Definitions for "Remitting Bank"
In a draft collection transaction, the first bank in the chain of collection, i.e., the principal's or seller's bank.
a) Collection transactions: The exporter's bank, which remits the bill to the collecting bank. b) DC transactions: The exporter's bank, which dispatches the documents to the issuing bank.
Under Article 4 Bank Deposits and Collections, any payor or intermediary bank remitting for an item.