Documentary collection

Documentary collection is a process during which the seller's bank collects funds from the buyer's bank in exchange for respective documents.

The representing bank, based on the instructions from the remitting bank, delivers the consignment or delivery documents (of goods/services) to the buyer and collects the appropriate amount from the buyer against such documents.

Use of documentary collection:

  • For buyers and sellers that have sufficient trust in each other and are ready to move away from settlements through letters of credit.
  • For exporters seeking to minimise the risk of importer refusal or default on payment for goods actually delivered.

Advantages of the documentary collection service from Pivdenny Bank

  • A simple application process.
  • Modest fees.
  • Payments between regular partners become more flexible.
  • An opportunity to optimise transactional costs.
Rates:
Opening of a documentary collection and dispatch of documents under export collections
0.2% of the total amount specified in the documents (min. USD 100 - max. USD 400) (in UAH, according to the exchange rate of the NBU)
Modification or cancellation of an export
USD 50 (in UAH, according to the exchange rate of the NBU)
Protest
USD 50 + 2% of the protested amount (in UAH, according to the exchange rate of the NBU)
Advising and transfer of documents under import collection against payment or acceptance
0.2% of the total amount specified in the documents (min. USD 100 - max. USD 400) (in UAH, according to the exchange rate of the NBU)
Advising on changes under import collection including cancellation and return of unpaid (rejected) documents
USD 50 (in UAH, according to the exchange rate of the NBU)
Dispatch of advice under collection to other banks at the client’s request
USD 50 (in UAH, according to the exchange rate of the NBU)

* All commissions and fees in foreign currencies are paid in the national currency, applying the official rate of the NBU ruling on the day of the transaction.

FAQ

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