Important Notice:Please be mindful of fake sites run by fraudulent parties posing as Guaranty Trust Bank Ltd or its affiliates. Do not disclose your personal information and financial details to anyone online or anywhere else.
  1. Home
  2. Business
  3. International Trade
  4. Bills for Collection

Bills for Collection is also a mode of payment used for the importation of visible goods to Nigeria.

A Bill for Collection is the handling of documents (financial and/or commercial) by banks in accordance with instructions received from the exporter in order to:

  • Obtain payment or acceptance or
  • Deliver documents against payment and/or acceptance or
  • Deliver documents on other terms and conditions.

The major participants of a Bill for Collection transaction are:

  • The Buyer/Importer/Applicant/Drawee
  • The Seller/Exporter/Beneficiary/Drawer
  • Payee (in the case of domiciliation of proceeds)
  • The importer's bank/Collecting bank
  • The exporter's bank/Remitting bank

Requirements to Pay on a Bills for Collection

  • Accepted Form M
  • Customers Bid Letter
  • Shipping Documents (transportation and commercial documents)
  • Accepted Bill of Exchange
  • Exchange control documents
Form M Data Form

Bill of Exchange

A bill of exchange is a written order used primarily in international trade that binds one party to pay a fixed sum of money to another party on demand or at a predetermined date.