Export documentary collection
Complete documentary collection process monitored
As part of our documentary collection process, we forward your export documents to a bank in the buyer's country. The documents are only released to the buyer when payment terms and conditions are met. Our process offers:
- Availability in most major currencies
- A more cost effective solution than a documentary credit, due to its simpler process
- We monitor the collection process for you from the dispatch of your documents through to receipt of the payment
- You stipulate the terms of the collection, so that it aligns with your underlying commercial contract
- You receive payment when we receive proceeds from your buyer's bank
- You have an alternative form of payment to an export documentary credit
- It can be issued on a 'sight' or 'term' basis: sight means that drafts are drawn for immediate payment, term means that drafts are drawn on a term payment basis - e.g. 30 days after sight, 90 days from bill of lading.
Know the risks
- Payment default risk is greater than that of a documentary credit as the buyer can refuse payment at any time
- Disputes over terms and conditions after you ship your goods can result in delayed payment or non-payment
- Unplanned expenses may arise if the buyer delays or defaults payment
- When documents are released against acceptance of a term bill, you will lose control of the goods and be solely reliant on the buyer's credit standing for payment on due date.
Initiate our Export Documentary Collection process by:
- Calling our International Trade Solutions team on 1300 139 152
- Contacting your Relationship Manager.
Online application through WinTrade
- If you're a Westpac customer with WinTrade access, you can transact online
- If you require WinTrade access, call our International Trade Solutions team on 1300 139 152.
Things you should know
Overdraft facilities are subject to application and Westpac's lending assessment criteria. Fees and charges may apply to the products and services listed. Full details of the Terms and Conditions for this product are available on request.