International Payment

1、 Chapter 6 International Payment 8hrs Section 1 Payment InstrumentsSection 2 RemittanceSection 3 CollectionSection 4 L/C paymentSection 5 L/GSection 6 International FactoringSection 7 Combination of various methodsSection 8 Terms of payment in S/C Section 1 Payment InstrumentsBill of ExchangePromiss

2、ory Notecheck Definition (中國票據(jù)法) A bill of exchange is a negotiable instrument, signed and issued by the drawer, who authorizes the drawee to pay unconditionally a sum certain in money to the payee or the holder at sight or on a specified date. Law of the Peoples Republic of China on Negotiable Inst

3、ruments 匯票是出票人簽發(fā)的，委托付款人在見票時或在指定日期無條件支付確定匯票是出票人簽發(fā)的，委托付款人在見票時或在指定日期無條件支付確定的金額給收款人或者持票人的票據(jù)。的金額給收款人或者持票人的票據(jù)。中華人民共和國票據(jù)法 1996.1.1 1) Bill of exchange 匯票匯票 (Bill / Draft)1. Payment Instruments Definition from British encyclopaedia Form of commercial credit instrument, or IOU, used in international trade. A

4、 BOE is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a stated sum in money to, or to order of, a specified person, or to bearer. Section 3

5、 of the UK Bills of Exchange Act 由一人簽發(fā)給另一人的無條件書面命令，要求受票人見票時或于未來由一人簽發(fā)給另一人的無條件書面命令，要求受票人見票時或于未來某一規(guī)定的或可以確定的時間，將一定金額的款項支付給某一特定的某一規(guī)定的或可以確定的時間，將一定金額的款項支付給某一特定的人或其指定人，或持票人。人或其指定人，或持票人。英國票據(jù)法英國票據(jù)法2. Basic contents of BOEWords expressing it to be a bill of exchange An unconditional order to payA sum certain i

6、n money Name of payer Name of payeeDate of issue Signature of the drawerNote: If no date of payment is shown, it is at sight; if place of payment is not mentioned, it is at the payers premises and if place of issuance is not shown, the drawers premises is. 缺少規(guī)定事項之一的，缺少規(guī)定事項之一的，匯票無效匯票無效Example： 3. Exp

7、ressions of time of payment for a usance draft： At xx days after sight 見票后若干天付款 At xx days after date 出票后若干天付款 At xx days after date of Bill of Lading 提單簽發(fā)日后若干天付款 Fixed Date 指定日期付款 4）Using of a sight Bill To draw / Issue 出票 Presentation 提示Payment 付款5）Using of a time BillTo draw / Issue 出票 Presentati

8、on 提示Acceptance 承兌 transfer or pay 轉(zhuǎn)讓或付款 DishonorRecourse 拒付和追索Drawer出票人/賣方出票出票承兌、付款承兌、付款提示提示Payee收款人 Payer / Drawee付款人/受票人/買方背書轉(zhuǎn)讓背書轉(zhuǎn)讓Discount貼現(xiàn) The act ofThe act of a bank, a discount company or a person of buying an immature usance bill of exchange by deducting a certain percentage of interest.6)

9、Some key conceptsDiscount貼現(xiàn) The act ofThe act of a bank, a discount company or a person of buying an immature usance bill of exchange by deducting a certain percentage of interest.6) Some key conceptsDishonor & Right of Recourse拒付與追索權(quán) Dishonor:Dishonor: To refuse or decline to accept or pay; - s

10、aid of a bill, check, note, or draft which is due or presented; as, to dishonor a bill exchange.( Drawees disappearance, death or bankrupt are also regarded as dishonor.) Once a a bill, check or note is dishonored, the bearer has the right of recourse-the right to recover a bad debt, over all prior

11、parties including drawer of the bill, check or note and accepter if a usance bill is accepted.7) Titles of draft Restrictive payee Pay Co. only 記名抬頭 To order Pay to the order of Co. 憑指示 To bearer Pay bearer 空白抬頭8) Types of Endorsement of draft v Restrictive endorsement 限制性背書 Pay Co. only ;Pay bank,n

12、ot transferablev Special endorsement 特別背書/記名背書 Pay bank or orderv Blank endorsement空白背書/不記名背書Clean draft 光票光票Documentary draft 跟單匯票跟單匯票With transport doc. ?Bankers Draft 銀行匯票銀行匯票:drawer and payer are banks Commercial Draft 商商業(yè)匯票業(yè)匯票9）Classification of Drafts：Drawer ?Time of paymentTime /Usance draft遠

