Transactions in import
As the buyer or importer of the goods or services in question, you are the drawee for the purposes of the documentary collection. You will be notified by the presenting bank when the documents arrive.
You will be able to see from the information provided whether the documents lodged with the presenting bank allow you to take delivery of the consignment and clear it through customs. As soon as you have made payment in the form stipulated in the collection instruction - normally payment or acceptance - the documents will be handed over to you.
The key points for the importer:
You will be informed by the presenting bank when the documents arrive, along with details of the terms and conditions of collection, the shipping papers and the delivered goods. This will tell you if and how you can take delivery of the consignment.
You can view the documents at the presenting bank before payment.
Prior inspection of the goods is not permitted without the importer's consent.
Where applicable, the collection instruction must expressly allow for part payments, otherwise the presenting bank will not be able to release the documents.
If the terms of the collection are not met, the presenting bank must inform the remitting bank immediately.
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