Export Documentary Collections
In today’s international credit markets, exporters often need to use their financial resources or bank relationships to effect a trade sale. Buyers in Latin America, Africa, Eastern Europe, Asia and the Middle East may be unable to obtain international credit on their own.
For commercial trade transactions, our Export Documentary Collections offer exporters an alternative payment method to letters of credit. When you ship goods to an importer, Citibank retains custody of the title documents, until payment is received or expectance is obtained from the importer.
From wherever they originate, transaction proceeds are remitted to your account within 24 hours of receipt, giving you access to your funds at the earliest possible moment. Export Documentary Collections also let you:
- Centralize the management of export receivables
- Track outstanding collections
- Know when payments are made
- Improve the reconcilement and administration of your export processing
Unlike with letters of credit, the bank does not cover credit and country risk. If you’re comfortable assuming those risks, Export Documentary Collection maybe a cost-effective option.
You can generate Export Documentary Collections electronically, using Citibank to transmit transaction details directly to us from your office. You can also denominate these transactions in a variety of currencies.