国际结算——托收 讲义材料.docx

第四章托收上课材料CollectionAfter issuing payment order (draft) to importer, exporter would entrust banks with payments collection. Banks handle the business on the basis of exporters instruction and is not liable for the consequence of the collection, though with endeavor. Thus, bank collection is classified into commercial credit instead of bank credit.In bank collection, exporter is, to some degree, in a positive position; not releasing transportation documents( title to goods) to importer until the latter pays or accept the time draft issued by exporter, without which importer could not take delivery from carrier.Exporter is also confronted with many risks, e.g. importer might not take up transportation documents (giving up the deal) and exporter has to ship back the exports, thus entailing additional shipping and insurance costs. Or, after accepting and taking hold of the documents, importer would refuse to pay at maturity. Banks are not responsible for these breaches. So, it is commercial credit, not bank credit and is applied only when both sides know well about and have enough faith in each other. Its advantage is that collection fees earned by banks are relatively low.1、DefinitionAn arrangement whereby the goods are shipped and a relevant bill of exchange is drawn by seller on buyer, and/or shipping documents are forwarded to sellers bank with clear instructions for collection through one of its correspondent bank located in the domicile of buyer.2、Parties to collection operationPrincipal = exporter = seller = drawer =remitterRemitting bank = exporters bank in exporting countryCollecting bank = importers bank in importing countryImporter = buyer = draweePresenting bank = bank at importers place3、Flow chart of Documentary CollectionCarrierexporter/principalCollecting Bankimporter/draweeRemitting BankDeliver goods B/LDocuments and Instructions (Application)Rept.Collection Order or Instruction & docs.PresentPayRelease Documents D/A or D/PCredit Advice or Debit AuthorizationHand in B/L（11）Deliver goods4、Delivering documents = Delivering goodsBuyer must take delivery of goods with bill of Lading (B/L), which is receipt issued by carrier when receiving goods delivered by seller for transportation. Importer must take delivery of goods against it. Without B/L, buyer could not get the goods at the carrier. For sight payment, only when buyer pay the sight draft drawn by seller would collecting bank release documents(B/L) to buyer. For time bill, only when buyer accepts time draft drawn by seller would collecting bank release documents to importer.（1）Documents against documents D/ACollecting bankExporterRemitting bankImporterTime draft &other docs+applicationCollection order& time draft & docsPresent time draft for acceptanceAccepted draftdocs= goods（The risk is that buyer would not pay after taking the goods，thoughgoods have been taken away.）Present accepted draft for payment（Collecting bank keeps accepteddraft for exporter and at maturity, presents it for payment.）pay（2）Document against payment D/P at sightCollecting bankImporterExporterRemitting bankSight draft& other docs，etcCollection Order & sight Draft and docsPresents for payment（Only one presentment for payment）(So, it is demanded that payment must be made on first presentation.) Pay after checking（Importer would try to delay payment to wait the arrival of goods）docs（3）Documents against payment at tenor D/P at tenorCollecting bankImporterRemitting bankExporter Time draft & other docs，applicationCollection order& time draft and other docsPresent time draft for acceptanceNo docs after acceptancepay（After payment at maturity, buyer gets documents.）docs（4）Documents against time promissory note made by buyerExporterRemitting bankCollecting bankImporterApply Docs.Collection order & docs demanding time promissory note made by buyer（The risk is that buyer would not pay after taking the goods.）Advise and demanding documents against time promissory note made by importer.Time promissory notedocs（Collecting bank keeps promissory note for seller and at maturity, presents it for payment.）Present time Promissory Note for paymentpay5、Presenting bankCorrespondentrelationshipNo correspondent relationshipCorrespondentrelationshipTianjin importerTianjin Presenting bankHong KongCollecting bankUSA exporterUSARemitting bankApplication& documentsCollection order& documentsForward documentspresent6、In case of needCase of need might be sellers close friend or agency in importing country, who would arrange shipping back the goods or selling the goods to other buyer in importing country.ExporterRemitting BankCollecting BankImporterCase of needDocuments (Application)Collection Order and documents（In case of need, look for XXX）presentrefusepresentPay & take over docs.Exporter might have mentioned “case of need”on the draft when issuing it if exporter expects the possibility of importers dishonor. Exchange for USD4000 New York, 24 Feb,2000At sight pay this first Bill of Exchange (Second of same tenor and date unpaid) to the order of ourselves the sum of US dollars Four Thousand onlyTo The Chase Bank NA, For Sherman Motor Inc. New York New York Linsen ZhangIn case of need refer toDEF Co., 139 St.LM, New YORK 7、Types of collectionCarrier(1): Documentary CollectionCollecting BankBuyer/draweeSeller/principalRemitting BankDeliver goods B/LCommercial