Banks act as intermediaries to the Exchange of title documents for payment, but are not obliged to pay in the event of default. According to the international rules for collections, banks are not responsible for the authenticity or correctness of the documents or for the condition of the goods.
Documentary collection is a trade transaction where the exporter entrusts the collection of a payment to the remitting bank (exporter’s bank) which delivers the shipping documents to the collecting bank (importer’s bank) along with the instruction for payment. Funds are received from the importer and remitted to the exporter through the banks involved in exchange for those documents.
Types of collections we offer:
- Documents against acceptance (D/A)
- Documents against payment (D/P)