Documentary Collection is a process when a client (Exporter) through our Bank sent towards the Importer‘s Bank the documents which belong to a specific delivery of goods accompanied with payment instructions. The documents are presented for Payment or against the Acceptance (defined the maturity date for payment).
Methods of payment
D/P – Documents are released against sight payment from the Importer;
D/A – Documents are released against Importer’s acceptance to make the payment at a specific date in the future;
In the transactions of Documentary Collection, the banks exchange the payment instructions, but do not have any responsibility for checking documents presented by the Exporter.
Letter of Guarantee, known as Bank Guarantees is a written commitment issued by Tirana Bank (Guarantor), on behalf of Applicant and in favor of Beneficiary to enable payment until guaranteed amount against written Demand by Beneficiary in case of non-fulfillment of its obligations, object of this Guarantee. Bank Guarantees are subject to Uniform Rules for Demand Guarantees (URDG, Publication No. 758 of ICC).
Tirana Bank offers to Corporate and SME customers
1.Issuance of different types of direct Bank Guarantees in favor of beneficiaries within and outside Albania including:
Payment Guarantee – is issued for account of the applicant to assure payment of goods and services in favor of the beneficiary;
Advance Payment Guarantee – is issued for account of the applicant to assure usage of the advance payment amount in accordance with the contract;
Bid Guarantee - is issued for account of the applicant that participates in a Bid;
Performance Guarantee - is issued for account of the applicant to assure fulfillment of contractual obligations;
Customs Guarantee - is issued for account of the applicant to assure fulfillment of custom obligations;
Documentary Credits or Letters of Credit are a payment instrument issued by a bank upon its customers’ request. The payment under a Letter of Credit is effected against presentation of the proper set of documents, which should be submitted in accordance with the terms and conditions of the Letter of Credit. Letters of Credit are a safer and more effective way of ensuring the payment in international trade transactions. They are not limited in covering only the payment of the trade of goods, but also services and the implementation of specific projects.
Letters of Credit are subject of the Uniform Rules for Customs and Practice for documentary Credits (ICC publications no.600). Our bank offers to our Corporate and SME customers
Issuance of Import Letters of Credit
Advising of Export Letters of Credit
Advising service from a specialized staff for Letters of Credit transactions
Import Letters of Credit are the Letters of Credit issued by Tirana Bank when its customers import goods or services from their respective partners. By this type of Letter of Credit, Tirana Bank offers its Irrevocable Undertaking on behalf of the applicant, to pay the beneficiary against presentation of the proper set of documents in full compliance with the terms and conditions of the Letter of Credit.
Export Letters of Credit: When our customers export goods or services, we suggest that the payment in their favor to be effected by Export Letter of Credit. In this case Tirana Bank receives the Letter of Credit in favor of its customers via SWIFT message or by a Letter from the importer’s bank (issuing bank).