Benefits
Easy way of settlement
Exporter receives payment or acceptance upon submission of shipping documents.
Secured payment
Receive payment from buyer against shipping document being submitted to collecting bank.
Control of document
Document will be released by collecting bank to the buyer upon their acceptance and/ or payment.
Uniform Rules
Operated under the Uniform Rules for Collection, ICC Publication No. 522.
How does Export Documentary Collection work?
Document Submission
Base on the agreement/ contract, seller ships goods, prepare and send documents to UOB for onward presentation to collecting/ buyer's bank.
Payment/Acceptance
UOB couriers documents to buyer's bank (collecting bank) for acceptance and/or payment.
Export Bill Purchase
Provide post-shipment financing to improve cashflow and working capital.
Settlement
Receive acceptance or payment from collecting bank.
How does Export Documentary Collection work?
Document Submission
Base on the agreement/ contract, seller ships goods, prepare and send documents to UOB for onward presentation to collecting/ buyer's bank.
Payment/Acceptance
UOB couriers documents to buyer's bank (collecting bank) for acceptance and/or payment.
Export Bill Purchase
Provide post-shipment financing to improve cashflow and working capital.
Settlement
Receive acceptance or payment from collecting bank.
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 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.
