Import Documentary Collections
Import Documentary Collection means a settlement method that, the exporter/seller entrusts its remitting bank to present commercial documents (bill of lading, invoice, etc.) and financial documents (drafts and etc.) to exporter/seller bank, instructing us as the collecting bank to collect payment from the importer/buyer. Based on how documents are released to drawee, import collection could be classified as DA (i.e.documents against acceptance) and DP (i.e documents against payment).
MTG can help you simplify the administration of your documentary import collections, so you’ll know when funding is due, track outstanding import collections, and ease reconcilement of payables.
For commercial trade transactions, MTG’s Import Documentary Collections are a simple and cost-effective alternative to Import Letters of Credit. You can:
- Manage transactions and collections in multiple currencies
- Centralize import payable information
- Receive electronic notification when import documents arrive
- Simplify the administration of commercial trade transactions
- Reassure your trading partner of prompt remittance of payment
Working on your behalf throughout the world, MTG’s efficient import collection services assure prompt payment to your supplier’s bank. With an expansive presence and recognized expertise in international trade, MTG is a world leader in trade services. In fact, we often act on behalf of both importer and exporter in a trade transaction, thus speeding processing so that imported goods can be released to you faster.