Documentary Bills for Collection-i

Documentary Bills for Collection-i is basically one of the widely accepted methods of trade settlement to facilitate sellers/exporters in obtaining payment for their sales/exports. Documentary Bills for Collection-i is normally referred to handling of documents by the Bank in accordance with instruction received, in order to:

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

Inward Bills for Collection-i (IBC-i)

The IBC-i- is based on the contract of Wakalah, stipulating an agency relationship where we are appointed to act as an agent on behalf of the exporter’s bank. Documents are channeled by the exporter through his/her banker to us for presentation of the documents to you. In exchange for the documents, you are expected to either pay at sight or accept to pay on a future date. We are acting as the collection agent of the Remitting Bank (exporter’s bank).

Outward Bills for Collection-i (OBC-i)

The OBC-i service is based on the contract of Wakalah. It is an agency relationship where we act as your agent to send transport documents together with commercial/financial documents through our established agent banks worldwide for payments from the importer/buyer.

Benefits & Features

Benefits of using our IBC-i service:

You and your suppliers have the comfort of knowing that the documents are handled professionally
With branches nationwide, you will find we are always nearby to facilitate the collection of the documents
The processes are designed to allow you to obtain your documents quickly while making prompt payment to your suppliers, thus enhancing your business relationships with the suppliers
TWCF-i/AB-i (Purchase) facility can be arranged to enable you to obtain the goods without having to worry about the gap in your cash flow

Benefits of using our OBC-i service:

The strategic correspondent banking arrangement between Bank Islam and the leading bank institutions enables your transactions to be effectively and efficiently handled
Proper channeling and control of title documents to protect you as exporter
Our sales/export financing facility can be arranged to enable you to obtain the proceeds as and when the needs arise to close the cash flow gap

Cut-off time

Application received by 1:00pm* will be processed on the same day.

* Subject to all terms and conditions complied with

Fees & Charges

For Inward Bills for Collection-i (IBC-i)

Subject	Charges	Rate / Amount
1. As per collection	Commission	0.1% flat on the bill amount with: Minimum : RM50.00 Maximum : RM100.00 (Foreign currency) Maximum : RM500.00 (Local currency)
2. For free of payment transaction:	Commission	0.1% flat on the bill amount:
Local Collection (local currency)	Commission	Minimum : RM50.00 Maximum : RM500.00
Foreign Collection (foreign currency)	Commission	Minimum : RM50.00 Maximum : RM100.00
	Charges in lieu of foreign exchange	0.2% flat on the bill amount with: Minimum : RM50.00 Maximum : RM750.00
	SWIFT	Malaysia (Local) : RM25.00 Outside (Foreign) : RM50.00
Local Collection	Postage	Actual direct cost incurred
Local Collection	Courier	Actual direct cost incurred
Foreign Collection	Courier	Actual direct cost incurred
3. Bill dishonored after arrival of goods	Holding Charges	RM50.00/USD20.00 per month or part thereof if bill remains unpaid for more than 60 days after due date/first presentation.
	Representation Commission	RM10.00 will be levied for each representation plus actual direct cost incurred
	Protest Charges	RM200.00 plus legal expenses
	Other Charges	RM5.00 on each bill dishonored after arrival of goods or for each representation after the due date.
4. Redirecting documents	Commission	RM50.00 flat
5. Sending advise of dishonored advice/ documents to remitting bank	Handling fee	Actual direct cost incurred
6. Others
Fax	Out of pocket expenses	Actual direct cost Incurred
Photocopy	Out of pocket expenses	Actual direct cost Incurred
Other direct cost	Out of pocket expenses	Actual direct cost Incurred

For Outward Bills for Collection-i (OBC-i)

Subject	Charges	Rate / Amount
1. As per collection	Commission	Local : 0.1% flat on the bill amount Foreign: 0.1% flat on the bill amount Local Currency: Minimum : RM50.00 Maximum : RM500.00 Foreign Currency: Minimum : RM50.00 Maximum : RM100.00
1. As per collection	Charges in lieu of foreign exchange	0.2% flat on the bill amount Minimum : RM50.00 Maximum : RM750.00
2. For free of payment transaction:		0.1% flat on the bill amount:
Local Collection (Local Currency)		Minimum : RM50.00 Maximum : RM500.00
Foreign Collection (Foreign Currency)		Minimum : RM50.00 Maximum : RM100.00
Foreign Collection (Foreign Currency)	SWIFT	Malaysia (Local) : RM25.00 Outside (Foreign) : RM50.00
Local Collection	Postage	Actual direct cost incurred
Local Collection	Courier	Actual direct cost incurred
Foreign Collection	Courier	Actual direct cost incurred
3. Bill dishonored after arrival of goods	Holding Charges	Local/Foreign : RM50.00/USD20.00 per month or part thereof if bill remains unpaid for more than 60 days after due date / first presentation.
	Representation Commission	Local/Foreign : RM10.00 will be levied for each representation plus actual cost.
	Protest Charges	Local/Foreign : RM200.00 plus legal expenses
	Other Charges	Local/Foreign : RM5.00 on each bill dishonored after arrival of goods or for each representation after the due date.
4. Sending advise of dishonored advice to remitting bank	Commission	Local/Foreign : RM10.00 plus (actual direct cost incurred)
5. Redirecting documents	Commission	Local/Foreign : RM50.00 flat
6. Checking documents	Checking fee	Minimum : RM50.00 (local) Minimum : RM50.00 (foreign) Minimum : RM100.00 (for LC received from Arab and Indian Continents)
6. Checking documents	Presentation with discrepancy/ies	Local/Foreign : RM30.00 per set of documents
7. Others
Fax	Out of pocket expenses	Actual direct cost Incurred
Photocopy	Out of pocket expenses	Actual direct cost Incurred
Other direct cost	Out of pocket expenses	Actual direct cost Incurred