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FrançaisIn shipping, the transportation practice under which the receiver of the goods pays charges.
Read MoreCollecting bank
Any bank, other than the remitting bank, that is involved in processing a collection. In collection terminology the remitting bank is the bank to which the drawer has entrusted the handling of a collection, usually the drawer´s bank of account.
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A set of documents including a letter or completed form indicating the drawer´s instructions (called a collection letter), and often accompanied by a draft or drafts, invoices, packing lists, and other documents as agreed by the drawer and drawee. Collections…
Read MoreCollection fee
The charges banks impose for handling collections.
Read MoreCollection letter
A letter or form that conveys the drawer´s instructions to the presenting bank. While there are many variations, collection letters identify the drawer, drawee, and any case-of-need party; typically contain a series of boxes that apply to various instructional points….
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