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Collection

Collection is a swift, simple and efficient tool to receive payments and repay debts.

 

Collection enables the exporter to receive due amount with the aid of declared documents. In contrast to L/C,  where a collection is arranged the bank bears no liabilities to customer in receiving the merchandise from importer, but only acts as a mediator in delivering the documents to importer. Prior to payment by importer against documents, the bank shall have no right to deliver them to importer. The application of collection is therefore far more advisable where the importer and exporter are old friends. 

 

Below are types of collection:

Clean collection” – This is only a collection of financial documents (bills, checks) ex commercial documents.

 Documentary collection - This is either a collection of commercial documents (invoices, certificates of freight service, insurance, etc.) ex financial documents, or uniform collection of both commercial and financial documents.

 

By type of payment, collections are classed to:

Documents Against Payment or D/P - This is a scheme of collection where the exporter’s bank authorizes the importer’s bank to deliver goods document to the importer only after payment by the latter for the specified goods.

Documents Against Acceptance or D/A - This is a scheme of collection where the exporter’s bank authorizes the importer’s bank to deliver goods document to the importer against acceptance of a bill payable  after a specified time from the date of submission or on a fixed day.

 

For additional information please call "ARMBUSINESSBANK" CJSC, International Operations Department

(+37410) 59-20-32

 

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Updated on 07.11.2015, 14:44

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