Overview
The Import Collection is a service in which ABC acting as the collecting bank, upon receiving collection documents from an overseas remitting bank, presents documents to our customers for payment or acceptance as instructed by the remitting bank. By how documents are delivered, the Import Collection is divided into documents against payment (D/P) and documents against acceptance (D/A).
Features
1. Fees are low, which is conducive to cutting down financial expenses and controlling costs for customers.
2. Compared with L/C, the Import Collection is more procedurally simple.
3. Customers do not need to make an advance payment when the exporters are preparing and shipping goods. Shipping documents are released and goods are placed at customers' disposal immediately upon payment or acceptance.
4. Under D/A, customers may obtain shipping documents and dispose of goods immediately upon acceptance, and make a payment from the cash flow generated from disposal of goods. During this process, customers' funds are not occupied and their financial conditions and solvency are effectively enhanced.
Procedures
1. ABC notifies the customer under the instructions of the remitting bank after receiving the import collection documents.
2. The customer makes a payment or acceptance for release of documents.
Tips
1. Under D/P collection, documents will not be released until the customer makes the payment.
2. Under D/A collection, the customer needs to accept and pay ABC once the draft matures.
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