Export Clean Collection
1. Product Definition
The export clean collection means that the payee submits clearing bills, such as bill of exchange, bank note and check, received from abroad, to the Bank (the collecting bank) and entrusts the Bank to collect funds from abroad. Such method of collection is only against bills, and no additional commercial documents are involved, so it is called “clean collection”.
2. Service Types
The export clean collection can be conducted in two ways: cash letter and final credit.
3. Service Advantages
(1) Low cost. The banking charge of clean collection is relatively low;
(2) Security and reliability. Compared with big risks possible to the direct mail collection from the payer, the inter-bank collection via the international network can avoid these risks. It is a relatively safe collection method;
(3) Convenient service. If the remitting bank has entered into the agreement on “cash letter” with the paying/collecting bank, the receiving time can be shortened greatly.
4. Applicable Scope
(1) Small-amount payments for trade and non-trade purposes;
(2) Cash in foreign currency (including worn cash) that cannot be exchanged at home;
(3) Collection service for valuable vouchers including foreign exchange cash, bank notes, foreign bonds and deposit receipts, etc.;
(4) Transactions for which provision of commercial documents impossible or inconvenient, such as those involving hi-tech products like delivering sample and software, those involving seasonal commodities, and intangible ones like service and technology transfer.
5. Business Procedures
(1) The payee submits the collection documents to the Bank;
(2) The Bank delivers the collection documents to the foreign collecting bank for consignment collection;
(3) The foreign collecting bank presents such documents to the payer who will make payment according to the par value;
(4) The foreign collecting bank pays the collected money to the Bank who will make payment to the payee.
Please call our customer service hotline 95561 or contact local branches to conduct this business, and you will be reached by our staff.TOP