Bank of Oklahoma has the ability to collect checks written on foreign banks, either in foreign funds or U.S. funds. Most checks receive immediate, provisional credit just like on domestic checks. Adjustment to the account is automatically made upon settlement of the exchange rate. Foreign checks drawn on exotic countries, or those which pose a high collection risk, must usually be sent on straight collection instead of granting credit.  This process can take 6-12 weeks, or possibly longer, since we must rely on the response from the foreign bank. Checks sent for collection can be tracked to provide information about the status of the collection.  For more information about foreign check procedures, please call our collection desk at (918) 588-6284.

Documentary Collections

Bank of Oklahoma can assist with documentary collections (also see letters of credit) and clean collections, as an alternative to sales made on open account.  Documentary Collections allow the buyer and seller to exchange goods for money against the presentation of documents through their respective banks.  This is an attractive and economical payment option when selling to well-known customers in stable countries or when making small shipments.

• A convenient Direct Collection Form is available for exporters.
• An online application service for Documentary Collections is available also.