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About import collection
Import documentary collection is a conditional form of trade settlements in which exporter instructs his bank to release trade documents to your company (importer) through Bank Millennium in return for payment or securing future payment (for instance, through acceptance of bill of exchange). In import documentary collection Bank Millennium receives documents representing goods accompanied by a collection instruction from the exporter's bank, for release of which your company is to make or secure payment. Upon releasing the documents you may collect the goods from the port of destination or from the carrier.
- Secure yourself against the risk of non-delivery of goods which are to be paid for
- If there is deferred payment, you may collect the documents and goods in return for acceptance of bill of exchange payable at a later date. If at that time you sell the goods to your buyers, you will obtain funds to pay for the purchase without commitment of your funds
- Get more attractive terms of payment in return for securing the counterparty's risk of default on payment
The basic currencies are PLN, EUR, USD, but – should the need arise – the transaction may be also performed in other currencies.
Yes. Deferred payment may be performed – it is called documents against acceptance, D/A. In such a case the documents are released in return for the payment promise in accordance with the collection instruction. Payment promise assumes usually form of acceptance of bill of exchange. Payment is made at deferred time (bank holds in his files the accepted bill of exchange in order to cash its value on its payment date). Importer should agree such a form of settlement with exporter, who initiates documentary collection.
Exporter sends the goods and delivers documents with an appropriate order to his bank, which sends them to the importer's bank with collection instruction. In order to receive the documents, importer must fulfil the conditions of documentary collection (inter alia, pay or accept bill of exchange).