IMPORTER METHODS OF PAYMENT

We offer a variety of options to help importers pay their suppliers in a mutually acceptable way.

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About importer methods of payment

Overview

While international trade offers great opportunities, dealing with overseas partners also has its challenges. This means finding a payment method that is acceptable to you and your supplier.

As an importer you'll want to minimise costs, defer payment for as long as possible and receive and examine the goods before committing to payment.

Suppliers will want the highest price for their goods, expect payment as soon as possible and to maintain control over the goods until payment is received.

Our solutions for a commercial compromise include:

Clean payment
Open account
Documentary collection
Documentary credit
International Money Transfer

Clean payment/Open account

Clean payment

Payment is made by telegraphic remittance or by bank draft

Open account

A negotiated agreement between importer and supplier
Terms specify how much can be ordered and when/how payment will be made

Documentary collection and credit

Documentary collection

Consists of a bill of exchange and various shipping documents (e.g. invoice, transport document, insurance policy) needed to take delivery
Documents are released in exchange for immediate payment or endorsement of the bill of exchange as a promise to pay at a future date

Documentary credit

A bank guarantee of payment
Payment is made on receipt of relevant shipping documents and once the supplier meets any other
pre-negotiated conditions

International Money Transfer

The buyer authorises their bank to debit payment from their account and electronically credit the exporter
Cleared funds are typically received the same day

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Call 1800 222 398

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(8:30am-5:00pm AEST, Mon-Fri)

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As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances. View our Financial Services Guide (PDF 59kb).

Applications for finance are subject to the Bank’s normal credit approval. Full terms and conditions are included in the loan offer. Bank fees and Government charges may apply.

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IMPORTER METHODS OF PAYMENT

About importer methods of payment

Overview

Clean payment/Open account

Documentary collection and credit

International Money Transfer

Related products

Financing options

Managing Importing Risk

Talk to us

Call 1800 222 398

Find your local Business Banker

Your questions answered