Documentary collection

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Flexible and secure payments in international trade transactions

Useful in international goods transfer operations. The payment accounts between seller and buyer are settled only upon receipt of evidence of dispatch of goods to the buyer.

  • No advance payments needed from the buyer;
  • The seller is protected against non-payment by assuring that documents are released to the buyer only after fulfilling payment conditions.

Make international trade operations more flexible.

Use Documentary Collection in cases when the seller does not want to deliver goods to the buyer on "open account" basis, but due to a long-term stable business relationship between the parties there is no need for security provided by a Letter of Credit or payment guarantee.

Documentary collection is suitable to the seller:

  • if the seller has no doubts about the buyer's ability to meet its payment obligations,
  • if the political and economical situation in the buyer's country is stable,
  • if there are no foreign exchange restrictions in the seller's country.

Documentary collection is convenient for the buyer because:

  • there is no need for an advance payment; payment for goods can be made when shipping documents have been received,
  • in cases of documents released against acceptance the buyer has the possibility to sell the goods first and afterwards make payment to the seller.

Documentary Collection assures the seller that the shipping documents will be released to the buyer only upon payment or acceptance of a Bill of Exchange.

Steps to set up documentary collection

Export collection - if you’re a seller and wish to send documents for collection payment.

  1. Fill out the form "Documentary Collection Order".
  2. Submit the documents together with the form signed by authorized signatory to the branch.
  3. The documents will be sent to the bank specified in the form for payment in accordance with your instructions.

Import collection - if you’re a buyer, you’ve received a notice by the bank on receipt of collection documents and you wish to make payment for them.

  1. Fill out the form "Documentary Collection Order" via Internet Banking:
  2. Upon receiving the Internet Banking application for payment of documentary collection, the bank will make the collection payment by debiting the account specified by you and will issue collection documents to you at branch or will deliver them to you by courier.
The buyer may make a partial payment or pay by instalments only if the seller via his bank has provided such payment instructions.

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