Benefits
Security for buyers
Securing title of goods by channeling shipping documents through banking channel.
Quick payment
Pay/acceptance against receiving required documents.
Greater control
Drawee may refuse to take up document if it appears that incorrect goods was shipped.
Uniform Rules
Operated under the Uniform Rules for Collection, ICC Publication No. 522.
How does Import Documentary Collection work?
Document Submission
Base on the agreement/contract, seller ships goods, prepare and send documents to seller's/ remitting bank for onward presentation to UOB.
Payment/Acceptance
UOB notifies buyer on arrival of document. Buyer fulfils collection instructions for payment/acceptance.
Trust Receipt Financing*
Buyer may apply for post-shipment financing and take possession of the goods on trust.
Release and Remittance
UOB releases document to the buyer and remits payment/acceptance to the remitting bank (seller’s bank). The remitting bank credits payment to the seller.
How does Import Documentary Collection work?
Document Submission
Base on the agreement/contract, seller ships goods, prepare and send documents to seller's/ remitting bank for onward presentation to UOB.
Payment/Acceptance
UOB notifies buyer on arrival of document. Buyer fulfils collection instructions for payment/acceptance.
Trust Receipt Financing*
Buyer may apply for post-shipment financing and take possession of the goods on trust.
Release and Remittance
UOB releases document to the buyer and remits payment/acceptance to the remitting bank (seller’s bank). The remitting bank credits payment to the seller.
Who are the parties involved?
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Parties
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Role
| Parties | Role |
| Drawer | The Seller/Exporter in the sales contract. They approach their bank (Remitting Bank) to initiate and authorise them to handle the Collection on their behalf. |
| Drawee | The Buyer/Importer in the sales contract. They will be presented with documents for the purpose of either payment/acceptance, in accordance with Collections instructions. |
| Remitting Bank | The Bank that Seller/Exporter authorises to carry out the Collections on its behalf and is tasked to obtain payment and/or acceptance for the seller. |
| Collecting Bank | Any Bank other than the Remitting bank that is involved in obtaining payment or acceptance from the Importer/Buyer (drawee). |
| Parties |
| Drawer |
| Drawee |
| Remitting Bank |
| Collecting Bank |
Fees
For fees related to Trade Services, remittance fees and other service fees, please contact your nearest UOB China branch or you can call UOB China at 400 886 2821.
Click here to view Wholesale Banking Cash Management and Trade Finance Service Tariff.
Frequently asked questions
What are the types of Import Documentary Collection?
- Documents against Payment (DP)
We release the import documents to you upon your payment.
- Documents against Acceptance (DA)
We release the import documents to you upon acceptance of the bills where you agree to pay the seller on a fixed future date.
Where can I collect my Import Collection documents?
You may submit your application or collect your trade documents at any of our Branches. Click here to find the Branch nearest to you.
