• Buy price (BID)

    This is the rate at which the bank is willing to buy a specific foreign currency from clients. For example: You are back from your US trip, and wish to sell to the bank your remaining $200. Use the bank's buy price per USD to determine how many NIS you would get for the $200.

  • Collection

    This is the case where there is limited trust between exporter and importer. In this case, the exporter does not send the goods directly to the importer. Instead, the goods are sent in the name of a bank, by issuing a bill of lading in the name of this bank. The bank commits to assign the bill of lading, in future, to the importer. The purchase documents are not sent directly to the importer, either, but rather to the bank. The bank informs the importer of receiving the payment documents and payment or receipt terms (commitment by the importer to pay at a later date, typically within 30, 60 or 120 days, by signing a debt note). The purchase documents would be transferred to the importer immediately upon payment, or upon signing the note. This is the second-ranked option in terms of cost for the importer and exporter.

  • Correspondent Bank

    This is a bank which maintains a direct relationship with another bank, which provides various business services to the former.

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