Documentary Collection

In this type of service, the bank acts on behalf of the buyer, guaranteeing the seller the payment of a certain amount of money within an established term agreed upon in the commercial operation, upon receipt of the shipping or service documents, once the terms and conditions set forth by the buyer are met.

Modalities

• At sight: When the shipping documents have been presented, besides any other document requested by the importer. The confirming bank will immediately pay as long as the documents meet the credit terms.
• Upon term: When the shipping documents are delivered by the exporter to the bank, the bank in turn delivers a document in which it is obligated to pay the amount of the letter of credit in a pre-determined term, as long as all the documents comply with the credit terms.
• Stand-By: Upon the request of the ordering party, the bank guarantees the compliance of any liability obtained by the ordering party in favor of a beneficiary. In case of non-compliance, the payment is carried out upon presenting the documents required by the ordering party. This modality is more versatile and can guarantee any type of transaction such as the purchase and sale of products and services. Furthermore, it can also guarantee many transactions in a determined time period at a lower cost in comparison to the export and import letters of credit.