A bill for collection is a useful instrument where the exporter is willing to dispatch goods based on an agreed period of credit to the importer. For the importer, this is a lower cost alternative than a letter of credit. Using the bill for collection method of payment means relevant documents are sent by the exporter, through Standard Bank RDC, to the importer. The exporter’s bank forwards documents and a collection order to Standard Bank RDC for release to the importer against acceptance of the bill of exchange or immediate payment.
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