Bills for Collection (Documentary Collection)

Bills for Collection is also a mode of payment used for the importation of visible goods to Tanzania.

A Bill for Collection is defined according to Uniform Rule for Collection as the handling of documents (financial and/or commercial) by banks in accordance with instructions received from the exporter in order to:

• Obtain payment or acceptance or
• Deliver documents against payment and/or acceptance or
• Deliver documents on other terms and conditions.

The major participants of a Bill for Collection transaction are:

• The Buyer/Importer/Applicant.
• The Seller/Exporter/Beneficiary.
• The importer’s bank/Collecting bank.
• The exporter’s bank/Remitting bank.