Chapter 1 Introduction to International Settlement
International political, economic and cultural exchange inevitably leads to credits and debts owed by one country to another.
The international settlement involves both tangible and intangible trades, foreign investments, funds borrowed from or lent to other countries and so forth. To be more specific, international payments and settlements can also be necessary financial activities rendered from commercial payments, payments for the services rendered, payments between governments, and the transfer of funds among countries.
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Definition
International payments and settlements are financial activities conducted among different countries in which either payments are effected or funds are transferred from one country to another for the purpose of settling accounts, debts, claims, etc.
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Types of International Settlement
Usually international settlement is divided into three broad categories: remittance, collection and letter of credit. Negotiable instruments, however, ways of international settlement and documents used in the international settlement sometimes constitute the framework of international settlement.
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History and Development of International Settlement
Tracing back the history of international settlement, the medium of exchange originated from coins. Later on, commer
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