Import collections
Universally recognised system for international payments
Collections are a universally recognised method for settling overseas trade debt through the international banking system. As an importer, they allow you to pay for goods only when documentary evidence of shipment has been received. They also offer some security to the seller, who maintains control of the goods until payment or acceptance of the debt by you.
Benefits
- Improved cash flow – you can normally defer payment until the documents arrive
- Cost effective – your costs are lower because no credit facility with associated capital costs for the Bank is required
- Security – safer than open account trading as you have proof of shipment before making payment
- Universal governance – subject to URC 522 – globally recognised rules governing collections issued by the International Chamber of Commerce
- Efficient and secure – management information about Import Collections is available using our online trade channel
