Import Collection

Introduction

Import collection means a settlement method that, the exporter entrusts its remitting bank to present commercial documents (bill of lading, invoice, etc.) and financial documents (drafts and etc.) to our bank, instructing us as the collecting bank to collect payment from you, who is the importer. Based on how documents are released to drawee, import collection could be classified as D/A (i.e.documents against acceptance) and  D/P (i.e documents against payment).

Features

1. Payment for goods under import collection is based on commercial credits. Compared with L/C, to settle by collection is less costly, and its procedure is simple.

2. As the importer, you are on a positive position in international trade. Cases under your advanced payment with exporter¡¯s delayed shippment are not likely to take place.

3. In the case of D/P, you can confirm goods arrival with transport companies before you effect payment, so as to avoid the risk of getting just documents with no goods shipped.

4. In the case of D/A, you can pickup the goods for inspection first, and then effect payment after the quality of goods is ensured. Or you could pickup goods for sale first, and effect payment after you get proceeds from the selled goods, you can thus do business simply using your commercial credits on cost-free bases.

Our Commitments

1. You will be advised to effect payment or make acceptance against documents no later than one working day after we receive them from remitting bank.

2. We provide follow-up services such as acceptance reminder, payment handling, etc. Meanwhile, various financial services are for your choices, such as import collection financing, refinancing,etc.

Kind reminders

1. In order to avoid disputes, you are suggested to state on the contract that the documents are subject to ICC Uniform Rules for Collections.

2. We remind you to request your supplier to select a bank with Swift Code as the remitting bank, so as to avoid further swift communication difficulties.

3. Know your supplier well to ensure the authenticity of trade, and avoid risks of faked documents or non-value goods shipped, or risks caused by poor quality, etc.

4. In the case of D/P, you are required to present international / internal payment advice before you get the documents, while in the case of D/A, you are required to present international / internal acceptance advice along with accepted drafts.