Bills for Collections

Under Bills for collection, there is an underlying credit from the supplier for which a Bill of Exchange (an IOU) properly executed by the importer and endorsed by his bank is the underlying “Eligible Instrument”.

 

Features

  • Used mostly by parties with long standing relationship or related entities.
  • Documents are released against accepted bill of exchange (payable at a future date)
  • Payment is made only after goods are cleared.

Benefits

  • Suppliers’ finance for up to 270 days (from bill of lading date) allowed by local regulations.
  • It is straight forward and not as complicated as letters of credit.
  • Cheaper to use by importers.
  • Foreign exchange can be procured from the official market.

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