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What is collection suited to?

Collection is a suitable method of payment when you’re dealing with a reliable buyer or seller but still want some extra certainty:

  • as a buyer that the seller has sent the goods before you pay
  • as a seller that you maintain control over your goods until the buyer has fulfilled the terms agreed in the collection instructions before gaining access to the documents entitling to the right of possession.
Export collection
Import collection
Documents and appendices
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A method of payment where the seller’s bank forwards documents

Use collection when you want your customer to pay the collection amount or accept a bill of exchange with a term of payment before the goods are handed over to your customer. When you use export collection, both the commercial and the political risk remain with the seller.

Benefits of export collection for your company

  • The seller retains the right of possession to the goods until the documents have been redeemed.
  • Possibility to receive financing. If you intend to grant the buyer a term of payment, you should discuss potential financing with us.
  • International rules. The ICC Uniform Rules for Collection URC 522 regulate the terms and conditions related to the documents and to the time and method of payment.

Read more about our products and view their brochures at nordea.com.

A method of payment where the buyer’s bank forwards documents

The seller delivers the goods and sends the documents and, possibly, a bill of exchange to their bank. The foreign bank forwards these documents to Nordea, which advises your company of the collection. As the buyer you will receive the documents once you pay the collection or accept the bill of exchange.

Give the seller your bank connection information when you make the order. This way you can be sure that the documents will be forwarded directly to Nordea. Within Nordea's Trade Finance Global -service you will receive information on your import collections digitally.

Benefits of import collection for your company

  • You can check the documents before payment.
  • The seller can grant you credit. Collection will make it easier for the seller to grant you a term of payment. 
  • International rules. The ICC Uniform Rules for Collection URC 522 regulate the terms and conditions related to the documents and to the time and method of payment.

Read more about our products and view their brochures at nordea.com.

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