docs+ financial Instrument OR not+ ApplicationCollection Order & docs,esp. transporting documents + bill of exchange or notD/A or D/P presentPayHand in B/LDeliver goodsDocuments are released to importer against his payment or acceptance/Sometimes, importer pays against commercial documents, e.g. commercial invoice without financial draft to avoid stamp duty. (2): Clean CollectionPost officeCollecting BankImporterExporterRemitting BankSend sampleRept.Delivery advice（, ,Post receipt is sent to buyers country together with sample by post office.）Hand in Delivery adv.sample（, , Importer takes the advice to post office and get sample against it.）Only draft+ApplicationCollection Order& draft（Payment must be made through bank）Present draftPayDividend warrant and time promissory note can also be used in clean collection (3): Direct CollectionSeller/principalBuyer/draweeCarrierCollecting BankRemitting BankSign long terms contract with bank（Omit a tache, save much time）Prenumbered presigned collection orderDeliver goods B/LFill in collection order and forward documents and collection order directly to（As if it is sent by remitting bank whose responsibility is the same as under documentary collection.）D/A or D/P （present）PayHand in B/LDeliver goods8、Collection order = Collection InstructionExporter/principalRemitting BankprincipalCollecting BankBanks are not responsible for whether payments can be collected or not so long as they carry out the order of the principals.Application filled in by exporterCollection Order filled in by remitting bank, They are the same in contents, for remitting bank carry out order given by exporter (principal).Specimen of collection orderPlease Collect the Under-mentioned Foreign Bill and /or DocumentsFull Name and address of Drawer/ExporterFor Bank Use OnlyDateISB Collection No.Drawers reference (to be quoted in all correspondence) For Bank UseOnlyDue DateCorrespondents ReferenceConsignee Full Name and AddressDrawee(if not Consignee) full name and address For Bank Use OnlyFate DateTo Barclays Bank PLC SWIFT ADDRESS BARC GB22Drawers Bankers Sorting CodeBarclays Bank No.20Account No.Ref No. PLEASE FORWARD DOCUMENTS ENUMERATED BELOW BY AIRMAIL. FOLLOW SPECIAL INSTRUCTION AND THOSE MARKED Bill ofExchangeCommercialInvoiceCertd/cons.InvoiceCertificateof originInsurancePolicy/cert.Bill of LadingParcel postReceiptAir WaybillOther DocumentsCombined Transport Documents Other Documents and whereabouts of any missing original Bill of LadingRelease DocumentOnACCEPTED PAYMENT If unacceptedand advise reason by ProtestDo Note protest Cable Airmail If documents are not taken on arrival of GoodsWarehouseGoodsDo not warehouseIf unpaid And advise reason byprotestDo Not protest Cable Airmail Insurance Against FireDo not insureAcceptance/paymentmay be deferred until arrival of goods Yes No Collect All ChargesYesNoAfter final-payment remit proceeds byCable Airmail Collect Correspondent Charges ONLYYesNoGoods and carrying vessel For Bank Use OnlyIn case of need refer toFor guidance Accept their instructionsSPECIAL INSTRUCTINOS 1. Represent on arrival of goods if not honored on first presentation.Date of Bill of ExchangeTenor Amount of CollectionBill of Exchange clausedPlease apply proceeds of this Collection as indicated with an “X”Credit us in SterlingCredit our Foreign Currency Account Apply to Forward Contract No.For Bank use OnlyWe agree that you shall not be liable for any loss, damage or delay however caused which is not directly due to the negligence of your own officers and servants.Any charges and expenses not recovered from the drawees,including any costs of protecting the merchandise may be charged to us.Date & Signature9、Outward collection and inward collectionExporterRemitting bankCollecting bankImporter From the view point of remitting bank the transaction is “outward collection” or payable overseas.From the view point of collecting bank the deal is “inward collection”or payable domestically.Draft &other docsCollection order& time draft & docs （Banks endeavor to collect for principals, but not responsible for unfavorable results.）paydocs（2）Banks responsibilityBanks must act upon the instructions given by principalsBanks check the documents received against order to see if there is any missingThe principal must be informed of any documents missing.Banks are not responsible for examining the contents of documents, e.g. any discrepancies between docs. Sight bill: presentation for paymentTime bill: presentation for acceptance, then, presentation for payment10、Risks for exporter（1）Risks for exporter under documentary collectionRefuse to pay or accept time draft on some small inadvertent infraction of the sales contract.Demand deep cut down of price, or refuse to accept the goods.A heavy storage charge, fire insurance, demurrage and great expenses and time delay if court action is taken.（2）Risks for exporter under term paymentAt the maturity of draft, importer refuses to pay The excuse might be defective quality and ask for cut down of price or not having foreign exchange approved by authority.（3）Summary of possible reasons for dishonorEconomic reasons：e.g. defective quality of goods, short of flowing capital, downturn of market, bankruptcy of importer,etc.Political reasons: war, turbulence, foreign exchange control, having not got import license,etc.The credit risk of importer (fraud) etc.