Text Size:[L M S]
Collection

1.Import Collection 
Overview

The Import Collection is a service in which ABC NY Branch acts as the collecting bank. Upon receiving collection documents from an overseas remitting bank, ABC NY Branch presents documents to our customers for payment or acceptance as instructed by the remitting bank. According to how the documents are delivered, the import collection is divided into documents against payment (D/P) and documents against acceptance (D/A).

Features
1. Fees are low, which is conducive to cutting down financial expenses and controlling costs for customers.
2. Compared with L/C, the import collection is procedurally simpler.
3. Customers do not need to make an advance payment when the exporters are preparing and shipping goods. Shipping documents are released and goods are placed at customers' disposal immediately upon payment or acceptance.
4. Under D/A, customers may obtain shipping documents and secure goods immediately upon acceptance. The payment can be made by customers using cash generated from the disposal of goods.  During the process, customers' funds are not occupied with their financial conditions and solvency effectively enhanced.

 

2.Export Documentary Collection 
Overview

The Export Documentary Collection is a settlement service where ABC NY Branch, acting as the remitting bank of the customer, sends the draft and shipping documents to the importer's bank and then delegates the importer's bank to collect money from the importer. According to how the documents are delivered, the export documentary collection is divided into documents against payment (D/P) and documents against acceptance (D/A).

Features

1. Compared to L/C, export documentary collection is simpler in procedure.

2. Bank fees are comparatively low, helping customers cut costs and control expenses.

3. The importer cannot obtain documents or goods until making an acceptance or a payment, making the transaction less risky for the customers compared to sale on credit.