Documentary Collections offer exporters/sellers greater security than trading on open account. However this payment collection method does not offer the protection of a letter of credit. In documentary collections, the bank liability is limited to the forwarding and release of documents against payment, and the acceptance or promise of payment (letter of undertaking) by the importer. Unlike letters of credit there is no separate undertaking by the bank guaranteeing payment to the importer.
FIMBank offers you the standard Documentary or Cheque/Bills of Exchange/Promissory Notes Collection service. For US drawn cheques we also provide a preferred collection service. This service:
- Provides fraud protection;
- Guarantees a definite time limit to receive proceeds or notification of non payment;
- All collections are handled in conformity with URC522 (Uniform Rules for Collection No. 522).
Additionally we can also provide our customers with:
- Discounting of receivables;
- Avalisation of bills of exchange/promissory notes.
For further details, call our Trade Finance team on +356 21322100 or send us an email.