Dear members
What are the remedies when documentary collection is received showing drawee s name incorrect and the remitting bank is not amending the name transaction. Is DA. Customer claim drawee is subsidiary .
Your opinions appreciate
What are the options is collection shows wrong drawee name
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TradeLaporte
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Gul
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advice
theoretically it is not necessary for the drawee to be the customer of the collecting bank.
and it is logically that the subsidiary of your customer is a separate legal entity.
if the subsidiary is not a customer of yours then documents still can be presented to them.
in your case i advice you simply to present the documents to the subsidiary.
and it is logically that the subsidiary of your customer is a separate legal entity.
if the subsidiary is not a customer of yours then documents still can be presented to them.
in your case i advice you simply to present the documents to the subsidiary.
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LLawrence
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Re: What are the options is collection shows wrong drawee name
Collection bank can send a cable and advise the correct name. Remiting bank must provide a reason why they can't change. IF it is a subsidiary then it should not be a problem to conduct the transaction