Documentary collection and letter of credit
Benefit from extra security when importing/exporting
When you import or export as a large business or institution, ING documentary services offer you extra security. You can use a documentary collection or a letter of credit.
Documentary services provide more security regarding payments and deliveries of goods.
If you, as a supplier, gave credit to your foreign customer, ING can transfer the amount to you.
Depending on your needs, you can use a letter of credit or documentary collection.
Documentary services exist in 2 forms:
- Documentary collection: suitable if you have known your trade partner for some time. The buyer will not get the goods before he has paid the trade documents. ING and your business partner's bank serve as an intermediary by sending and releasing the documents after receiving the payment.
- Letter of credit : suitable if you do not know your trade partner very well yet. The importer's bank undertakes to pay against submission of previously agreed documents. As an exporter, you are sure that the goods will actually be paid after shipment. Conversely, as an importer you know that you will not have to pay until the supplier has shipped the ordered goods. Do you want more security? ING can confirm the letter of credit for you and thus guarantee the payment of the foreign bank.
For large companies and SMEs which import and export goods.
ING offers the following practical services for your documentary transactions:
- Financing after delivery did you grant your foreign buyer a supplier's credit? In that case, ING can transfer the amount to you while deducting interests and costs, without requiring a credit.
InsideBusiness Trade: online application which gives you access to your documentary transactions, at all times and wherever you are. Advantages:
- Initiate business transactions online
- Information about your transactions available online
- Clear reporting options
- Contact your ING liaison officer.