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  • Benefits
  • Related Costs
  • Features
  • How to apply
  • Further reading

A Documentary Collection is a banking collection service over commercial documentation related to the import/export trade.

Advantages for the Importer

  • ​Less expensive than a Letter of Credit

  • Advantages for the Exporter

  • ​Increased safety and control over its receivables and when the importer will access the goods or services;
  • May give the possibility to get advances over exported good, based on the exporting documentation. 
  • ​​

    Charges related to Documentary Collections are: 

  • Collection Fee; 
  • Operating expenses.
  • Details can be found in the bank's Price Schedule available online and at any of the Bank's Branch.

    Collection Types:

    Depending upon the documents that are included in the collection, the following types are possible:

     Simple Collection

    Collections containing only financial collection documents; e.g. bill of exchange, debit order, etc...

     Documentary Collection

    Collection that contains the import/export document (invoice, custom documents, etc...), with or without financial documents.

    To apply for a Documentary Collection, please:

  • ​Visit your Millennium bim Branch or contact your Relationship Manager, or;
  • Call our Customer Line:
  • +258 21 35 00 35

    +258 82 35 00 350

    +258 84 35 00 350

    +258 86 35 00 350

    Participants

    Exporter, Originator or Vendor - The entity that gives to the Bank the collection to be carried on.

    Remiting Bank (Bank of the Exporter, Originator or Vendor) - The bank that receives the collection to process and send to the collectiing bank.

    Collecting Bank (Bank of the Buyer or Importer) - The bank that will be responsible to perform the collection, according with the collecting instructions received from the Remiting Bank. 

    Importer or Buyer - The entity that is purchasing the goods or the services from the Exporter and that has to pay to the Colleting Bank. Typically, the Importer is a Customer of the Collecting BakingÉ aquele a quem deve ser feita a apresentação de acordo com a ordem de cobrança. Aquele que adquire mercadorias ou serviços ao vendedor, sendo responsável pela sua liquidação.