Exporters can instruct their Bank (called the “Remitting Bank”) to send commercial documents (such as invoices, Bills of lading or Airway Bills) or financial documents (such as Bills of Exchange) on a collection basis to the “Presenting Bank”, normally located in the Importers’ country. Upon receipt of such documents, Standard Chartered Bank will acknowledge receipt and release documents strictly in accordance with instructions received from the Remitting Bank either against payment (if the collection instruction calls for documents against payment or D/P) or acceptance (if the collection instructions call for documents against acceptance or D/A).
Collections can be further defined into two categories, Documentary and Clean Collections. Documentary Collections are the most common form of collections, and usually comprise of both financial and commercial documents which would required in order to obtain delivery of goods. On the other hand, clean collections comprise financial documents only, which typically represent an outstanding debt or acknowledgement of payment to be made at a later date.
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