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Export Documentary Collection

Where a Documentary Collection is the agreed settlement method between the exporter and importer, the documents is channeled by the exporter through its banker to the importer's banker for presentation to the importer. The importer is expected to either pay at sight or accept to pay on a future date in exchange for the documents. The Collecting Bank of an inward bill for collection is acting as the collection agent of the Remitting Bank.

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Export Documentary Collection,

Documentary collection bills are sent by our exporter customers, drawn on overseas buyers' banks, which are sent to the agent bank (the presenting bank) for payment. These may be drawn at sight or usance. These bills are not drawn under LC. The Bank will act on the instructions of the customer given at the time of presentation of documents to the bank. The Bank will pay the customer the proceeds of these bills when payment is received by the Bank. In cases where the bill is purchased by the Bank, this bill is treated as an Export Collection Documentary Purchased instead of a bill sent on collection (BC) bill. For this facility, the customer must have an Export Collection Purchase line with the Bank.

Why OCBC Bank?

	The experienced trade finance specialists in OCBC Bank will examine your outward documents submitted under letters of credit, thus allowing you to minimize discrepancy costs and the resultant delays.

	The application form and bill of exchange have been made available in softcopy for your processing convenience.

	The speed to collect your export receivables is fully appreciated with OCBC Bank’s cut-off time of 4:00pm daily from Monday to Friday*, that enables you to submit documents late in the afternoon and yet have them processed on the same day.

	The strategic correspondent banking arrangement between OCBC Bank and leading banking institutions enhances the capability to handle your transactions effectively and efficiently. Monitoring the status of your transactions is made easy with Velocity@ocbc, OCBC Bank’s state of the art secured internet banking application. * terms and conditions apply

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