Import Documentary Collection (IDC) is the service provided by Commonwealth Bank in relation to trade transaction without Letter of Credit, where Bank will convey the shipping documents received from Seller through Correspondent Bank to Buyer (Importer), for further payment process.Commonwealth Bank as Collecting Bank will perform payment collection to Buyer for exchange with shipping documents, based on Correspondent Bank’s instruction, without undertaking payment guarantee against import documents as applicable on Letter of Credit transaction.Product Features: Features Details Types of Import Documentary Collection Documents against Payment (DP), where Bank will release the shipping documents to Buyer after the Buyer pays the collection amount. Documents against Acceptance (DA), where Bank will release the shipping documents to Buyer after the Buyer performs acceptance (promise to pay) in certain period of time for the collection amount.Notes:Type of documentary collection (DP or DA) refers to instruction given by Correspondent Bank, which generally is according to agreement between Seller and Buyer. Types of Currency IDR, USD, AUD, SGD, EUR, GBP, HKD, JPY, NZD, CNY Same-day Processing The collection process to Buyer is to be performed on the same day as the collection instruction and shipping documents are received from Correspondent Bank, as long as it is within daily transaction cut-off-time. Benefits Benefits Details Transactional Security Commonwealth Bank handles shipping documents exclusively since being received from Correspondent Bank until payment of the documents is made. Your bargaining position as Buyer being more competitive as the payment assurance to Seller is increased. Cost Effective Lower transaction cost as opposed to payment using Letter of Credit (LC) Negotiable Terms of Payment Enables you to negotiate term of payment with your Seller, either using Document Against Payment (DP) or Document Against Acceptance (DA) Import Documentary Collection Product Workflow Correspondent Bank remits collection instruction and the shipping documents as per Seller’s request. Commonwealth Bank as Collecting Bank will notify Buyer that Documentary Collection has been received. Buyer can either perform payment or acceptance according to the instruction from Correspondent Bank for exchange of the shipping documents.Import Documentary Collection Transaction FlowFeesFees related to Import Documentary Collection transaction can be found hereRiskCommonwealth Bank does not guarantee goods shipped by Seller are as stated in the shipping documents.Further InformationCall CommBank can be accessed through 1500030 or (6221) 2935 2935 for international access. We serve customer 24 hours a day 7 days a week (including public holiday).