Process known as a documentary collection

Reference no: EM13516820

A draft that may be paid upon presentation or demand is known as a sight draftbecause it is payable “on sight.” The sight draft is prepared by the seller and presented with the shipping documents through banking channels, moving from the seller’s bank in the country of export to a foreign correspondent bank in the buyer’s country and city. The draft is thereby sent “for collection,” a process known as a documentary collection.

Reference no: EM13516820

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