13、期匯票遠期匯票Sight Bill即期匯票即期匯票Acceptor 承兌人?Commercial Acceptance Bill商業(yè)承兌匯票商業(yè)承兌匯票Bankers Acceptance Bill銀行承兌匯票銀行承兌匯票2. Promissory Note 本票本票Definition：An unconditional promise in writing made by one person to another, signed by the maker, engaging to pay, on demand or at a fixed or determinable future tim

14、e, a sum certain in money, to or to the order of a specified person, or to bearer. 本票必須記載下列事項：（1）表明“本票”的字樣；（2）無條件支付的承諾；（3）確定的金額；（4）收款人名稱；（5）出票日期；（6）出票人簽章。 Types of promissory note: commercial, bankers, sight, usance (2 months max.) Note: if the holder of a promissory note does not present within spe

15、cified time, he losses the right of recourse against the prior party, except the drawer. Promissory notes used in international trade are mostly bankers note. Some banks issue sight, bearer promissory note, which are used as money. 3. Check 支票支票 Definition：A negotiable instrument that is signed by t

16、he drawer, who authorizes the bank or other financial institution handling check deposit to pay unconditionally a sum certain in money to the payee or the bearer at sight.現(xiàn)金支票: 支票上印有“現(xiàn)金”字樣，只能用于支取現(xiàn)金；轉(zhuǎn)帳支票: 支票上印有“轉(zhuǎn)帳”字樣，只能用于轉(zhuǎn)帳；普通支票: 支票上未印有“現(xiàn)金”或“轉(zhuǎn)帳”宇樣的，可以用于支取現(xiàn)金， 也可以用于轉(zhuǎn)帳。劃線支票: 在普通支票左上角劃兩條平行線的, 為劃線支票只能用于轉(zhuǎn)帳

17、，不能用于支取現(xiàn)金。空頭支票:支票的票面金額大于出票人在銀行存款的支票. 開出的出票人要負法律上的責任。 Section 2 Remittance2. CollectionCommercial credit3. L/CBank credit1. RemittanceGenerals: Payment Methods in intl tradeForward & backward transfer順匯和逆匯 Favorable exchange/forward transfer /draft by remittance means that the draft floats in the

18、 same direction with that of the money. Remittance is of forward transfer。 Redraft/backward transfer means that the floating directions of money and draft are opposite. Collection is of backward transfer.Key concepts Key concepts RemittanceRemitter（Importer）Remitting Bank（匯出行）（匯出行）Payee（Exporter）Rec

19、eiving Bank（匯入行）（匯入行）1)contract(advance payment or after shipment)2）申請書、）申請書、交款交款3）payment order(通知通知)4）匯款通知、）匯款通知、付款付款1. Operation chart of remittanceRemittance匯付匯付5）paid & credit notice1 1）買賣合同規(guī)定以匯款方式付款；）買賣合同規(guī)定以匯款方式付款；2 2）匯款人出具匯款申請書，交付所匯金額及匯費；）匯款人出具匯款申請書，交付所匯金額及匯費；3 3）匯出行接受委托后按申請書的指示通知匯入行將匯款解付

20、給收款人；）匯出行接受委托后按申請書的指示通知匯入行將匯款解付給收款人；4 4）匯入行在收到委托通知書后通知收款人取款；）匯入行在收到委托通知書后通知收款人取款；5 5）匯入行解付匯款后，向匯出行收回墊款或郵寄付訖借記通知（）匯入行解付匯款后，向匯出行收回墊款或郵寄付訖借記通知（debit debit advice)advice)進行轉(zhuǎn)帳。進行轉(zhuǎn)帳。 匯匯 付付(remittance) 流流 程程:Remittance 匯付匯付2. Types of Payment orders & types of remittance 付款委付款委托書的種類及匯款方式托書的種類及匯款方式Types

21、 of RemittanceMail Transfer信匯信匯 Telegraphic Transfer電匯電匯 Demand Draft票匯票匯 M/TD/DT/T3. Characteristics of remittance 1.Risky, why? 1.Risky, why? Commercial creditCommercial credit. Seller? . Seller? Buyer?Buyer? 2.Unbalance bearing of capital, advance 2.Unbalance bearing of capital, advance payment?

