Export Documentary Collections
This can be a faster and more economical way to receive payment for goods
Reduce the risk of non-payment
By entrusting your shipping documents and collection instructions1 with us , you can help ensure that buyers only take possession of the goods after they’ve paid or committed to payment
The Export Documentary Collections process helps to speed up payment and reduce processing time
Banks follow up for payments on behalf of the Seller
Export Documentary Collection Process
1. The Seller ships the goods to the Buyer and receives documents from a logistics company handling the shipments (e.g. Bills of Lading or Airway Bill).
2. The Seller presents the shipping documents to Scotiabank with collection instructions for obtaining payment.
3. Scotiabank sends these documents to the Buyer’s Bank.
4. The Buyer’s Bank contacts the Buyer and informs them under which conditions the documents will be delivered to them. The Buyer can check whether all documents have been enclosed as stipulated in the contract. The Buyer’s Bank releases the documents to the Buyer on receipt of payment or acceptance of the draft.
5. Having received payment, the Buyer’s Bank forwards proceeds to Scotiabank.
6. Once payment is received, Scotiabank credits the Seller’s account.