We provide documentary collection services where you could request your international suppliers to route the shipping/trade documents through First Capital Bank. We will thereafter assist you in making the import payments in conformity with prevalent exchange control regulations.
This collection bills facility provides exporters the flexibility, security and ease they require to do international business. Here at First Capital Bank, we manage all the document-handling on behalf of both export and import clients. When you hand the task of collecting payment for goods supplied to your business over to First Capital Bank, we will send the shipping documents to the importer’s bank together with payment instructions.
Import Collection bills are payment mechanisms, usually cheaper than Letters of Credit but provide more security to the supplier than open account transactions. This mode of payment generally boosts trading relationships by reassuring suppliers of their payment and safeguards the importer’s title to goods. Usually, funds are received from the importer and remitted to the exporter through the banks involved in the collection bills.
We will prepare a draft that requires the importer to pay the face amount either on sight (document against payment—D/P) or on a specified date in the future (document against acceptance—D/A).
Export Collection bills simplify the process of receiving payments from importers while also safeguarding the supplier’s title to the goods until payment has been received or documents have been accepted for payment.
Visit your nearest branch and speak to one of our Customer Service Representatives – or fill out the enquiry form and we will be in touch.
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