Raiffeisen Bank 

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Documentary Collection

This is a form of documentary payments contact during which documents related to a delivery of goods are issued at the moment they are paid for by the buyer, or against the acceptance of a bill or other conditions.

Benefits

  • Uniform international rules apply to collection transactions.
  • The buyer is usually not entitled to dispose of the goods until the time of payment or the acceptance of a bill.
  • Lower degree of work when arranging collection than for a documentary letter of credit.
  • Usually lower charges than for a documentary letter of credit.
  • The option of variable distribution of the payment of banking charges between the business partners.
Documentary collection can be used where the seller does not know the buyer well or is not sure of its solvency. It therefore does not want to provide the goods to the buyer only against subsequent payment after delivery, and does not require security for the payment in the form of a documentary letter of credit, due to its costs and complicated nature.

Issue of documentary collection (Raiffeisenbank is the sending bank)

  • Raiffeisenbank issues a documentary collection based on a request by the seller to arrange the collection, up to the amount and for the term of the contractually approved conditions.
  • The client attaches to the request for issue of documentary collection documents entitling the buyer to accept the goods, and specifies the payment conditions under which the buyer’s bank can release the documents.

Receipt of documentary collection (Raiffeisenbank is the collecting bank)

Raiffeisenbank advises the client of documentary collection after receiving it from the sending bank together with the payment conditions set for the issuing of documents entitling the buyer to accept the goods.

Process for documentary collection

 

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