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Inward Collection


 

Introduction

Entrusted by a foreign correspondent bank or an affiliated bank, and according to their instructions, Bank of China (Canada) collects import payments and delivers relevant commercial documents to the importer.

Classification

Inward collection has two forms including documents against payment (D/P) and documents against acceptance (D/A).

Features

1. Low cost - low banking fees help reduce financial expenses and control the costs;

2. Easy to use - simple procedures and easy to use as compared L/Cs;

3. Reduce funds occupation - no advance payment required when the exporter prepares and ships the goods, the goods documents can be obtained immediately and the goods become disposable upon payment or acceptance;

4. Improve cash flow - with D/A, the importer can immediately obtain the goods document and dispose the goods after acceptance, and can make payments later as the inflow of cash are generated by the sale of goods. With almost no occupation of funds, the company’s financial position and solvency can be greatly improved.

Target Customers

1. Importers who wish to pay to exporters with lower cost and simpler procedures than L/Cs.

2. Importer with sufficient liquidity may use D/P.

3. Importers with insufficient liquidity who need exporters to grant financing facility of forward payment may choose D/A provided that they have a good business relationship with exporters.

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