Open Account Payments

This method of payment stipulates that the buyer (importer) receives the goods and pays the Seller (supplier) at a later date. Payments are done within 24 hours after receipt of customer request.

  • Buyer takes delivery of goods before payments are made to the seller.
  • Seller relies on the creditworthiness, integrity and reputation of the Buyer.
  • This method of payment is risky to the seller as there is 100% exposure in the event of Buyer’s non-payment.
  • Banks are involved only in the transfer of funds.
  • Less expensive as compared to Letters of credit.
  • Easy means of obtaining goods from abroad to trade.
  • Customers have access to foreign currency at very competitive rates.
  • Encourages the buyer into a long-term trade relationship.
  • Importers
  • Exporters
  • Visit any of our branches nationwide for an application form (Customer request).
  • Submit the form together with the following documents:

1. Commercial Invoice.

2. Import Declaration Form (IDF).

3. Bill of Entry (Customs Declaration).

4. Original Bill of Lading / Airway Bill.

  • Customs Classification and Valuation Report (CCVR – for Documents cleared before June 2020).