22、Payment after shipment or payment? Payment after shipment or against receipt of the goods? against receipt of the goods? 3.Simple procedures/convenient & less 3.Simple procedures/convenient & less fees. Why?fees. Why?4. Application of remittance in intl trade Remittance is commonly used for

23、Payment in advance, Cash with Order (訂貨付現(xiàn)), Open Account (賒銷), down payment（定金）, balance of proceed, installments & other business payment.Section 3 CollectionSection 3 Collection托收托收 1 Definition: “Collection” means the handling by banks of documents （financial and/or commercial） in accordance

24、received, in order to: obtain payment and/or acceptance, or deliver documents against payment and/or against acceptance, or deliver documents on other terms and conditions. ICC Uniform Rules for Collections, ICC Publication No. 522(URC522)，1995 托收是指銀行依據(jù)所收到的指示處理單據(jù)（金融即或商業(yè)），以便于取得付款和/或承兌；或憑以付款或承兌交單；或按照其

25、他條款和條件交單。 也可以按一下表述理解 托收是指債權(quán)人(出口人)出具以債務(wù)人(進口人)為付款人的匯票委托出口地銀行（托收行）通過其在進口地的關(guān)系行（代收行）向債務(wù)人收取貨款的一種支付方式。又叫銀行托收。Principal（Exporter）Remitting Bank（托收行）（托收行）Payer（Importer）Collecting Bank（代收行）（代收行）S/CS/C 1 1）托收申請托收申請 單據(jù)、匯單據(jù)、匯票票2 2）單據(jù)、匯票、委托書單據(jù)、匯票、委托書3 3）提示匯票）提示匯票2. Operation chart for Documentary Collection 跟跟單托

26、收流單托收流 程程 簡簡 圖圖4 4）審單付款審單付款5 5）交）交 單單6 6）交付貨款）交付貨款7 7）交款）交款Collection托收托收1 1）出口人按合同規(guī)定發(fā)貨后，填寫托收申請書，開立匯票連同貨運單據(jù)交）出口人按合同規(guī)定發(fā)貨后，填寫托收申請書，開立匯票連同貨運單據(jù)交托收行委托代收貨款；托收行委托代收貨款；2 2）托收行根據(jù)出口人的指示，向代收行發(fā)出托收委托書連同匯票、單據(jù)寄）托收行根據(jù)出口人的指示，向代收行發(fā)出托收委托書連同匯票、單據(jù)寄交代收行委托代收；交代收行委托代收；3 3）代收行按照委托書的指示向進口人提示匯票與單據(jù)；）代收行按照委托書的指示向進口人提示匯票與單據(jù)；4 4）

27、進口人審單無誤后付款；）進口人審單無誤后付款；5 5）代收行交單；）代收行交單；6 6）代收行辦理轉(zhuǎn)帳并通知托收行款已收妥；）代收行辦理轉(zhuǎn)帳并通知托收行款已收妥；7 7）托收行向出口人交款。）托收行向出口人交款。跟單托收跟單托收(Documentary Collection) 流流 程程:3. Characteristics of Collection Commercial credit, shippers bear risks of not obtaining money from payer of draft. Exporter ship goods first and then coll

28、ect proceeds afterwards, which means providing capital credit to importer. Both remitting and collecting banks act only in accordance with principals instructions, not adding any promises and/or liabilities as to drawees honoring of draft presented or caring of goods shipped. Simple procedures and c

29、harges, favorable to buyers whose interest of purchasing maybe stimulated, and exporters may have more business.?CollectionClean collection 光票托收光票托收Documentary collectionD/P 付款交單付款交單D/A 承兌交單承兌交單D/P sightD/P after sight4. Classification of Collection 托收的種類托收的種類Collection bill purchased托收出口押匯托收出口押匯The

30、 bank purchases the shippers shipping document and draft with recourseCollection托收托收Trust receipt (T/R) 信托收據(jù)信托收據(jù)A document, used in collection, presented to the collecting bank by the buyer promising to honor the sellers usance draft when it matures and against which the collecting bank usually rele

31、ases the shipping documents which will be sold or used to take delivery of the goods by the buyer. 5. key conceptsSection 4 Letter of Credit L/C 信用證信用證1. Definition Credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the iss

32、uing bank to honour a complying presentation. The Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication no. 600 是是銀行（銀行（issuing bank)issuing bank)根據(jù)申請人根據(jù)申請人( (applicantapplicant) /) /進口人進口人的請的請求和指示向受益人（求和指示向受益人（beneficiarybeneficiary）/ /出口人出口人開立的載有一定開立的載有一定金額，保證在一定期限內(nèi)金

