A means of payment whereby an exporter uses the services of a bank in order for an importer to pay for the shipped merchandise.
This facilitates payments for importers, with the bank receiving the amounts thus collected by means of financial or commercial documents, whether these are sight or acceptance (term) letters of credit.
This allows the exporter to use the services of a bank to collect payment from the importer with regard to shipped merchandise .
This guarantees that the required documents are properly handled, since the importer cannot make use of said documents until payment is made or the drafts accepted.
- Bills of lading shall only be provided to the importer once payment is made or a draft accepted, according to the exporter´s instructions.
- No line of credit is required.
- Lower costs compared to other letters of credit
*This product is offered as part of a banking intermediation arrangement, that is to say the Bank does not accept direct collections.
For more information please contact us at the following email address: firstname.lastname@example.org)