Export Documentary Collections

By mmuise
Description:

Scotiabank's Export Documentary Collections offer a faster and more economical method for receiving payments for goods, effectively reducing the risk of non-payment.


Comments on Funding:

Funding takes the form of Export Documentary Collection.

Deadline: Continuous Intake
Eligibility:

Applicants must be sellers seeking to enhance their ability to collect payment.

Application Steps:

For specific questions relating to Trade Finance, please contact:

Amit Sharma

Director, Trade Finance, Commercial Sales

Email: amit2.sharma@scotiabank.com

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

Export Documentary Collection Process:
1. The Seller ships the goods to the Buyer and receives documents from a logistics company handling the shipments (e.g. Bills of Lading or Airway Bill).
2. The Seller presents the shipping documents to Scotiabank with collection instructions for obtaining payment.
3. Scotiabank sends these documents to the Buyer’s Bank.
4. The Buyer’s Bank contacts the Buyer and informs them under which conditions the documents will be delivered to them. The Buyer can check whether all documents have been enclosed as stipulated in the contract. The Buyer’s Bank releases the documents to the Buyer on receipt of payment or acceptance of the draft.
5. Having received payment, the Buyer’s Bank forwards proceeds to Scotiabank.
6. Once payment is received, Scotiabank credits the Seller’s account.

About the author
mmuise