Import Documentary Collection

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Import Documentary Collection

An import documentary collection is a cost‑effective settlement method where we receive and release the seller’s shipping documents to you against payment or acceptance, exactly as instructed by the seller’s bank. It streamlines document handling while you retain the flexibility to review documents before payment on sight or on a due date.

Features & Benefits

Handle collections in multiple currencies across key corridors

Receive alerts on document arrival and due dates

Book foreign exchange rates online for timely settlement

Clear visibility of charges and timelines at each step

How it works

Understanding the process can simplify transactions and ensure smoother international trade. Here’s a step-by-step guide to how it operates.

1

The seller and buyer agree to conduct business and agree that payment be made on the basis of a documentary collection.
2

The seller ships the goods and tenders the documents to his bank (Remitting bank) together with a corresponding collection order.
3

The seller's bank forwards the documents along with its collection instructions to IDFC First Bank, the buyer's bank (Collecting bank).

4

Buyer's bank notifies the buyer of arrival of documents, for his payment/acceptance.
5

In case of:
– Documents against Payment (DP), the buyer pays the amount due
–Documents against Acceptance (DA), the buyer accepts the draft and gives an undertaking to pay on a later date (maturity date).

6

After providing payment or acceptance of payment, the buyer receives the documents using which he takes possession of goods.
7

Buyer's bank remits the amount to the seller's bank which further credits the amount to the seller’s account.

Schedule of Charges

Click here to view all charges

Import Documentary Collection

Import Documentary Collection

Features & Benefits

How it works

Schedule of Charges

Explore our Import Solutions

Letter of Credit Issuance

Import Payment and IDPMS submission

Advance Import Payment

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