33、額，保證在一定期限內(nèi)憑符合規(guī)定的單據(jù)付款的憑符合規(guī)定的單據(jù)付款的書面文書面文件件. .2 Parties to L/CApplicant 開證申請人開證申請人Issuing/Opening Bank 開證行開證行Beneficiary 受益人受益人Negotiating Bank 議付行議付行Advising Bank 通知行通知行Paying Bank 付款行付款行Reimbursing Bank 償付行償付行Confirming Bank 保兌行保兌行vAdvising bank means the bank that advises the credit at the request o

34、f the issuing bank. v通知行意指應(yīng)開證行要求通知信用證的銀行。 vApplicant means the party on whose request the credit is issued. v申請人意指發(fā)出開立信用證申請的一方。 vBeneficiary means the party in whose favour a credit is issued. v受益人意指信用證中受益的一方。vConfirming bank means the bank that adds its confirmation to a credit upon the issuing ban

35、ks authorization or request. v保兌行意指應(yīng)開證行的授權(quán)或請求對信用證加具保兌的銀行。vIssuing bank means the bank that issues a credit at the request of an applicant or on its own behalf. v開證行意指應(yīng)申請人要求或代表其自身開立信用證的銀行。 3. Main contents of an L/C1) About L/C itself including type of L/C, amount, expiry date and place.2) Descriptio

36、n of goods including name of commodity, specifications, quantity, packing, price etc.3) Shipment requirement including latest date of delivery, port/place of shipment and destination, mode of transportation, partial shipment and transshipment etc.4) Documents required: mainly five types (1) doc. rel

37、ating to goods including invoice, packing list, weighing memo, certificate of origin, inspection certificate etc; (2) shipment doc.- Bill of Lading (B/L) which representing title to the goods shipped；(3) insurance doc. as insurance policy or certificate (4) financial doc. as draft; (5) other doc. As

38、 shipment advice, certificate of dispatching a set of non negotiable doc., post receipt, certificate of age, flag of carrying vessel etc.;5) Additional/special conditions;6) Instructions to advising and/or negotiation banks;7) Issuing banks undertaking on payment.Applicant(Importer)Beneficiary(Expor

39、ter)Issuing Bank(1)(2)Advising Bank(4)(5)(3)(6)(7)訂立合同訂立合同3. 開證開證2. 申請開證申請開證4. 通知受益人通知受益人5. 交單議付交單議付6. 寄單索償寄單索償7. 付款贖單付款贖單4 4 即期不可撤銷跟單議付信用證流程圖即期不可撤銷跟單議付信用證流程圖5. Characteristics of L/C1.Opening Banks Primary liabilities for payment 開證行開證行負首要付款責任；負首要付款責任；2.Self-sufficient instrument信用證是一項信用證是一項自足文件自足文

40、件；3.Pure documentary transaction信用證業(yè)務(wù)是純粹的單據(jù)業(yè)務(wù)。信用證業(yè)務(wù)是純粹的單據(jù)業(yè)務(wù)。銀行信用銀行信用依據(jù)買賣合同，又依據(jù)買賣合同，又獨立于合同。獨立于合同。銀行憑單付款，不銀行憑單付款，不問貨物問貨物Negotiation 議付vNegotiation means the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/or documents under a complying presentation, by adva

41、ncing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to (to be paid to) the nominated bank. UCP600 2007 Revisionv議付意指被指定銀行在其應(yīng)獲得償付的銀行日或在此之前，通過向受益人預(yù)付或者同意向受益人預(yù)付款項的方式購買相符提示項下的匯票（匯票付款人為被指定銀行以外的銀行）及/或單據(jù)。 6. Key conceptsConfirmation保兌vConfirmation

42、 means a definite undertaking of the confirming bank, in addition to that of the issuing bank, to honour or negotiate a complying presentation. UCP600 2007 Revisionv保兌意指保兌行在開證行之外對于相符提示做出兌付或議付的確定承諾。 Presentation提示vPresentation means either the delivery of documents under a credit to the issuing bank

43、or nominated bank or the documents so delivered. UCP600 2007 Revisionv提示意指信用證項下單據(jù)被提交至開證行或被指定銀行，抑或按此方式提交的單據(jù)。 7. Classification of L/C1.With shipping doc.?Clean L/CDocumentary L/C2. Revocable ?Revocable L/CIrrevocable L/C3.Time of paymentSight L/CTime L/C；Usance L/C4. Confirmed?4. Confirmed?Confirmed

