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Bills for Collection is also a mode of payment used for the importation of visible goods to Tanzania.

A Bill for Collection is defined according to Uniform Rule for Collection as the handling of documents (financial and/or commercial) by banks in accordance with instructions received from the exporter in order to:

  • Obtain payment or acceptance or
  • Deliver documents against payment and/or acceptance or
  • Deliver documents on other terms and conditions.

The major participants of a Bill for Collection transaction are:

  • The Buyer/Importer/Applicant.
  • The Seller/Exporter/Beneficiary.
  • The importer’s bank/Collecting bank.
  • The exporter’s bank/Remitting bank.