Means of payment in Singapore

Collection

Exports to Singapore

  • Documentary Credit:
    this gives the seller the security of collecting payment before the goods are shipped. There is an option of financing the payer in Singapore (importer).
  • Collection:
    collection management of commercial documents with the purchaser by a bank in Singapore, usually by means of a sight draft or payment.
  • Guarantees for advance payment:
    performance bonds, deposits and also for regular transactions or capital goods
  • Forfaiting and factoring.

Payment

Imports from Singapore

  • Documentary Credit:
    bank commitment to pay, on condition that the documents accrediting export are submitted.
  • Import remittance:
    collection management of commercial documents with the purchaser by the Spanish bank.
  • Collateral.
  • Simple transfer:
    this is a common form of payment and collection