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Documentary collection is a payment security method that is similar to a letter of credit, however, there is an important difference. Unlike a letter of credit, indocumentary collection, the bank is not required to pay the seller or exporter if the buyer decides that it does not want to buy.
*Letter of credit :- • An international banking instrument to finance contracts of a commercial nature between an internal importer and a beneficiary abroad * Crediting Parties: - Importer / student of credit / buyer - source / beneficiary of the accreditation / seller - The bank is open to credit - The external bank / correspondent reporting, promotion or circulation of ac
Documentary collection: The process of exchange of goods by the creation of trade papers that are due to be collected within the agreed deadlines. This process is based on the use of banks as intermediaries to exchange goods with payment documents
Documentary credit usually requires presentation of documents which must be complied with before payment can take place while documentary remittance is the document that you will present when you claim something sent to you.
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