Bills for Collection-i

Bills for Collection-i

Bills for Collection-i is one of the trade services which refers to handling of documents by the Bank in accordance with instruction received, in order to:

a. Obtain payment and/or acceptance; or

b. Deliver documents against payment and/or against acceptance; or

c. Deliver documents on other terms and conditions

Inward Bills for Collection – i (IBC – i)

An Inward Bill for Collection-i (IBC-i) is a trade service offered by the Bank as Collecting/ Presenting Bank to handle inward documents received from correspondent banks (foreign or domestic) for presentation to buyers to either:

i. Obtain payment from drawee (sight Bills);

ii. Deliver commercial documents against drawee’s acceptance and to obtain payment on maturity of the Bills;

iii. Obtain drawee’s acceptance and deliver commercial documents against payment.

 

The services are divided into 2 which are:

i. Domestic Inward Bills for Collection – i (DIBC – i); and

ii. Foreign Inward Bills for Collection (FIBC-i)

IBC–i is structured under the concept of Wakalah bil Ujrah in which the Bank is nominated as an agent to act on behalf of customer (wakil) to perform delegated task with imposition of fee/s. Under IBC-i, the Bank will act as agent for the buyer/ importer to perform checking on collection instructions and documents received.

An Outward Bill for Collection-i (OBC– i) is a trade service offered by the Bank to handle for outward collection as instructed by the sellers for onward submission to the buyer either for:

i. Against payment
The documents are released to the buyer only when the buyer pays the amount due.

ii. Against acceptance
The documents are released to the buyer when the buyer accepts a bill of exchange for payment at a later date.

OBC–i is structured under the concept of Wakalah bil Ujrah in which the Bank is nominated as an agent to act on behalf of customer (wakil) to perform delegated task with imposition of fee/s. Under OBC-i, the Bank will act as agent for the seller/ exporter to handle the processing of documents, collect payment from Collecting Bank on its behalf and any other task as delegated by the customer.

TRADE SERVICES CUT-OFF TIMES TURNAROUND TIMES
Issuance of Letter of Credit (LC-i) - Imports
New / Amendment (Subject to applications received complete and in order)
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day
New Inward Bills under LC-i
- Document Checking
- Document Arrival Notice
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day
Inward Bills under LC-i
Acceptance (Subject to acceptance instruction received)
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day
Inward Bills under LC-i
Payment (Subject to Payment Instruction received are in order)
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day
New Inward Bills for Collections (IBC-i)
- Document Arrival Notice 
- Acceptance  
(Subject to all documents received are in order)
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day
Inward Bills for Collections (IBC-i)
Payments  (Subject to payment Instruction received are in order)
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day
Exports – Advising/Confirming/   Transfer of Export LCs
(Subject to all  inward LCs received)
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day
Export Collection under LC / Non LC (OBC-i)
-  Documents Examination
-  Bill Creation / Payment 
(Subject to documents received complete and in order)
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day
Shipping Guarantees (SG-i)
New/Cancel
(Subject to application and documents received complete an in order)
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day
Air Waybill / Bill of Lading Endorsement
(Subject to application and documents received complete an in order)
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day
Banker’s Guarantees (BG-i) & Standby Letters of Credit (SBLC-i)
New / Amendment 
(Subject to application/request received are in order and comply to standard procedure)
By 12.00 pm  
Banker’s Guarantees (BG-i) & Standby Letters of Credit (SBLC-i)
Cancellation (Subject to applications received complete and in order)
By 12.00 pm  
Banker’s Guarantees (BG-i) & Standby Letters of Credit (SBLC-i)
Claim (All claims on BG to be processed within 7 business days from receipt date of letter of demand at TSD counter)
By 12.00 pm  
Trade Commodity Financing-i 
Purchase Commodity & Disbursement (Subject to application and documents received complete and in order)
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day
Trade Commodity Financing-i 
Partial Settlement/ Early & Full settlement
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day
Bank Guarantee (BG-i) – Wakalah against Cash Margin
- New / Amendment  (Subject to application and documents received complete and in order)
By 12.00 pm To be processed on same day
After 12.00pm  To be processed next business day

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