Documentary/Bills For Collection
This refers to a process, in which a seller instructs his bank to forward documents related to the export of goods to NIB Ltd (buyer’s bank), with a request to present these documents to the buyer for payment, indicating when and on what conditions these documents can be released to the buyer (Sight and or Acceptance).
- The collection is a straight forward and less expensive mode of settlement.
- Payment is usually quicker compared to open account.
- Documents come with payment instructions.
- Title documents are controlled by the bank.
- Quick and secure means to transfer funds from abroad.
- Customers have access to foreign currency at very competitive rates.
- Efficient handling of documents by the Bank.
- Simple and convenient.
- Visit any of our branches nationwide to for an application form (Customer request).
- Submit the form together with the following documents:
1. Commercial Invoice.
2. Import Declaration Form (IDF).
- NB: Customs Clearing Documents (Bill of Entry) to be submitted after goods cleared.