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Collections
The universal way to make and receive overseas payments
Does your business need to make and receive overseas payments through the international banking system? Collections could be the answer. They provide a relatively secure, universally recognised method for settling overseas trade debt.
Selling
Export Collections - also known as Outward Bills - are sent on your company's behalf as the seller to the buyer's overseas bank. Your business has more control over the goods until the Collection has been paid, or your buyer has accepted the debt.
Buying
If your company is the buyer, then Import Collections - often called Inward Bills or Inward Collections - are sent to us by the bankers of the overseas seller. Here, the seller has more control over the goods until they have received payment or you have accepted the debt.
Key benefits
- Secure payments - Collections are more secure than open account trading, although payments are not guaranteed by a bank
- Simple and cost-effective - Collections are more straightforward and cheaper than Letters of Credit (L/Cs), although they are not as secure
- Worldwide standards - Collections are subject to the globally recognised guidelines issued by the International Chamber of Commerce, known as Uniform Rules for Collections (URC 522)
- Electronic payments - using our TradeFlow delivery channel, Export Collections can be sent electronically from your office PC
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