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Global Banking
·Cross-border Renminbi Financial Products
·Trade Financing
·International Settlement
·Characteristic Financial Products for Russia
Clean Collection Global Banking International Settlement Clean Collection
The clean collection refers to an international settlement method in which the client submits the financial bill as the collection voucher (bank draft, cheque, cashier’s cheque) to the bank of place of export (remitting bank) to require the remitting bank to require the payer to pay through its agency bank (collecting bank). This collection method only depends on financial bill without export business document, therefore, it is known as “clean collection”.
Note: The client refers to an individual, an enterprise, an Institution, etc. that entrusts our bank for clean collection business. The collecting bank refers to the bank that reminds payer of document and handling with collection according to the instruction of our bank. Our bank, as the remitting bank, upon the application of the client, transacts clean collection business, and the relationship between our bank and collecting bank is entrusted agency.
Function and characteristics of export clean collection business:
1. The bank acts as the agent of client and collects financial bill payment from abroad.
2. The client shall notice the difference of bank draft, cashier’s cheque and foreign client cheque, the latter one can obtain the payment only when there is sufficient account in the foreign client account.
3. If the client is doubtful about the authenticity of received foreign bank draft, the client can carry the draft to the bank to verify whether the seal surface is consistent, or entrust the bank to inquire the bank of issue so as to prevent from fraud.

Transaction steps of collection business: after receiving the foreign financial bill and endorsing on the back of bill, the client can entrust the bank for outward collection. According to the bill type, currency type, amount, payment region, credit situation of payee, the client can decide to adopt “immediate credit” or “credit after final collection” as the collection method.  

“Credit after final collection” is safe and stable, however, the collection time is long and the cost is high, therefore, it is improper for small-amount bill to adopt this method.
Client Notes:

1. The trade clean collection business only accepts the draft, cheque and cashier’s cheque whose payer is bank or financial Institution in principle.
2. The client is required to provide ID card or other effective certificates to verify whether the beneficiary, endorser, or payee of the bill is consistent. If the client entrusts others, the agent shall issue his/her ID card. If the beneficiary is an enterprise, the collection shall be included into the unit account.
3. If the beneficiary transfers to other payees through endorsement, it must conforms to the bill circulation and relevant foreign exchange management regulation and bank settlement system, and our bank can accept the collection entrustment.
4. Our bank temporarily does not accept cheque of U.S. Ministry of Finance and current bill except for the foreign exchange listed in our bank.
Dishonored bill of clean collection

1. As to the bill adopting the “credit after final collection”, after receiving the dishonored bill notice and returned bill of collecting bank, the bank will notify the client to transact dishonored bill procedures.
2. As to the bill adopting the “immediate credit”, if the dishonored bill is notified within the bill return period stipulated by the agreement, the bank will not pay the received position, and will notify the client to transact dishonored procedures; if the bill return period is exceeded, and the bank has paid the bill payment, the bank will not accept the dishonored bill or return the bill payment, or assist the collecting bank in pressing the client for payment according to the circumstance.
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