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Import Collection Global Banking International Settlement Import Collection
The import collection business refers to the business in which after receiving the collection bill delivered by foreign collecting bank, the bank reminds domestic client and requires domestic client to pay or retire document after acceptance. The import collection business of our bank is a business in which upon the requirement of exporter (client), the foreign collecting bank entrusts our bank to collect goods payment from importer (client) in the collection method.

Function and characteristics of import collection business:

1. The import collection business is transacted according to The Uniform Rules for Collection, ICC Publication No.522. 
2. Domestic bank acts as the agent of foreign bank and requires domestic client to pay or retire document after acceptance.
3. The bank generally will not audit the bill and only check whether the bill copies conform to the content listed on the client collection power of attorney.
4. The bank will handle the bill of document strictly according to the foreign bank collection power of attorney.

Transaction procedures of import collection business:

1. Notify the client to transact relevant payment or acceptance or refusal procedure in the bank after receiving the import collection against document notice.
2. Payment: Under the payment document condition, the client (payer) shall fill in effective payment voucher, import verification sheet and submit relevant customs declaration original for audit. The client can obtain original document to take delivery of goods after the payment.
3. Acceptance: Under the acceptance document condition, the payer shall transact acceptance procedure, accept usance bill and submit to the bank according to Law of the People’s Republic of China on Negotiable Instruments, and then draw original bill to take delivery of goods and pay on the maturity day.
4. Refusal: If the payer refuses to pay or accept, the payer shall transact refusal procedure at the bank counter, and the bank will keep the bill of document.
5. Notification: The refusal shall be notified to foreign collecting bank in time.

Outward payment of import collection business:

According to the regulation of exchange settlement and sales, after the bank makes compliance and surface consistency examination on effective voucher and effective commercial document, if “import verification sheet” and “import payment in foreign exchange record table” submitted by the client conform to the condition, the client can make outward payment according to the following method, and transact import verification:  

1. If the payer uses his/her own foreign exchange for payment, transfer from his/her spot exchange account; 
2. If the payer uses bank loan, the credit department shall provide capital for payment;
3. If the payer requires the bank to sell the exchange, the client shall submit an exchange purchase application and relevant capital for purchasing exchange, and the bank shall sell the exchange for payment according to the regulation.
Payment refusal and dishonored bill of import collection business:

If the payer refuses to pay, the bank will notify the entrusted bank and transact dishonored bill procedures
1. If the instruction of the entrusted bank on handing with the bill is not obtained within 2 months after the notice is sent, the bank will return the bill.  
2. If the entrusted bank sends an instruction on dishonored bill, the bank will transact according to the instruction.
3. If the entrusted bank authorizes document delivery free of charge, the bank will deliver the document to the payer after calculating and charging relevant expenses.

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