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.

Benefits

Customers have access to foreign currency at very competitive rates
Encourages the buyer into a long-term trade relationship
24-hour processing

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

How to apply

Step 1

Visit any of our branches nationwide for an application form

Step 2

Commercial Invoice

Step 3

Import Declaration Form (IDF)

Step 4

Bill of Entry (Customs Declaration)

Step 5

Original Bill of Lading / Airway Bill

Step 6

Customs Classification and Valuation Report (CCVR – for Documents cleared before June 2020)

Interested in Open Account Payments?

Speak to our business team, or visit any branch, and we will take you through the next steps.

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.

Benefits

Customers have access to foreign currency at very competitive rates
Encourages the buyer into a long-term trade relationship
24-hour processing

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

How to apply

Step 1

Visit any of our branches nationwide for an application form

Step 2

Commercial Invoice

Step 3

Import Declaration Form (IDF)

Step 4

Bill of Entry (Customs Declaration)

Step 5

Original Bill of Lading / Airway Bill

Step 6

Customs Classification and Valuation Report (CCVR – for Documents cleared before June 2020)

Interested in Open Account Payments?

Speak to our business team, or visit any branch, and we will take you through the next steps.

Open Account Payments

Benefits

Features

How to apply

Step 1

Step 2

Step 3

Step 4

Step 5

Step 6

You may also like

SME Banking

Corporate Banking

Treasury Services

Interested in Open Account Payments?

Open Account Payments

Benefits

Features

How to apply

Step 1

Step 2

Step 3

Step 4

Step 5

Step 6

You may also like

SME Banking

Corporate Banking

Treasury Services

Interested in Open Account Payments?