Collection Service

The collection service is an operation, where the bank submits documents to the buyer on behalf of the supplier and claims indicative payments. By using the collection service, the seller can receive the relevant payment as soon as the goods are shipped, while the buyer can pay to their bank after receipt of the goods. Collection service is one of the relatively easy, low cost and fast banking services that is suitable for foreign trade customers.

Key advantages

The Importer can defer the payment of the shipped goods using the D/A collection option upon mutual agreement with the counterparty
The Exporter can receive the payment as quickly after shipping the goods and dispatching the documents to the importer
The documents provided under the collection service enable greater security of payment to the exporter compared to the open account service.
Less legal risk by adhering to the International Chamber of Commerce Rules.

Collection service – Process flow

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Fees and Commission

COLLECTION SERVICE	Fees and commission
Advising of collection	USD 10.00
Advising of refusal to make payment or receiving of documents	USD 10.00
Receipt of amendment to collection instruction	USD 10.00
Release of documents against payment	USD 30.00
Release of documents against acceptance	USD 5.00
Release of documents against other instruction(s)	USD 50.00
Payment against acceptance	USD 25.00
Returning of unpaid documents	USD 10.00
Dispute regarding unpaid draft	USD30.00 + other charge
Release the underlying goods sent to the disposition of bank	USD 20.00

Financial advice

We are keen to work together to provide you with valuable financial advice and bring your business up to international business standards, from the time that you sign a trade agreement until receive your goods as an importer and receive payment for the goods that you sell as an exporter.

Please contact us at tfd@transbank.mn

Collection Service

Key advantages

Collection service – Process flow

Fees and Commission

Financial advice