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Export Documentary Collection

OCBC Bank also handles the collection of foreign currency Cheques of Traveller's Cheques from customers. For those who have an Export Collections Purchase line or where the bank agree to purchase the instruments, an advance is made to the customer upon presentation of these cheques. The Bank will in turn send these cheques to the collecting bank for payment. In the event of non-payment, the amount of the cheque is charged back to customer plus interest.

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  Export Collection, Documentary
Documentary collection bills are sent by our exporter customers, drawn on overseas buyers' banks, which are sent to the agent bank (the presenting bank) for payment. These may be drawn at sight or usance. These bills are not drawn under LC. The Bank will act on the instructions of the customer given at the time of presentation of documents to the bank. The Bank will pay the customer the proceeds of these bills when payment is received by the Bank. In cases where the bill is purchased by the Bank, this bill is treated as an Export Collection Documentary Purchased instead of a bill sent on collection (BC) bill. For this facility, the customer must have an Export Collection Purchase line with the Bank.
  Fees and Charges
 Clean Collection: 1/8% flat, min. $30 (max. $100 for Export Clean Collection)
 Documentary Collection: 1/8%, min. $50
  Next Steps
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