What is T/T and L/C? What is TT? What is LC?, TT, T/T, Telegraphic Transfer, Bank wireless transfer, LC, L/C, Letter of Credit

What is T/T and L/C?

TT (Telegraphic Transfer),

A method of payment where are immediate transfer of funds takes place between two bank accounts

LC (Letter of Credit)

A method of transfer where the parties' banks stand guarantor to the transaction