Simply said, export bill collection is sending export invoices to a foreign buyer via his bank in order to collect payment on the bills. Export bill discounting occurs when an exporter receives money from his authorised bank while filing export documentation.
A Bill for Collection is the handling of papers (financial and/or commercial) by banks in line with exporter instructions in order to: Obtain payment or acceptance or Deliver documents in exchange for payment and/or acceptance, or on other terms and conditions.
A bill of exchange is a written order that binds one party to pay a specific sum of money to another party on demand or at a predetermined date, mainly in international trade.
The Export Bill Purchase is a type of short-term financing in which customers sell their entire set of export paperwork to ABC, who then pays them the face amount minus interest and any expenses incurred from the date of purchase to the expected date of payment.
Import bill collection is a technique of conducting an international commerce transaction in which the seller sends the necessary commercial documentation to the importer, who then pays the seller. Banks make it easier to transmit papers and pay suppliers.
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