Advance Import Payment
Advance Payment to seller before shipment of goods
Advance Import Remittance is one of the most prevalent types of settlement in International Trade, where buyer is required to send payment to seller before goods are shipped and seller receives the payment in advance. This type of payment is insisted when buyer is unknown to seller and/or seller is enjoying monopoly/commanding position in the market.
1. Faster processing of transactions and quick turnaround time.
2. Wide network of correspondent banks for efficient remittance.
3. Advisory on FEMA regulations.
4. Convenient online channel for Bill of entry regularisation.
5. Wide branch coverage.
1. Buyer and seller agree to conduct business on advance payment terms.
2. Buyer applies to his bank to make an advance payment against impending imports.
3. Buyer makes advance payment to the seller through the Bank.
4. After receipt of payment, seller ships goods and forwards the documents directly to the buyer.
5. On receipt of goods, buyer will submit Bill of entry details to the Bank.
Product offering is subject to certain eligibility criteria as per Bank's internal policy and is subject to Bank's discretion