DOCUMENTARY COLLECTION
Documentary Collection is an instrument used in the international trade for payment or collection of a relevant amount of funds through a bank based on presentation of relevant documentation. In Documentary Collection Operations, the Bank appears as an intermediator.
Simultaneously with delivery of the goods, the exporter delivers the documents in their bank which are to be forwarded to the importer’s bank accompanied by strict payment instructions. The importer’s bank delivers the documents to the importer, and thereby the ownership of the goods at the time when they are paid by the importer, paying to the exporter’s bank in line with the instructions obtained and the entire financial cycle is closed.
The Bank sends the documents for payment – nostro documentary collection and acceptance of the documents for payment – loro documentary collection.In case of documentary collection, the documents might be financial documents (invoice, bill of exchange, check) or commercial documents (transport documents, insurance documents, various certificates and etc.), or often their combination.
What are the requirements for documentary collection?
To have opened MKD and foreign currency account in Stopanska banka a.d. Bitola.
FEES AND COMMISSIONS
Fees and commissions for documentary collection are under the Fee and Commission Tariffs of Stopanska banka a.d. Bitola
as from 0.26% of the collection amount, minimum MKD 500.00