Bank of America
Tel: Request Callback
E-mail:
info@boacsacct.com
Address 5420 S Towne Sq,
Saint Louis, MO 63123..
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A documentary Bill for Collection is an order by the seller to his bank to collect a certain sum from the buyer against the transfer of the shipping documents. Payment can be made by cash or by acceptance of a Bill of Exchange.
This 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.
Against Acceptance of Bill of Exchange or Promissory Note or Letter of Undertaking to make Payment
Against acceptance of Bill of Exchange or Promissory note or Letter of Undertaking to make payment involves the release of the shipping document to the buyer based on the release condition stated on the Collection Order.
Release Free Of Payment
Release Free Of Payment implies that the shipping document be delivered to the buyer without extracting any commitment to make payment.
Documents Against Payment
Documents Against Payment implies that the buyer makes payment before documents are released for clearing the imports. Though internationally recognized, this does not apply in this country as the Central Bank guidelines state that the imported items must be cleared from the port before payment can be made to the supplier.
Export transactions refer to the sales of goods by our customers to buyers outside the shores of the country. Exports of goods may be Commercial whereby payments are received in foreign currency as proceeds of sale, or Non-commercial whereby no payment is expected or received.
The internationally accepted means of payment for commercial exports are Letters of Credit, Bill for Collection and Payment In Advance. Commercial export amount can be FOB (Free on Board) whereby total value of goods does not include freight, or C&F (Cost and Freight) where total value of goods include freight. The exporter will process the Form NXP, forward shipping documents and inflow the Export Proceeds through the bank.
Invisible Remittances relate to payment for services (intangible transactions) such as School fees, Technical fees, Dividends, Airline Tickets, Loans repayment, Judgment debt, Personal Home Remittance, etc.
Payment is by either SWIFT or by Foreign Drafts. However, for Travel allowances, payment is by Traveler’s cheque or Cash. Each payment type has its specific document requirement as stipulated in the Central Bank FX Manual.