morgan Chase \u00a0 \u00a0 \u00a0\u00a0\u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Assets (Billion USD):<\/span><br>2,265.8<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Swift Code:<\/span><br>CHASUS33<\/td><\/tr><tr><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Bank Name:<\/span><br>Bank of America Corp.<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Assets (Billion USD):<\/span><br>2,136.6<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Swift Code:<\/span><br>BOFAUS3N<\/td><\/tr><tr><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Bank Name:<\/span><br>Citigroup Inc.<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Assets (Billion USD):<\/span><br>1,873.9<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Swift Code:<\/span><br>CITIUS33<\/td><\/tr><tr><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Bank Name:<\/span><br>Wells Fargo<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Assets (Billion USD):<\/span><br>1,313.9<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Swift Code:<\/span><br>WFBIUS6S<\/td><\/tr><tr><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Bank Name:<\/span><br>Goldman Sachs Group<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Assets (Billion USD):<\/span><br>923.7<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Swift Code:<\/span><br>GOLDUS33<\/td><\/tr><tr><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Bank Name:<\/span><br>Morgan Stanley<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Assets (Billion USD):<\/span><br>749.9<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Swift Code:<\/span><br>MSNYU33\u00a0<\/td><\/tr><tr><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Bank Name:<\/span><br>U.S. Bancorp<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Assets (Billion USD):<\/span><br>340.1<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Swift Code:<\/span><br>USBKUS44<\/td><\/tr><tr><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Bank Name:<\/span><br>HSBC North America Holdings Inc.<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Assets (Billion USD):<\/span><br>331.4<\/td><td><span class='stackedheadtitlejt' style='font-weight:bold;'>Swift Code:<\/span><br>MRMDUS33<\/td><\/tr><\/tbody><\/table><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>You should understand USA economy, USA exports and imports as well as US banks before you proceed to work with an US letter of credit. The United States of America&#8217;s Economy and International Trade at a Glance: Gross domestic product<\/p>\n","protected":false},"author":1,"featured_media":4324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[391,465],"tags":[396,467,466],"class_list":["post-4140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-usa","tag-letter-of-credit-transactions-by-countries","tag-usa","tag-usa-letter-of-credit-transactions"],"_links":{"self":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/4140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/comments?post=4140"}],"version-history":[{"count":0,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/4140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media\/4324"}],"wp:attachment":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media?parent=4140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/categories?post=4140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/tags?post=4140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}