- •Banking 2 documentary collection. Some aspects of commercial banking
- •1.1. The collection order of a bank
- •1.2 Documents are presented for collection
- •1.3 A collection order is not acknowledged
- •1.4 Returning the accepted drafts
- •1.5 Payment guarantee granted by the bank
- •2 Letter of guarantee
- •2.1 Correspondance on letter of guarantee
- •2.2 Payment guarantee granted by the bank
- •2.3 Performance guarantee granted by the bank
- •Part II
- •3 Some aspects of commercial banking
- •3.1 Opening a current account
- •3.2 Problems on standing order
- •3.3 Request for an overdraft
- •3.4 Advice of granting an overdraft
- •Vocabulary
- •Part II
- •Part II
1.2 Documents are presented for collection
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BANCA COMMERCIALE ITALIANA 16 Via di Pietra Papa 00146 Roma Italy
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Our ref. Your ref.
January 20th, 20__ VNESHECONOMBANK Russia, Moskow Bahrushina, 23/5
Dear Sirs,
On behalf of our clients, Messrs. SCIPELLI Spa, Milano, we are handing you herewith their letter dated January 15th, 20__ and relevant documents for collection and acceptance.
Please deliver them to Novoimport, Moscow, against payment of USD 50,000.00 and acceptance of the enclosed 10 drafts totalling USD 450,000.00.
After the collection please credit the proceeds to our account quoting net amount. Your expenses are to be deducted from the proceeds.
After acceptance please return the accepted drafts to us together with your guarantee and a statement about the authenticity of acceptance signatures and powers of acceptors.
We remain Yours faithfully, A.Soliratty A.Soliratty Banca Commerciale Italiana
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1.3 A collection order is not acknowledged
Here is a letter sent by Banca Commerciale Italiana to the collecting bank Vnesheconombank
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BANCA COMMERCIALE ITALIANA 16 Via di Pietra Papa 00146 Roma Italy
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Our ref. Your ref.
28 January 20__ VNESHECONOMBANK Russia, Moscow Bahrushina, 23/5
Dear Sirs,
We would advise you that we cannot trace the receipt from you of any acknowledgment for the above mentioned collection, dispatched by airmail on 15 January 20__.
Please confirm that the documents have been presented for payment and acceptance, advising when the relevant proceeds may be expected in Milan. Should the bills remain dishonoured, please advise us immediately giving drawee’s reason for refusal. If unpaid or unaccepted please confirm that protest action has been taken in accordance with our original instructions.
Yours faithfully, A.Soliratty A.Soliratty Banca Commerciale Italiana
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1.4 Returning the accepted drafts
Vnesheconombank (a collecting bank) sends a letter to Banca Commerciale Italiana (a remitting one)
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VNESHECONOMBANK Russia, Moscow Bahrushina, 23/5 | ||
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Our ref. Your ref.
31 January 20__
BANCA COMMERCIALE ITALIANA 16 Via di Pietra Papa 00146 Roma Italy
Dear Sirs,
Hereby we advise you of payment of USD 50,000.00 by Novoimport, Moscow. The proceeds have been credited to the account designated by you with our charges retained.
In accordance with your instructions we are returning the accepted drafts totalling USD 450,000.00 accepted by Novoimport, Moscow, together with our guarantee for USD 450,000.00.
Please find enclosed a statement certifying the authenticity of acceptance signature and powers of acceptors.
Yours faithfully, L.Petrov L.Petrov Vnesheconombank
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