Final answer:
International banking practices like letters of credit and banker's acceptance provide secure and efficient payment mechanisms, making international banking convenient.
Step-by-step explanation:
International banking practices such as letters of credit and banker's acceptance play a crucial role in facilitating global trade by addressing the needs of both buyers and sellers. These practices provide a means of securing payments and reducing the risk associated with international transactions, thereby making international banking more convenient. For instance, a letter of credit acts as a guarantee from the bank that a buyer's payment to a seller will be received on time and for the correct amount. Similarly, a banker's acceptance is a short-term investment that acts like a time draft for financing transactions in goods and services. These instruments are pivotal in ensuring that international trade flows smoothly, without the need to carry large amounts of cash or engage in complex payment arrangements.
In conclusion, by providing secure and efficient payment mechanisms, international banking practices enable a complex economy to execute a vast range of international transactions, thereby adding convenience to the process.