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An Outward Bill for Collection (OBC) is a trade service provided by the Bank (called the Remitting Bank) to send out customer’s sales/export shipping documents and collection instruction to the collecting bank in the buyer/importer’s country for presentation to the buyer (drawee) for payment.
An Inward Bill for Collection (IBC) is a trade service provided by the Bank, as a Collecting/Presenting Bank to handle and inform customer (buyer/drawee) incoming shipping documents from their supplier (drawer).
There are two types of Collections:
- D/P (Documents against Payment)
- D/A (Documents against Acceptance).
For The Buyer
- Simple and cheaper payment method in handling your Inward Bill for Collection (IBC).
- Promptly receive information on receipt of shipping documents.
- Get intermediary services to facilitate trade settlement on terms agreed between you and your supplier.
- Payment is made only upon release/after acceptance of documents with greater flexibility.
- Financing could be arranged at your request.
For The Seller
- The Outward Bills for Collection (OBC) product is simple and cost-effective in managing your collection
- Promptly receive information on status of collection bills that are yet to be paid or accepted.
- Control of goods retained until the Buyer makes payment/gives acceptance.
- An accepted bill of exchange is legally binding to the drawee (Buyer) – a form of security to Seller.
- Financing may be obtained against export/sale documents sent for collection.
IBC Commission at 0.10% on bill amount, subject to a maximum and minimum rate as prescribed by the bank.
OBC Commission at 0.10% on bill amount, subject to a maximum and minimum rate as prescribed by the bank.
Please refer here for details on trade fees and charges