Overview

Advance Import Remittance is one of the methods of settlement in International Trade where the Buyer is required to send payment to the Seller before goods are shipped and seller receives the payment in advance. This type of payment typically occurs when the Buyer is unknown to the Seller and the Seller enjoys a monopoly/commanding position in the market.

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Features &
Benefits

Features & Benefits

  • imgFaster processing of transactions and quick turnaround time
  • imgWide network of correspondent banks for efficient remittance
  • imgAdvisory on FEMA regulations
  • imgConvenient online channel for bill of entry regularisation

How it works?

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Buyer and Seller agree to conduct business on advance payment terms
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Buyer applies to his bank to make an advance payment against impending imports
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Buyer makes advance payment to the Seller through the bank
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After receipt of payment, the Seller ships goods and forwards the documents directly to the Buyer.
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On receipt of goods, the Buyer will submit bill of entry details to the bank
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Fee &
Charges

Fee & Charges

SOC-Trade

Disclaimer:

Product offering is subject to certain eligibility criteria as per the Bank's internal policy and is subject to the Bank's discretion