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Import Documentary Collection

In Documentary Collections, banks provide intermediary services to facilitate trade settlement on terms agreed between you and your exporter (seller) or importer (buyer). The exporter initiates the collection by submitting commercial documents and collection instructions to his bank (the remitting bank) after shipping the goods to the importer. These documents commonly include invoices, shipping documents (such as bills of lading) accompanied with a bill of exchange that the exporter draws on the importer. The remitting bank in turn forwards them to the importer's bank (the collecting bank) with instructions on delivery of documents, collection and remittance of payment. Based on these instructions, the collecting bank liaises with the importer for payment of the bill (or its acceptance, if applicable) and for the release of documents. With these documents, the importer proceeds to take charge of the goods.

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Benefits

	Easier to prepare, with less specifications, rules and deadlines for document preparation and presentation

	etc Increased flexibility

	Lower bank charges

	Faster processing

Import Collection

These are mainly bills with the related shipping documents sent by overseas banks or our branches to OCBC Bank to collect payment on their behalf. It also includes some clean items, mainly cheques, sent to us. Acting as a collecting bank, OCBC Bank will advise the buyer promptly upon receipt of the documents. Proceeds collected from the buyer are then remitted to the remitting bank.

Under import collection, documents can be made available to the buyer on:

	Documents against Payment (D/P) basis, whereby the presenting bank will only release the documents to the buyer upon payment.

	Documents against Acceptance (D/A) basis, whereby the presenting bank will release the documents to the buyer upon his acceptance of the seller's bills of exchange for deferred payment. For D/A bills, the bank will present the bills of exchange to the buy.

Why OCBC Bank?

	At OCBC Bank, the processes are designed to allow you to obtain your documents quickly while making prompt payment to your suppliers so that your close business relationships with your suppliers are enhanced.

	With OCBC Bank being the Collecting Bank, both you and your suppliers will have the comfort of knowing that the documents will be handled professionally, thus enable you to focus on growing your business.

	With 25 branches nationwide, you will find an OCBC Bank branch within your vicinity to facilitate the collection of the documents.

	Trust Receipt Loan facility may be arranged to enable you to obtain the goods without having to worry about your cash flow gap.

	Extended Cut-Off Time: Our improved cut-off time of 5pm allows customers greater flexibility From Monday - Friday, before 12 noon for Saturday.

	Service Commitment : Same day notification to customers of in-coming documents either via telephone or fax

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