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Documentary Collection

 

Collection means the handling by banks of documents in accordance with instructions received, in order to:

  • obtain payment and/or acceptance,
    or
  • deliver documents against payment and/or against acceptance,
    or
  • deliver documents on other terms and conditions.

*Documents means financial documents and/or commercial documents:

  • Financial documents mean bills of exchange, promissory notes, cheques, or other similar instruments used for obtaining the payment of money.
  • Commercial documents means invoices, transport documents, documents of title or other similar documents, or any other documents whatsoever, not being financial documents.

Clean collection means collection of financial documents not accompanied by commercial documents.

 

Documentary collection means collection of:

  • Financial documents accompanied by commercial documents;
  • Commercial documents not accompanied by financial documents.

 

Regulatory framework

The Uniform Rules for Collections, 1995 Revision, ICC Publication No. 522, shall apply to all collections where such rules are incorporated into the text of collection instruction and are binding on all parties thereto unless otherwise expressly agreed or contrary to the provisions of a national, state or local law and/or regulation which cannot be departed from.

 

Advantages

For Buyer

  • Payment after shipment of goods
  • Payment with a deferred payment option
  • Review of shipment documents prior to payment
  • Less expensive and less complicated than documentary credit

For Seller

  • Considerable payment warranty (release of documents and title to goods against payment or obtaining acceptance)
  • Less expensive and less complicated than documentary credit

 

Contacts

For any queries or details please contact our experts:

  • Aigerim Madaliyeva

Head of International Relations Department
Telephone: +7 (727) 244 34 34 (ext.3050)
E-mail:  a.madalieva@tengribank.kz

  • Aida Amanova

Chief specialist of International Relations Department
Telephone: +7 (727) 244 34 34 (ext.3051)
E-mail: a.amanova@tengribank.kz