Features

A document collection is a trade transaction in which the exporter hands over to their bank the task of collecting payment for goods from the importer’s bank. The exporter’s bank sends the goods shipping documents to the importer’s bank together with the payment instructions.

The export documents are only released to the importer against two conditions.

• Documents against Payment Collection (D/P):The importer receives the goods delivery documents only against payment.
• Documents against Acceptance Collection (D/A):Delivery documents are handed over against acceptance of a bill of exchange or a promise of payment at a specified time.

Requirements

• Application form
• Proof of identification either a driving permit, valid passport or identity card
• 2 Passport photos
• Audited accounts
• Registration certificate, Articles and memorandum of Association, resolution to borrow for companies, partnership deed for partnerships and minutes indicating a decision and authority to borrow for associations
• You should hold an account with the bank