Documentary Operations
| Letters of Credit | International Bank Guarantees | Documentary Collections |
The collection is a service under which the Bank processes financial and/or commercial documents in accordance with the instructions given by the collection ordering party with the purpose of receiving a payment or acceptance of the documents by the payer.
The documentary collection is a widely used payment method with higher security compared to the direct payment order since the movement, the safekeeping and the delivery of the documents is made through the mediation of banks.
The most common types of collections are:
- Clean collection – collection of financial documents (bills of exchange, drafts, promissory notes);
- Documentary collection – collection of commercial documents (invoices, transport and other shipment and financial documents);
In export collections the commitment of Fibank is to send the export documents to the respective bank, providing a service to the importer, accompanied by instructions about their passing to the importer.
In import collections the commitment of Fibank is to receive, keep and hand over the documents to the importer in accordance with the instructions received form the exporter’s bank.
In collection services the Bank undertakes less obligations and therefore applies lower fees and commissions compared to the ones applied to Letters of credit transactions.
Fibank services all types and forms of collections for the import and export transactions of its customers.
In its activity of collections processing Fibank adheres to the “Uniform Rules for Collections”, brochure No 522 of the ICC, Paris in conformity with the effective Bulgarian legislation, the Bank’s interior regulations and the common international banking practice.
Address for correspondence:
First Investment Bank AD
81G, Bulgaria Blvd.
1404 Sofia
