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.
Features
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
Benefits
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
How to Apply / Requirements
Visit any of our branches nationwide for an application form
Commercial Invoice
Import Declaration Form (IDF)
Customs Clearing Documents (Bill of Entry) to be submitted after goods cleared
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