（4）Protection for exporter Credit investigationFinancial credit and operational style of importerMarket trend of importing countryWhether import license or foreign exchange has been approved by relative authority.Whether political situation in importing country is steadyWhether a case of need could be found once dishonor happens, who could help handle returned goods, e.g warehousing and insuring the goods, arranging shipmentof returned goods, finding another buyer for exporter, etc.Exporter could find an agency (usu.banks) to aid the investigation.To buy export credit insurance at government agency(e.g. import/export bank).Have direct control over documents, esp. the transporting documents,e.g. the consignee should be “to the order of shipper, or collecting bank (with consent of collecting bank)”, which could be endorsed to importer only when payment is made.If it is non-negotiable transport document (e.g. airway bill), collecting bank should be the consignee who could issue delivery order to importer after the payment.（5）Example, Hedging OperationOn July 20,2000 an I/E corporation of China expected to receive 200 millions in 3 months and the spot rate of is RMB7.6450, and 3-month forward rate is 7.6250 7.6630. As has been weak against USD, to protect against the risk of s devaluation, the corporation signed a 3-month forward contract with Bank of China. After July 20, devalued from USD0.91 all the way to USD 0.83. On Oct. 23, when the settlement was made depreciated to RMB6.9570.Question: If the corporation was not engaged inhedging operation, how much loss would it suffer? And what is the percentage of the loss to the total amount of the contract?Answer :11、（1）Risks for importer under collectionMight be fraudulent documents.Might be defective or dummy or not the model ordered by importerLate shipment,and miss the optimal selling seasons.In advance payment , can not inspect goods beforehand.Dishonor would ruin importers reputation.（2）Protection for importerInvestigate exporters reputation and deal only with Credit worthy exporters.If it is time payment, payment time can be XX days/months after Bill of Lading date, which means that earlier delivery,earlier payment.Choose the most the favorable procedure of documents delivery basing on the credit standing, financial capability, market trend.e.g. if price is going high, use D/P. If price is going down,use D/A.Use D/P at tenor as possible as you can to confirm if goodsarrive at the harbor of your country.12、（1）Bill purchased under Documentary CollectionBanks financing to exporterThere is no payment guarantee from collecting bank. So, remitting bank provide the service only for credit worthy clients.ExporterRemitting BankDiscounting bankCollecting BankImporterHolder in due course, facing the risk of dishonor from importers trade credit. Sight or time bill & full set of original Bill of Lading and apply for discounting the bill.Discounted amountCollection Order & docsCredit Advice or Debit AuthorizationDocsPayPresent（2）Discounting bill under documentary collectionThe payee on the draft is normally the discounting bank,e.g.No.BP203123350Exchange for USD36551.54 Tianjin,24 Nov. 199- At. sight of this First of Exchange (Second of the same tenor and dtate unpaid) pay to the order of BANK OF CHINA, Tianjin Branch the sum of U.S.dollars Thirty Six Thousand Five Hundred and Fifty One and 54/100 onlyTo Bank of New York, For Tianjin Carpets I/E Corp. 45 New York ST. Baoding, Tianjin,China Linsen, Zhang13、Trust Receipt under D/P at tenor（1）This is Banks financing to importerExporterRemitting bankCollecting bankEntrusterTrusteeImporterTrustee must store, keep books and sell the entrusted goods for the entruster who is entitled to inspect goods, accounting books, money from selling the enstrusted goods.Time draft& other docsCollection order & time draft and other docsPresent time draft for acceptanceAcceptance& IOU=T/R docs（, Importer borrows B/L and other documents by writing a Trust Receipt (T/R),usu. with permission of exporter.）Accepted Bill &T/Rpay（, After selling the goods importer retires the bill with the money.）（2）The obligation of trustee, explanation of some pointsNot to put the goods in pledge to other personsthat is; trustee cannot pledge the goods to other banks for credit.To settle claims of the collecting bank before liquidation in case of the trustees bankruptcy.If trustee goes bankrupt, the entrusted goods would not joint the liquidation or entruster has first lien over the entrusted goods.Entrusted goods should be stored and booked separately from other goods and can be examined by entruster any time. Money from sale of entrusted goods should go directly to entrusters account.（3）Risks for collecting bank in T/R financingTrust Receipt does not prevent trustee from selling goods to （a third party) someone who buys the goods for value and without notice of trust (the goods does not belong to trustee). If trustee runs away with the money, the entruster could not sue the third party.Laws protects the purchaser in good faith.So, entruster usu. demands that a guarantor (usu. a bank) should sign the T/R in addition to trustees signature.The principal presents an application for collection accompanied by draft and documents to the remitting bank for collection.An application for collection shows as follows:Commercial documents