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What do you need help with?
you are in GROUP WHOLESALE BANKING
Securing title of goods by channeling shipping documents through banking channel.
Pay/acceptance against receiving required documents.
Drawee may refuse to take up document if it appears that incorrect goods was shipped.
Operated under the Uniform Rules for Collection, ICC Publication No. 522.
Base on the agreement/contract, seller ships goods, prepare and send documents to seller's/ remitting bank for onward presentation to UOB.
UOB notifies buyer on arrival of document. Buyer fulfils collection instructions for payment/acceptance.
Buyer may apply for post shipment financing and take possession of the goods on trust.
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.
Base on the agreement/contract, seller ships goods, prepare and send documents to seller's/ remitting bank for onward presentation to UOB.
UOB notifies buyer on arrival of document. Buyer fulfils collection instructions for payment/acceptance.
Buyer may apply for post shipment financing and take possession of the goods on trust.
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.
| 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 Collections instructions. |
| Remitting Bank | The Bank that Seller/Exporter authorises to carry out the Collections 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 |
| Services | Fees |
| Handling Commission | 1/8%, min. S$75 |
| Presentation Fee | First Presentation: Free Subsequent Presentation: $30 per presentation |
| Document to be Released Free of Payment or Without Endorsement | 1/8%, min. S$75 |
| Reminders | S$10 each |
| Holding Fee | S$50 per month (after 2 months) |
| Services |
| Handling Commission |
| Presentation Fee |
| Document to be Released Free of Payment or Without Endorsement |
| Reminders |
| Holding Fee |
Click here for other charges applicable to all trade products.
Log in via UOB Infinity.
Select Trade Services (BIBPlus).
Select trade product, complete & submit trade application or performing enquiry function.
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.
Secure your shipment with confidence by issuing a Letter of Credit to your supplier.
Secure business with assurance and confidence.
Payment method for exporter to receive payment/acceptance against shipping documents presented through banking channel.
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