Collection arrangement allows Credit Bank to handle import or export documents (Financial or Commercial documents) in accordance with instructions issued and received. Documentary Collection is a transaction whereby the exporter entrusts the collection of payment to the remitting bank (exporter’s bank), which sends documents to a collecting bank (importer’s bank), along with instructions for payment. That is, the documents will be delivered either against payment, against acceptance or on other terms and conditions as agreed between buyer (importer) and seller (exporter).
Funds are received from the importer and remitted to the exporter through the banks involved in the collection transaction in exchange for those documents.
The Documentary Collections facility offers exporters / importers the flexibility, security and comfort to conduct seamless business, as we manage all the document-handling needs on behalf of both export and import clients.
Credit Bank offers this facility in both Local as well Foreign Currency.
- Documentary collections are less complicated and less expensive.
- The importer is not obligated to pay for goods prior to shipment.
- The exporter retains title to the goods until the importer either pays the face amount on sight or accepts the draft to incur a legal obligation to pay at a specified later date.
With Credit Bank, a dedicated team ensures seamless follow-up at all stages of the import / export and the payment process giving you peace of mind.I’m Interested