We provide documentary collection services which enable your international suppliers to route shipping/trade documents through First Capital Bank. We will thereafter assist you in making the import payments in conformity with prevalent exchange control regulations.
We will handle all the document-handling on behalf of both export and import clients. When you hand the task of collecting payment for goods supplied to your business over to First Capital Bank, we will send the shipping documents to the importerâ€™s bank together with payment instructions.
Import Collection bills are payment mechanisms, usually cheaper than Letters of Credit but provide more security to the supplier than open account transactions. This mode of payment generally boosts trading relationships by reassuring suppliers of their payment and safeguards the importerâ€™s title to goods. Usually, funds are received from the importer and remitted to the exporter through the banks involved in the collection bills.
We will prepare a draft that requires the importer to pay the face amount either on sight (document against paymentâ€”D/P) or on a specified date in the future (document against acceptanceâ€”D/A).
Export Collection bills simplify the process of receiving payments from importers while also safeguarding the supplierâ€™s title to the goods until payment has been received or documents have been accepted for payment.
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