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SUSTAINABLE TRADE FINANCE
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Benefits
Security for buyers
Securing title of goods by channeling shipping documents through banking channel.
Quick payment
Payment/acceptance against receiving required documents.
Greater control
Drawee may refuse to take up document if it appears that incorrect goods was shipped.
Uniform Rules
Operated under the Uniform Rules for Collection, ICC Publication No. 522.
How does Import Documentary Collection work?
Document Submission
Based on the agreement/contract, Seller ships goods, prepare and send documents to Seller's/Remitting Bank for onward presentation to UOB.
Payment/Acceptance
UOB notifies Buyer on arrival of document. Buyer fulfils collection instructions for payment/ acceptance.
Financing*
Buyer may apply for post shipment financing under Trust Receipt or Bankers Acceptance.
Release and Remittance
UOB releases document to the Buyer and remits payment/acceptance to the Remitting Bank (Seller’s bank). The Remitting Bank credits payment to the Seller.
How does Import Documentary Collection work?
Document Submission
Based on the agreement/contract, Seller ships goods, prepare and send documents to Seller's/Remitting Bank for onward presentation to UOB.
Payment/Acceptance
UOB notifies Buyer on arrival of document. Buyer fulfils collection instructions for payment/ acceptance.
Financing*
Buyer may apply for post shipment financing under Trust Receipt or Bankers Acceptance.
Release and Remittance
UOB releases document to the Buyer and remits payment/acceptance to the Remitting Bank (Seller’s bank). The Remitting Bank credits payment to the Seller.
Who are the parties involved?
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Parties
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Role
| Parties | Role |
| Drawer | The Seller/Exporter in the sales contract. They approach their bank (Remitting Bank) to initiate and authorise them to handle the Collection on their behalf. |
| Drawee | The Buyer/Importer in the sales contract. They will be presented with documents for the purpose of either payment/acceptance, in accordance with Collection instructions. |
| Remitting Bank | The Bank that Seller/Exporter authorises to carry out the Collection on its behalf and is tasked to obtain payment and/or acceptance for the Seller. |
| Collecting Bank | Any Bank other than the Remitting Bank that is involved in obtaining payment or acceptance from the Importer/Buyer (drawee). |
| Parties |
| Drawer |
| Drawee |
| Remitting Bank |
| Collecting Bank |
Rates & fees
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Documentary Collection
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Fees
| Documentary Collection | Fees |
| Collection Fee | Ringgit:
0.1% flat with min RM50.00 max RM500.00 Foreign Currency: 0.1% flat with min RM50.00 max RM100.00 |
| Re-Direct Fee | Ringgit:
0.1% flat with min RM50.00 max RM500.00 Foreign Currency: 0.1% flat with min RM50.00 max RM100.00 |
| Protest Fee | RM300.00 plus Legal cost |
| Dishonoured Fee | Ringgit:
0.1% flat with min RM50.00 max RM500.00 Foreign Currency: 0.1% flat with min RM50.00 max RM100.00 |
| Documentary Collection |
| Collection Fee |
| Re-Direct Fee |
| Protest Fee |
| Dishonoured Fee |
Click here for other charges applicable to all trade products.
UOB Infinity Trade
Submit trade application/ bill instruction on our platform in 3 simple steps
Step 1
Log in via UOB Infinity.
Step 2
Select Trade Services.
Step 3
Select Import Collection, complete & submit trade application or performing enquiry function.
Frequently asked questions
What are the types of Import Documentary Collection?
Documents Against Payment (DP)
- We release the import documents to you upon your payment.
Documents Against Acceptance (DA)
- We release the import documents to you upon acceptance of the bills where you agree to pay the seller on a fixed future date.
Where can I collect my Import Collection documents?
You may submit your application or collect your trade documents at any of our Trade Counters. Click here to find the Trade Counter nearest to you.
Additional information
Product Disclosure Sheet
You may refer to the Product Disclosure Sheet under Trade Services section.
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Import Letter of Credit
Secure your shipment with confidence by issuing a Letter of Credit to your supplier.
Banker’s Guarantee & Standby Letter of Credit
Secure business with assurance and confidence.
Export Documentary Collection
Payment method for exporter to receive payment/acceptance against shipping documents presented through banking channel.
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