I just started to do international trade. Can anyone help me with following question?
An importer from Africa and I agreed on price. However, he told me that he can only pay D/P with no advance. He told me his bank won't allow any prepayments and will charge about 5% worth of the goods for L/C (The deal is about 200K USD and charge for L/C will be 12K). I'm very suspicious.
