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Import factoring

Improve your commercial relations with your foreign suppliers. Through import factoring and by means of foreign factor you will have the intermediation required to allow your suppliers having liquidity by deducting their invoices with the banks in their country.

Modalities

Full service

We cover the credit risk in the operation over your credit documents as importer (payer). In exchange, the exporter (supplier) assigns the rights for collection over the credit documents to Bancolombia; under such modality, Bancolombia is responsible with the export factor in the event of no payment.

Only Collection Service

We take care of the collection of your company and make the wire transfer at the export factor with which the exporter is making the factoring operation; under such modality Bancolombia only performs the commercial collection management and is not responsible in the event of default by your company.

Benefits

  • Improve the commercial relations with your foreign suppliers.
  • Pay your import invoices with no additional cost for using the product.
  • Optimize the purchasing process and imports payment process.
  • Eliminate the associated costs to other payment or financing instruments.
  • Your suppliers enhance your business cycle, strengthening the capacity of compliance in deliveries and quality.

Characteristics

  • Maximum amount of disbursement: single payment at maturity, the importer client makes the payment into the account of Bancolombia.
  • Maximum term: 180 days.
  • Form of payment: single payment at maturity, the importer client makes the payment into the account of Bancolombia.
  • Currency: US dollars.
  • Prepayment: the importer (payer) may pay the obligation before maturity; Bancolombia will draw such value at the export factor. The importer (payer) should owe always 100% of the value of the credit document unless there is a trade dispute.
  • Extensions: not allowed.
  • Tax costs: This product does not generate any additional tax burden to the importer.
  • Associated costs: no costs are generated for account queries or queries to the statements of the product, issuance of certificates, certificates of good standing.

Bancolombia acts as intermediary between the factoring company of the exporter country and the purchasing company located in Colombia to which the credit documents have been issued.

* Maximum Indebtedness Limit: Bancolombia would be willing to make operations for up to the amount of the MIL, per the conditions agreed in the covenants and provided the agreed requirements and procedures are fulfilled for each one of the operations.

Rates and fees

This product does not generate any cost to the importer (payer); therefore, the payment is made within the commercial term of the invoice.

Under the full service modality, no costs are applicable throughout the effectiveness of the credit document. In the event that Bancolombia, according to the terms provided by Factors Chain International, ought to pay the foreign factor of the credit document for default of the Colombian importer, an interest in arrears rate will be charged at the maximum legal permitted unless there is another payment plan agreed with the importer at a determined term and rate.

How to access this product

How to access the Import Factoring

  • Once the legal documents have been signed and the introduction letter has been sent by the exporter (supplier) to the importer (payer), the terms of the invoices must be set clearly.
  • For each transaction, Factoring Bancolombia, a Bancolombia brand, will notify you about the assignment of the credit documents or the collection request (as applicable) reported by the export factor.
  • Make the payment of your obligation on the date agreed with your exporter (supplier), through deposit in the account provided by Bancolombia.
  • Notify your commercial representative in Factoring Bancolombia, a Bancolombia brand, the payment made or any discrepancy on the information reported about the outstanding invoices.

For further information on the rate, please contact your commercial representative in Factoring Bancolombia, a Bancolombia brand.

Information related to Import Factoring
  • Product Termination

    The termination of this product is subject to the end of your contractual relation with Bancolombia. In general, the effectiveness of the contractual relation is indefinite and each of the parties may terminate it through written notice to the other party.

    Grounds for termination

    Termination due the Maximum Indebtedness Limit (MIL)*:

    • The MIL that was approved must be renewed each year; contact your commercial contact in Factoring Bancolombia, a Bancolombia brand.
    • The MIL may be blocked for expiration of the term, inactivity, default or administrative or commercial decision.
    • If the MIL has been inactive for 6 months or more, the request for reactivation should be made to the commercial contact.

    * Maximum Indebtedness Limit: Bancolombia would be willing to make operations for up to the amount of the MIL, per the conditions agreed in the covenants and provided the agreed requirements and procedures are fulfilled for each one of the operations.

    Trade disputes and associated costs

    In the event of trade dispute and if acting under the FCI* community framework, the operation mode will be adjusted pursuant to General Rules for International Factoring, document that rules the relations between factors members of FCI.

    Under the full service modality, during the effectiveness of the credit document no costs are applicable. In the case Bancolombia, according to the terms provided by FCI, ought to pay the foreign factor of the credit document due to default of the Colombian importer, an interest on arrears rate will be charged at the maximum legal permitted unless another plan of payment is agreed with the importer at a set term and rate.

    *Factors Chain International is an organization that groups the factoring companies worldwide in order to introduce the concept of factoring to countries where the product is unknown and develop it through the two factor system.

    ¡Get the financial efficiency for your business!

    Import factoring allows your organization to generate more confidence relationships with your foreign suppliers.

    Local Customer Service Center: 018000 930011.
    It manages the trade payables in your company.

    Your company may be looking for other alternatives to support your foreign suppliers and improve the financial efficiency, thus, we provide you with more options to manage the import invoices.