collection letter

English - English

Definition of collection letter in English English dictionary

A collection is the procedure whereby the exporter entrusts the movement of his commercial documents to a remitting bank for further processing through a collection bank for settlement from the buyer A Collection Letter is the document used by the remitting bank to relay complete and precise instructions to the collecting bank

A letter sent to a debtor requesting payment of an amount that was previously billed and is now past due

Letter which accompanies a draft and/or documents giving instructions for presentation, payment, collection of charges, interest, and contingency plans

Hyphenation

col·lec·tion let·ter

Turkish pronunciation

kılekşın letır

Pronunciation

/kəˈleksʜən ˈletər/ /kəˈlɛkʃən ˈlɛtɜr/