If you need to control the Buyer’s due payment for goods dispatched by you, we can undertake this assignment as an intermediary of your trade operations. If you are the Buyer, documentary collection will release you from making an advance payment.
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By means of documentary collection you can authorise the bank to collect money from the importer within the agreed time limits, based on submitted goods documentation. |
Documentary collection gives advantages to both parties.
The importer’s advantages:
Reducing of risk, releasing from advance payments;
Reducing of regional risk;
Payment guarantees to the supplier provided that goods are delivered according to the trade agreement;
Option to pay for the goods by several payments.
The exporter’s advantages:
 bank guarantee to pay for dispatched goods provided that the requirements of the contract are complied with
strictly According to the procedure of document issue documentary collection may be divided into two main types:
Documents against acceptance, D/A
Documents against payment, D/P
And, based on the movement of goods into:
Export documentary collection
Import documentary collection
 Export documentary collection
If you are in the seller’s position:
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You inform us that documented collection is included as the way of payment in the delivery contract. You receive consultation from our finance specialists, fill in an application for documentary collection, and then you dispatch the goods.
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After dispatching of goods you provide us with documents which confirm the dispatch of goods and comply with delivery contract. You enclose a covering letter with the list of documents provided and description of payment procedure.
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We check visual compliance of the presented documents with the covering letter.
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The documents and the covering letter are sent to the buyer’s bank specified by you.
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Within the agreed time limit the seller’s bank transfers money to our correspondent account against the submitted documents.
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The money is transferred to your account.
Import documentary collection
If you are in the buyer’s position:
- We receive from the seller’s bank a package of documents which confirm dispatching of goods and the covering letter with payment instructions according to “Unified Collection Rules” of the International Chamber of Commerce.
- We check visual compliance of the received documents with the specified in the covering letter and notify you of the document receipt.
- At the Bank you check compliance of the received documents with the requirements specified in the contract on goods delivery.
- If no mistakes or non-conformities are revealed, you give an order for document payment (as a free form of application or payment).
- Following your instructions we transfer money to the seller within the agreed time period and return you the documents.
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