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.
Features
Buyer takes delivery of goods before payments are made to the seller
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
Benefits
Customers have access to foreign currency at very competitive rates
Encourages the buyer into a long-term trade relationship
24-hour processing
How to Apply / Requirements
Visit any of our branches nationwide for an application form
Commercial Invoice
Import Declaration Form (IDF)
Bill of Entry (Customs Declaration)
Original Bill of Lading / Airway Bill
Customs Classification and Valuation Report (CCVR – for Documents cleared before June 2020)
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