collecting bank
Definition
In documentary credit, the bank (usually the buyer's bank) that collects cash payment or a time draft from a buyer, in exchange for bill of lading and/or other documents which enable the buyer to take delivery of the shipment. The collecting bank then forwards the payment to the remitting bank (usually the seller's bank) for eventual remittance to the seller.
collecting bank is in the Accounting & Auditing, Banking, Commerce & Finance and International Trade & Relations subjects.
collecting bank appears in the definitions of the following terms: advice of acceptance and advice of fate
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