 |
Exporter (Seller) |
|
The exporter ships his or her goods and prepares his or her export documents. |
 |
Exporter's Bank |
|
The exporter completes an exporter collection form from his or her bank (see Useful Forms page) and sends the export documents to the bank together with a Bill of Exchange (Time Draft) demanding payment from the importer (Buyer) at a future date. |
 |
Importer's Bank |
|
The exporter's bank sends the export documents together with the Bill of Exchange, to the importer's bank to be released to the importer against their acceptance of the Bill of Exchange. |
 |
Importer |
|
The importers bank approaches the importer to accept the Bill of Exchange. The importer's bank may not release the export documents to the importer until he or she has accepted the Bill of Exchange. |
