Dear All
does URC 522 still applies when a seller send documents along with collection instructions directly to buyer's bank?
no prsenting bank involvement
regards
DC sent directly to presenting bank by principal
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Hossam
- Posts: 1
- Joined: Tue Jul 15, 2014 12:58 pm
- First Name: Hossam
- Last Name: Hammoudeh
- Organization: SGB
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- Location: Syria
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Yes
Hi Pals,
URC 522 are rules for the parties that recall them in their actions.
A part problems with AML, KYC etc, seller may send directly documents for collection quoting URC 522, problem will arise in identifying the party.
Some US Seller they were used to send "direct collection" on behalf of its bank, asking the collecting bank to consider the collecton as received directly by a bank. To save money or time? I dont know.
Other comments appreciated
Ciao
URC 522 are rules for the parties that recall them in their actions.
A part problems with AML, KYC etc, seller may send directly documents for collection quoting URC 522, problem will arise in identifying the party.
Some US Seller they were used to send "direct collection" on behalf of its bank, asking the collecting bank to consider the collecton as received directly by a bank. To save money or time? I dont know.
Other comments appreciated
Ciao