Documentary and Clean Collection

When executing import settlements through documentary collection, VTB acts as a presenting and collecting bank with respect to the principal (exporter, seller), a remitting bank (the seller's bank) and a paying bank (the buyer's bank). To execute collection orders drawn by foreign banks, VTB as a collecting and presenting bank delivers commercial documents to its customers (importers of goods and services) against acceptance and/or against payment, or delivers documents on other terms and conditions as well as obtains acceptance and/or payment under financial documents from its customers.

In export collection settlements related to exporting goods and services, VTB acts as a remitting bank and handles collections of the principals. A collection order form shall contain full and accurate instructions.

For collection, VTB accepts the following financial documents: bills of exchange, promissory notes, cheques or other similar instruments not accompanied by commercial documents, and also collects the customers' drafts and cheques.

International settlements through documentary and clean collection are made in compliance with the international banking practices (ICC Uniform Rules for Collections, etc.), VTB's by-laws and applicable foreign exchange regulations.