Import collection is a frequently used payment method in international trade and a good alternative to advance payment as the goods can be paid after they have been shipped.
The exporter/seller ships the goods and then sends the documents to its bank. The foreign bank forwards documents to the collecting bank (Nordea), and we will advise you on arrival of the documents. As the buyer you will receive the documents when you pay the collection or accept the presented draft.
When our department has received the documents, you will receive information on your import collection electronically through Nordea's Trade Finance Global or by e-mail.
- You avoid advance payment.
- You can obtain credit.
- A safer alternative to pre-payments.
- Lower cost than an import Letter of Credit
- Security of knowing the goods are on their way to the correct port.
- International rules. The ICC Uniform Rules for Collection URC 522 regulate the terms and conditions related to the documents as well as to the time and method of payment.