What's the difference between a global collection account and a local collection account in cross-border foreign trade collection?

Cross-border: global collection accounts are usually opened in international payment platforms or payment service providers. This account can accept payments from all over the world, including payments in different currencies.

Multi-currency support: Global collection accounts usually support multiple currencies, allowing convenient currency conversion in transactions in different countries or regions.

Centralized management: The advantage of this account is that it can centrally manage cross-border payments in one account and simplify the fund management process.

Local collection account-

Specific Region: A local collection account is an account opened in a specific country or region, which is used to receive payment in the local currency of that country or region. This kind of account is usually used for foreign trade enterprises doing business in a specific country or region.

Reduce costs and delays: Using local collection accounts can reduce transaction costs and delays, because it avoids some intermediary banking and exchange charges in cross-border payment.

Abide by laws and regulations: In some countries, using local collection accounts can better abide by local laws and regulations and avoid potential censorship and problems.