1. The bank acts as the agent of exporter and requires the foreign importer to pay or issue the bill after accepting the bill and collects goods payment.
2. Under the collection, the bank generally does not audit the bill, and only checks whether the bill type and copies conform to the content listed on the collection power of attorney of client (the bill refers to the financial bill and the commercial bill).
3. The final collection of goods payment depends on the credit situation of foreign customer, and the bank generally will not bear the payment responsibility.
4. After receiving foreign payment, the bank will transact account registration procedures according to the client instruction.
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1. After the export obtains relevant bill, the client shall entrust the bank for outward documentary collection, fill in collection application, define the collection method, that is, D/P or D/A, or other condition for presentation and make clear regulation on bearing interest, handling the charges and relevant costs.
2. The collection application shall indicate “this collection business is transacted according to The Uniform Rules for Collection, ICC Publication No.522”; the content of the application shall be clear with complete elements, the address of payer shall be detailed and complete.
3. The client can design foreign collecting bank (the collecting bank refers to the bank reminds the importer of bill, handling with collection according to the instruction of the entrusted bank) to the bank. If the collecting bank designated by the client is not the agency bank of our bank, our bank can deliver the bill through the agency bank where the payer is; if the client designates no collecting bank, our bank can select a collecting bank and will not bear any responsibility.
4. If the client intends to reduce the amount, prolong the payment period or change the condition of presentation, etc., the client shall conduct the transaction by the written opinion and other relevant document (if required).
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