Bills for Collection
The Bills for Collection service allows a seller in one country to obtain payment for goods sold from a buyer in another country. Collections can be divided into two categories namely:
Outward Collection: the Bank undertakes to obtain payment of a cheque, bill of exchange, draft or promissory note from a buyer overseas on behalf of the seller.
Inward Collection: the Bank assists the bank abroad to obtain payment from a buyer on behalf of a foreign supplier
All Bills for Collection will be executed in accordance with the current edition of the International Chamber of Commerce Uniform Rules for Collection (ICC 525) and the responsibilities are binding on the banks involved.
