If you wish to use a payment method that allows you to control to a certain extent the timeframes and delivery conditions of the goods and which offers you greater security than an advanced transfer payment, you can manage your import using a remittance.
A remittance is a method of payment that involves sending documents for payment collection management. If only financial documents are presented, it is known as a ‘simple remittance’, and if the remittance includes commercial documents, it is a ‘documentary remittance’.
- All remittances should comply with the Uniform Rules for Collections (publication 522) published by the International Chamber of Commerce. These are internationally accepted rules and you should get to know them.
- A remittance does not guarantee payment: if payment is deferred, you can collect the documents and, on payment due date, you are not required to make the payment.
If you have agreed to pay your supplier using an import remittance, your supplier will go to their bank abroad to submit the financial and/or commercial document to be sent for payment collection management.
This documentation will be received by Cajamar, Caja Rural and your branch will contact you to notify you that the documentation has been received.
If payment is on demand, when you collect the documents we are required to make the payment, although you have the option of not collecting the documents and returning the remittance unpaid.
If payment is differed and the instructions on the remittance are to ‘collect documents upon acceptance’, you can collect the documentation and, when payment due date arrives, you can decide whether to make the payment or not. Acceptance does not imply payment.