Import Documentary Collection
What is it?
Processing of received import documents by UniCredit Bulbank and their delivery to the importer/buyer - a UCB customer, in accordance with instructions, received from the exporter’s bank, usually located in another country, against importer’s payment or undertaking to pay, or simply delivering the documents to the customer without payment.
Advantages
- No need for blocking buyer’s funds prior to delivery of documents evidencing shipment of goods.
- Simplified procedure the client only needs to instruct the bank to effect payment from a specified account.
- Lower costs compared to those under documentary Letters of credit.
- Documentary evidence of shipment of the goods by the seller.
Whom is it for?
Importers of a wide range of goods from suppliers with whom they usually have previous business transactions. The exporter considers the settlement by open account payments too risky and for the importer the Letter of credit is unacceptable.
Frequently Asked Questions
The Bank receives and handles documents in accordance with the collection instructions received from the bank of the seller.
UniCredit Bulbank in its role as Collecting bank presents the documents to the client (importer of goods) against payment or acceptance of a bill of exchange, or under other conditions specified by the bank of the seller.
Only if expressly authorized by the Documentary collection instructions.
Unlike the documentary letters of credit when processing documentary collections the Collecting bank is not obliged to check the conformity of the presented documents.
No need to block client funds as collateral.
Yes, upon explicit request of the exporter to the Remitting Bank.
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