Letter of Credit Forum

UPAS means Usance paid at sight, in few words, beneficiary present a
draft with tenor xxx days drawn on a bank, than it will remit complying
documents to issuing bank and draft to another bank, this bank will pay
the presenting bank at sight and will charge interests to the issuing
bank. So this bank will obtain import finance abroad, may be by its
subsidiary. All is written in l/c conditions and I had experiences with
some l/c from Korea and far east banks, their branch in London or in
Frankfurt are utilized of a sort of reimbursing bank. Something, due to
my country laws, unclear.

http://www.cheap-credit-cards.org

Hi Friends,

I think you will  find some posts on this forum about UPAS,

However it is a simple way to ask in an l/c a draft at ... days, and this draft will be paid at sight by a certain bank, normally a foreign branch of the issuing bank. Cost of discounting to be borne by applicant. It is a way to finance import by the issuing bank.

Other comments appreciated

Ciao