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Foreign/Domestic Inward Bill For Collection-i (FIBC/DIBC-i)

The Bank sends OBC documents together with a Collection Instruction to the Drawee’s Bank (Collecting Bank) requesting the Collecting Bank to collect proceeds from the Buyer / Drawee under the concept of Wakalah.

Unless otherwise specified by the Customer in his Collection Instruction, such collections item are governed by the Uniform Rules of Collection (1995 Revision) ICC Publication 522.

Benefits

Payment will be monitored through bank
Exporters have control of the payment / acceptance of draft before releasing the documents
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

The documents required for Outward Bills for Collection-i are:

  • Documents Collection/ Negotiation Form from the customer
  • Shipping documents (as stated in Collection Instruction)
  • Bill of Exchange
  • Original Inward Letter of Credit (if applicable)

You might also be interested in

Accepted Bills-i (AB-i) – Export/Sales
Foreign/Domestic Bill of Exchange Purchase-i (FBEP-i/DBEP-i) – Authority to Purchase
Bank Guarantee (BG-i)
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2024-07-23 08:34:22