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I. Introduction
Acting on the instruction from the overseas remitting bank, ICBC will present to your company the commercial documents received for payment/acceptance. Goods will be released to your company once the payment/acceptance is made. Services that ICBC offered are: photocopy of the bills, advising, acceptance, payment, liaison with the overseas remitting bank and exporter.
II. Features and Advantages
ICBC Import Collection/Documentary service is a credit facility granted to enable your company to take delivery of the goods early for processing or sales.
III. Target Clients
Companies request import collection service under the L/C terms.
IV. Operation Guide
Upon payment or acceptance against your exporter's bills once advised by ICBC, ICBC will release the whole set of documents. You can then proceed to collect the goods from shipping company.
V. Application Conditions
Your company should be in the list of "Payment against Import" of SAFE (State Administration of Foreign Exchange)..
VI. FAQ
ICBC also offers a suite of services such as documentary collection and forward FX sales.
VII. Statement
Information herein is for reference only. Industrial and Commercial Bank of China Limited reserves the final right of interpretation. Refer to the announcements and regulations of local branches for further details.
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