Import Documentary Collection (IDC) is the service provided by Commonwealth Bank in relation to trade transaction without Letter of Credit, where Bank will convey the shipping documents received from Seller through Correspondent Bank to Buyer (Importer), for further payment process.
Commonwealth Bank as Collecting Bank will perform payment collection to Buyer for exchange with shipping documents, based on Correspondent Bank’s instruction, without undertaking payment guarantee against import documents as applicable on Letter of Credit transaction.Product Features:
|Types of Import Documentary Collection||
|Types of Currency||IDR, USD, AUD, SGD, EUR, GBP, HKD, JPY, NZD, CNY|
|Same-day Processing||The collection process to Buyer is to be performed on the same day as the collection instruction and shipping documents are received from Correspondent Bank, as long as it is within daily transaction cut-off-time.|
|Transactional Security||Commonwealth Bank handles shipping documents exclusively since being received from Correspondent Bank until payment of the documents is made. Your bargaining position as Buyer being more competitive as the payment assurance to Seller is increased.|
|Cost Effective||Lower transaction cost as opposed to payment using Letter of Credit (LC)|
|Negotiable Terms of Payment||Enables you to negotiate term of payment with your Seller, either using Document Against Payment (DP) or Document Against Acceptance (DA)|
Import Documentary Collection Product Workflow
Correspondent Bank remits collection instruction and the shipping documents as per Seller’s request. Commonwealth Bank as Collecting Bank will notify Buyer that Documentary Collection has been received. Buyer can either perform payment or acceptance according to the instruction from Correspondent Bank for exchange of the shipping documents.
Import Documentary Collection Transaction Flow
Fees related to Import Documentary Collection transaction can be found here
Commonwealth Bank does not guarantee goods shipped by Seller are as stated in the shipping documents.
Call CommBank can be accessed through 1500030 or (6221) 2935 2935 for international access. We serve customer 24 hours a day 7 days a week (including public holiday).