فارسی | Friday18 August 2017
 

Documentary Bills of exchange (its uses in Import)
One of the ways of importing goods is through registered ordered of bills of exchange. Through this method, the buyer, after being accepted by the bank, formally registers the order for goods in the Ministry of Commerce. Then the seller will be informed of the related collection number and the bank's name. Subsequently, the seller sends the goods to the buyer's country and delivers the related shipping documents to the correspondent bank, which sends it to the buyer's bank. The buyer's bank then releases the documents to the buyer against payment or acceptance of payment in due time by the buyer according to the related collection order, presented by the seller's bank.

The parties of forex Bills of Exchange
Seller/ Drawer/ Exporter/ Principal
Remitting Bank/ Principal's Bank/ Seller's Bank
Collecting Bank/ Buyer's Bank
Buyer/ Drawee/ Importer

Different types of forex Bills of Exchange
Forex collections are divided into two groups in terms of whether the shipping documents are sent with or without commercial documents.
1- Clean Bills of Exchange
2- Documentary Bills of Exchange
Documentary bills of exchange are divided into two groups of sight and deferred payment, based on the value date for payment.