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BACKGROUND INFORMATION
Collection Collection means the handling by banks of financial documents and /or commercial 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.
BACKGROUND INFORMATION
Collection D/P after sight allows that importer is given a certain period to make payment at 30, 45, or 60 days after presentation of documents, but he is not allowed to get hold of the documents until he pays. D/A calls for delivery of documents against acceptance of the draft drawn by the exporter. D/A is always after sight. Payment by collection is not always safe, especially D/A.
BACKGROUND INFORMATION
Remittance
D/D refers to the remitting bank, at the request of the remitter, draws a bill of exchange on the paying bank, ordering the latter to pay on demand a certain sum of money to the beneficiary who will also be payee of the draft. Whatever kinds of remittance, the document is always sent to the importer directly by the exporter, and bank does not involve in. In international business, the remittance generally involves in payment in advance, cash with order, cash on delivery, and open account trade. The parties in remittance generally involve in remitter, payee, remitting bank, and paying bank.
BACKGROUND INFБайду номын сангаасRMATION
Promissory Note and Check A promissory note is an unconditional promise in writing made by the maker to the payee or the holder signed by the maker engaging to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person or the bearer. A check is an unconditional order in writing addressed by the customer (drawer) to a bank signed by that customer authorizing the bank to pay on demand a sum certain in money to or to the order of a specified person or bearer.
BACKGROUND INFORMATION
Term of payment in international settlement refers to the way used to settle debt and liability between individuals, enterprises, and groups in different country. It has three major of payment methods: remittance, collection, and letter of credit. Remittance especially in international trade refers to the importer remits money to the exporter on his initiative through a bank according to the terms and time stipulated in the contract. Generally, it is mostly used in payment in advance, commission payment, sample fee
BACKGROUND INFORMATION
Bill of Exchange
Bills of exchange is a bill signed by the drawer, requiring the entrusted payer to make unconditional payment of certain sum of money on demand or at a fixed date to the payee or the bearer. It can be classified into: banker’s draft and commercial draft according to the drawer, sight draft and time draft according to the tenor; clean draft and documentary draft according to whether there are documents attached.
In international business, payment is very complicated. It means the settlement of debts or the transfer of currency. During foreign economic activities, international payment refers to the settlement of claims and debts or the transfer of money by certain method of transmission. International payment usually involves in payment instrument, payment methods, and payment time and place, which have great influence on the currency safe transfer.
BACKGROUND INFORMATION
Remittance There are three kinds of remittance: mail transfer (M/T), telegraphic transfer (T/T) and demand draft (D/D). M/T refers to importer send the fee of goods to the local bank, and this remitting bank issues a trust deed for payment, then sends it to paying bank by mail, and entrusts the latter to notify and pay a certain amount of money to payee. T/T is the remitting bank, at the request of the remitter, transfers funds by means of cable/telex/swift message to the paying bank, asking the latter to pay a certain sum of money to the beneficiary.
BACKGROUND INFORMATION
Collection D/P means: An exporter, via the remitting bank, instructs the collecting bank to release the title right and other shipping documents to the importer subject to payment. According to difference of time, it can be divided into D/P at sight and D/P after sight. D/P at sight requests importer immediately pay money to get document.
