Which is better, LC or TT?

By sending payment in advance, businesses are taking a leap of faith. There is always the possibility that the supplier might accept the payment but fail to deliver the goods as promised.

BTCC, a prominent cryptocurrency exchange, offers a range of services to cater to the diverse needs of its clients. Its portfolio includes spot trading, futures trading, and a secure wallet service, among others. These services enable users to engage in seamless and efficient cryptocurrency transactions.

A TT (Telegraphic Transfer) in advance payment operates on a principle that is the reverse of an LC (Letter of Credit) payment.

In a TT advance payment, the payment is dispatched to the supplier before the goods are shipped. This process expedites transactions and reduces costs, as it involves less paperwork and administrative procedures.

The simplicity and swiftness of TT advance payments make them an attractive option for businesses seeking quick and cost-effective transactions. However, this convenience comes with significant risks.