Al Rajhi Bank can remit trade documents representing the ownership of merchandise. At maturity or at sight, Al Rajhi Bank receives the funds and pays the exporter. There is no obligation for Al Rajhi Bank to pay the exporter until the full funds are received.
Features and Benefits
- Exporters ensure that trade documents will not be given to the importer unless he pays or commits, accepting a draft
- Al Rajhi Bank acts as the exporter’s representative using its structure and efficiency to deal with commercial and financial documents
- In term of collections, the exporter receives a legally executable document (draft or promissory note) covering the rights to collect
- In sight collections, the exporter retains ownership of the merchandise until it is paid in full
Al Rajhi Bank remits the documents representing the ownership of the merchandise and the collection instructions to Importer's Bank.