44、L/CConfirmed L/CNon-confirmed L/CNon-confirmed L/C5. Transferable?5. Transferable?Transferable L/CTransferable L/CNon-transferable L/CNon-transferable L/C6. Form of 6. Form of paymentpaymentSight payment L/CSight payment L/CDeferred payment L/CDeferred payment L/CAcceptance L/CAcceptance L/CNegotiat

45、ion L/CNegotiation L/C8. Usance Letter of Credit Usance Letter of Credit means that the issuing or the paying bank effects payment within stipulated time upon receipt of doc. under L/C. Bankers Acceptance Credit means that the issuing bank is the payer of a time draft drawn under an L/C., once the d

46、raft is accepted, the issuing bank should, as the acceptor, bear the responsibility to pay the drawer, endorser or the bearer. 9. Deferred Payment Credit Deferred Payment Credit(延期付款信用證)means that it is stipulated in the L/C that the issuing undertakes to pay at a specified time after date of shipme

47、nt or receipt by the bank of the relevant doc. Under this L/C, the exporter cant not obtain money by discounting draft in the intl financial market, therefore he can either use its own money or borrow from a bank. So the export price should?10. Usance Credit payable at sight假遠期信用證 Usance Credit paya

48、ble at sight means that beneficiary draws a time draft which is to be discounted by the paying bank with the applicant bearing all discount interest and fees. This L/C seams to be a time one, but, the exporter can still get paid at sight and for full amount, so it is sight for exporter but time for

49、importer.11. Transferable Credit Transferable Credit means that under the request of the first beneficiary, the amount of the L/C can be transferred totally or partially to one or several secondary beneficiaries through the transferring bank. An L/C can be transferred, only once, when it is clearly

50、market “transferable”, with all the conditions of the original L/C remain unchanged except clauses as amount, unit price, time of shipment, date of presentation of doc., expiry date and name of applicant.12. Back to Back Credit背對背信用證 Back to Back Credit means a newly opened L/C, based on and similar

51、 to an original L/C in content, by the advising bank and at the request of the beneficiary of that L/C. The beneficiary of a back to back credit can be of d o m e s t i c o r o v e r s e a s , a n d v e r y o f t e n i s a middleman/broker. A back to back L/C can only be issued on the basis of an ir

52、revocable L/C. 13.Revolving Credit循環(huán)信用證Revolving Credit means that the amount of L/C shall be automatically restored to the original amount after each negotiation or shipment, but shall not be considered exhausted unless and until the aggregate amount of negotiations is reached. 是指信用證被全部或部分使用后，其金額又恢

53、復到原金額，可再次使用，直至達到規(guī)定的次數(shù)或規(guī)定的總金額為止。It is usually used for S/C by partial shipment. Advantages of revolving L/C: no need for opening Ls/C repeatedly and thus saving opening fees for the importer.The exporter doesnt have to check and amend Ls/C from time to time.14. Reciprocal L/C對開信用證 Reciprocal Letter o

54、f credit means two Ls/C of about equal in amount with the applicant of each being the beneficiary of the other and each issuing bank being the advising bank of the other. They can be opened at the same time or one after the other. They are mostly used in processing and compensation trade.15. Anticip

55、atory L/C預(yù)支信用證Anticipatory L/C (also known as Red Clause L/C) means an L/C in which the opening bank authorizes the paying bank (usually the advising bank) to advance payment to the beneficiary for total or partial amount of the L/C， and undertakes to reimburse the paying bank with interest. 受益人先收款后

56、交單。 This L/C is usually available against exporters clean draft.16. Standby Letter of Credit 備用信用證 A special type of L/C applicable to UCP 600, in which the opening bank undertakes to reimburse the beneficiary without recourse against beneficiarys draft, drawn under this standby L/C and in complianc

57、e with its stipulations, and notice and/or certificate evidencing applicants failure in performing his liabilities. A bank can issue such a credit for itself. Standby L/C is usually used in business like bidding, performance of contract, advance payment, O/A and repayment. Its kind of L/G in the for

58、m of L/C.Section 5 Bankers Letter Guarantee (L/G)銀行保函銀行保函Bankers L/G is a written form of undertaking issued by a bank at the request of an applicant to a third party (beneficiary) promising to pay the beneficiary accordingly against his claim in case the applicant fails to fulfill its liabilities and/or obligations. 1. Definition2. Types of L/G Performance Guarantee(履約保函) Import Performance Guarantee (進口履約保函)