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letter of credit

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noun
  1. an order issued by a banker allowing a person named to draw money to a specified amount from correspondents of the issuer.
  2. an instrument issued by a banker authorizing a person named to make drafts upon the issuer up to an amount specified.
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Origin of letter of credit

First recorded in 1635–45
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
British Dictionary definitions for letter of credit

letter of credit

noun
  1. a letter issued by a bank entitling the bearer to draw funds up to a specified maximum from that bank or its agencies
  2. a letter addressed by a bank instructing the addressee to allow the person named to draw a specified sum on the credit of the addressor bank
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Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012