This service allows the exporter to lodge documents and collection instructions with the Bank of Queensland and we send them on to your customer’s bank for collection. On receipt, the overseas bank will contact your customer and arrange for payment or acceptance of the bill of exchange. They then release the documents to your customer, giving them access to the goods.
Documentary collections are favoured over documentary letters of credit, once a degree of trust and experience is built up between the exporter and the customer. Control is reduced, however costs are usually lower for both parties.