Documentary Collections for Import and Export

Greater security in international trade transactions

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Documentary Collections Export Import

How it works Benefits Documentary Operations How much Contacts

What is it and how does it work

Learn everything about these secure international transactions

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A simple alternative for international transactions Documentary Collections are an alternative to Documentary Credits, Payment Orders, or Foreign Cheques. They are particularly suitable for transactions between partners with an established relationship of trust, allowing Millennium to handle the collection of commercial and/or financial documents.

Collections with clear rules Millennium follows the instructions received, ensuring payment or acceptance and the delivery of documents under the agreed terms. These operations are subject to the international rules of the International Chamber of Commerce.

Types of Documentary Collections Documentary Collections can be of two types: clean collections, which include only financial documents, and documentary collections, which include commercial documents, with or without financial documents.

Parties involved A Documentary Collection involves four parties: the principal (exporter), the remitting Bank, the presenting Bank, and the drawee (importer). Learn more

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Import Documentary Collections (RDIM) Millennium receives the documents from the foreign Bank for the release of imported goods and delivers them to the customer in accordance with the instructions provided. Delivery may be made against payment, against acceptance of a bill of exchange, with partial payment and acceptance of the remaining amount, or against a commitment to pay at a future date.

Export Documentary Collections (RDEX) At the request of the exporting customer, Millennium sends the documents to the foreign Bank for collection. These documents are delivered to the importer under the defined instructions, which may include payment, acceptance of a bill of exchange, partial payment with acceptance of the remaining amount, or a commitment to pay at a future date. Learn more

Collection methods There are several collection methods, including Documents Against Payment, Documents Against Acceptance, Documents Against Acceptance and Payment, Documents Against Acceptance with Bank Guarantee, Documents Against Written Payment Commitment, and Free of Payment, among others. Learn more

Parties involved A Documentary Collection involves four parties: the principal (exporter), the remitting Bank, the presenting Bank, and the drawee (importer). Learn more

Allows the importer to minimize the risk of failing to meet contractual obligations with the exporter.

Allows the importer to accept payment over time.

Provides the exporter with greater security and control over the receipt of funds before the importer takes possession of the goods.

Allows the exporter to obtain a legally enforceable payment instrument through collections against acceptance.

Allows the exporter to receive funds in advance, through discounting or advances on foreign items.

Lower costs than Documentary Credits, Payment Orders, or Foreign Checks.

Millennium bcp Corporate Portal let’s you execute and manage documentary operations, such as credits and collections
At no additional cost, this service allows your company to:

Request the opening of import documentary credits and export documentary collections in the form of Collection, Advance or Discount;
Create a template or request the creation of a provisional draft of an MT700 SWIFT message.

SWIFT MT700: Millennium bcp analyses the request and sends a draft message within a maximum of 24 hours after submission.

Request changes to active or pending operations via a dedicated form
Access various documents, such as Debit/Credit Notices Operation Issuance or Amendment Notices, Discrepancy Notices, Document Receipts, among others
Access previously created templates for import documentary credit operations
Access a set of instruction forms for Millennium bcp and generate a PDF document
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