About Export Documentary Collections{yellow-border}
Export documentary collections allow your title documents and collection instructions to be lodged through BOQ, 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. When the customer's bank receives payment or acceptance of a 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, as a degree of trust and experience can be built up between the exporter and the customer. While control is reduced, costs are usually lower for both parties.
Features and Benefits{yellow-border}
Easier access
Allows your customer access to documents (and therefore goods) against payment or acceptance of a bill of exchange.
Assurance
The exporter knows that their customer will not gain access to goods without meeting the payment terms of instruction provided with the documents.
Compliance
Banks must adhere to the internationally recognised rules set by International Chamber of Commerce (ICC), which provides assurance for both importers and exporters.
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}
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Export Documentary Letters of Credit
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Foreign Currency Accounts and Deposits
Reduce unnecessary costs with a dedicated foreign currency account.
