Foreign bills for collection
A Documentary Collection is the collection, through a bank, of monies owed by a buyer, against delivery of certain documents.
Why you need this
Business peace of mind
Making use of Documentary Collections will ensure your peace of mind.
As an exporter you retain ownership of goods until either payment or acceptance is received...plus
- Accepted bills can be used to obtain financing
- The handling of export collections is governed by the ICC Uniform Rules for Collections
- The bank acts for the exporter, by presenting commercial documents to the buyer (importer) along with a payment demand or bill of exchange
- Settlement is normally faster than using the Open Account method
- Documents against acceptance (D/A) - documents are released to the buyer against acceptance to pay at a future date
- Documents against payment (D/P) - documents are released to the buyer against payment
- Unless the buyer pays or commits to pay at a future date, no documents will be handed over
How it works
Convenience at your hands
Take a look at how simply and conveniently Documentation Collection works
Shipping of goods
The seller ships the goods to the buyer
The seller hands the documents to his/her bank (the Remitting Bank) with instructions to release the documents against acceptance/ payment of a bill of exchange
Forwarding of documents
The Remitting Bank forwards the documents to the Collecting / Presenting Bank in the Buyer's country.
Release of documents
The Collecting Bank releases documents to the Buyer as per instructions received from the Remitting Bank
Getting it made easy
First National Bank of Namibia Limited, Reg. No. 2002/0180.