Funds Remittance/Banker's Drafts

Unit 4.4-Funds Remittance

Introduction | Checks | Banker's Drafts | Electronic Funds Transfers | Money Orders | Cash or Bank Notes | Credit Cards | SWIFT | Summary | Resources | Activities | Assessment Go to Unit 4.1 | Unit 4.2 | Unit 4.3 | Unit 4.4 | Unit 4.5 | Unit 4.6 | Unit 4.7 | Unit 4.8 | Unit 4.9 Return to Trade Finance Module 4: Payment Methods

Banker’s Drafts

This draft is similar to a check. However, it is a time draft drawn on a bank by a bank; and once accepted by the drawee bank, it becomes an unconditional obligation of the bank to honor at maturity.