What is a T/T payment? What is L/C?

What does T/T or L/C stand for? Is it safe to pay someone this way? I need all the info I can get on this
subject.

Best Answer 
T/T means telegraphic transfer, or simply wire transfer. It's the simplest and easiest payment method to
use. 

T/T payment in advance is usually used when the sample and small quantity shipments are transported
by air. The reason why is that the documents like air waybill, commercial invoice and packing list will be
sent to you along with the shipment by the same plane. As soon as the shipment arrives, you can clear
the customs and pick up the goods with the documents. As it's acknowledged, T/T payment in advance
presents risk to the importer if the supplier is not an honest one.

TT payment is called telegraphic transfer or wire /swift transfer which is cheap and fastest legal way of
remitting money overseas through any bank with forex fecilitiy by the way you have to be carfull before
you buy any such things from companies before you should know them well

The L/C payment procedure is usually as follows:

a. You (the importer) applies to open the L/C to us (the seller) through a bank who can open the L/C in
your country. 
b. The opening bank will inform The Bank of China that the L/C has been opened. 
c. The Bank of China will inform us that the L/C has been established. 
d. We'll check all the terms and conditions listed in the L/C. If all terms and conditions are acceptable,
we'll arrange the shipment within the time specified in the L/C. 
e. After the goods are loaded onto the ship without any damage, the captain will issue the clean bill of
lading to us. 
f. We will submit the clean bill of lading and other relevant documents to The Bank of China to gather the
payment. Only with clean bill of lading can you claim the ownership of the goods.
g. The Bank of China will send the clean bill of lading and relevant documents to your bank (the opening
bank). 
h. The opening bank will inform you that all documents are received. 
i. You will go to the bank to make the payment to get the clean bill of lading and relevan documents. 
j. With all of these documents, you can clear the import Customs and pick up the goods after the goods
arrive on the destination sea port.

L/C is used for the larger quantity order shipped by sea. 

The typical L/C scenario takes 14-21 days to complete.

Source(s):
http://www.chinesetruffle.com/
AT SIGHT means when the Seller sends all the shipping documents to his bank, they in turn, send them to YOUR
bank, at this point in time; YOUR bank will pay the Sellers Bank. It is when your bank sees the original documents,
AT SIGHT.

B/L is BILL OF LADING. This document is issued by the shipping company when they receive the goods from the
Seller. It shows what the goods are, number of cartons, weight, which ship the goods are on etc.