Import with complete peace of mind and guarantee the quality of your products with collection.
your supplier only needs to send the commercial documents to us with clear instructions for collection through one of its correspondent banks. The shipping documents normally consist of an invoice and a bill of exchange.
How does it work?The seller ships the goods and obtains the shipping documents. He usually draws a draft either at SIGHT (Documents against Payment - D / P) or with a tenor of say 60 days (Documents against Acceptance) (D/A)) on the buyer for the value of the goods.
The seller submits the draft and/or documents to his bank which acts as his agent (the remitting bank) with precise instructions. The seller's bank (the remitting bank) sends the draft and documents along with a collection letter containing precise instructions to a correspondent bank (the collecting bank) usually located in the buyer's country. The collecting bank notifies the buyer of the receipt of the draft and documents.
The documents are released by the collecting bank to the buyer upon his payment of the amount due or his acceptance of the draft for payment at a specified later date