Import Documentary Collections
Some foreign suppliers will agree to ship without a letter of credit. However, they will request that the shipping documents be presented via your U.S. bank and that these documents be released only against payment (you will need the documents to collect the goods up from the carrier and/or to perform Customs clearance.) This arrangement is called a Documentary Collection (sometimes referred to as a Sight Draft or Time Draft.)
Export Documentary Collections
An Export Documentary Collection is similar to an Export Letter of Credit. Although not as safe as an Export L/C, as the bank does not provide any payment guarantee, you do have the assurance that the documents are not released to the buyer until they have paid for them.
Export Documentary Collections can be processed through our online banking system, UMB Global Trade.