Accepting Bank

(redirected from Accepting Houses)

Accepting Bank

A bank in a country to which another bank sends a letter of credit on behalf of a client. The accepting bank honors the letter of credit and transfers requested funds to the client. This is similar to an advising bank, though the latter term refers exclusively to a bank in different country; an accepting bank may be (but is not necessarily) in the domestic country.
References in periodicals archive ?
The group's main holding, Arbuthnot Latham and Co, is a private bank that has the status of one of the twelve accepting houses in the UK.
Carey Jones, managing director of Cardiff and Barry- based estate agents Knights, said, 'I think there's a huge feeling in this country you've got to be on the property ladder and buyers are accepting houses that need work doing or are in an area that isn't so good.
In 1914 twelve out of twenty leading accepting houses (merchant banks) were of foreign origin.