Features
- The Bank acts as a Collecting Agent of behalf of Exporter / Seller.
- The Bank, being the Remitting Bank, will send all the necessary documents together with its Collection Schedule to its Corresponding Agent in the Buyer’s country.
- Once the Bank receives the payment from Collecting Bank, the proceeds will be credited into Drawer / Exporter’s account.
- There are two types of payment under OBC-i -D/P – Documents against Payment or Sight-D/A – Documents against Acceptance or Usance
- There are two types of payment under OBC-i -Inward LC (ILC) or -Collection basis
Document Required
- Documents Collection/ Negotiation Form from the customer
- Shipping documents (as stated in Collection Instruction)
- Bill of Exchange
- Original Inward Letter of Credit (if applicable)
The documents required for Outward Bills for Collection-i are: