How it works{yellow-border}
Import documentary collections allows your supplier (exporter) to lodge documents with their bank. These documents are then sent to BOQ for collection with a set of instructions. On receipt, we will contact you (the importer) and arrange for you to pay or accept the bill of exchange, releasing the documents to you and giving you access to the goods.
Documentary collections are often favoured over documentary letters of credit, once a degree of trust and experience is built up between the importer and their supplier. A degree of control is reduced, however costs are usually lower for both parties.
Features and Benefits{yellow-border}
Easier access
Allows the importer access to documents (and therefore goods) against payment of, or acceptance of a bill of exchange.
Assurance
The exporter has assurance that the importer will not gain access to goods without meeting payment terms of instructions provided with the documents.
Compliance
Both importers and exporters must adhere to the internationally recognised rules set by International Chamber of Commerce (ICC).
Important information{yellow-border}
Business Lending Supplementary Terms and Conditions
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Business Banking Guide to Fees and Charge
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Want to know more?{yellow-border}
You might also be interested in:
Import Documentary Letters of Credit
Provide a conditional guarantee to pay an exporter's bank on your behalf.
Foreign Currency Accounts and Deposits
Reduce unnecessary costs with a dedicated foreign currency account.
