Bills for collection are a means of payment for goods and\or services prices in the international trade. Exporter ships commodity to the importer, and shipping documents relating to this cargo are sent directly to a bank operating in the importer’s country of residence for delivery to the importer and cashing its value by immediate or forward cashing as instructed by the beneficiary. The bank’s guarantee may be added, at the drawer’s request, in case of forward payment.
Conditions to be met:
- The applicant must me a client in Quds Bank and maintaining an account.
- The beneficiary must not be blacklisted;
- The beneficiary’s country must not be blacklisted
- Within the client defined ceiling or under the approval of general management in case the Bank guarantees forward payment under specified terms.
Parties to Bills of Collection:
- Drawer (exporter): the person who prepare commodity, ship the same, and submit documents to Issuing bank.
- Issuing bank: is the bank entitled with collection process on the part of drawer (exporter).
- Collector bank: is the bank carrying out documents collection process.
- Drawee: (importer) is the party to which documents are submitted.
- Covering bank: is the bank entitled with the payment of bills for collection value.
Bills for collection service benefits at Quds Bank A'amal
- The payment of commodities prices easily and quickly in a way that conforms the client's selling and marketing policy.
- Competitive commission price.
- Accuracy in transactions fulfillment.