(Bill Of Exchange) An order by a purchaser directing the bank to make a payment from the purchaser's account, usually through an intermediary bank. Typical bank drafts are negotiable instruments and are similar in many ways to checks drawn on checking accounts in a bank. A Sight Draft is payable upon demand, i.e. "upon sighting." See " Commercial Set."

Commonly used by banks when dealing with other banks. It is a draft drawn by one bank to anyone’s order upon another bank.

A written instruction to a bank's agent to pay a sum of money to the person specified on the draft. A safe and convenient way of remitting money overseas.

a draft drawn by a bank against funds deposited in another bank

a bank issued check that can be cashed or deposited only by the person to whom the check is made payable

a check drawn by one bank on another bank

a check from your bank which we are able to deposit into our account immediately, with no 'clearance delay'

a check without a signature

a form of cheque issued by a bank

a special type of bank cheque drawn on a bank other than the issuing bank (in this case, drawn on an Australian bank)

A bank issued check made out to the dealership for the vehicle purchase.

A check drawn by one financial institution against funds deposited to its account in another institution. Drafts are commonly purchased for making remittances to distant places where an institution's check is more acceptable than an individual's check, or where the payee of the check has requested that exchange be provided where his place of business is located. Drafts offer a convenient way for a person without a checking account to pay bills in other towns or cities at nominal cost.

Check issued by a bank.

This is a mode of payment where your loan is automatically deducted from your checking or savings account. In such cases you don't have to mail in your payment each month.

Borrowers who have monthly payments on their loan have the option of paying via a bank draft, which will result in an interest rate increase of 1.00%. Very few borrowers elect to pay via the bank draft process, thus rates shown on listing and bid pages assume that the borrower will choose to use the free electronic payment service instead.

A check drawn by one bank against funds deposited to its account in another bank.

An order to pay on demand; a draft drawn on one bank by another. It is used to transfer funds and to settle outstanding balances between banks, or to provide a customer with funds payable at a bank in a distant location.

A draft addressed to a bank.

a cheque drawn by a bank and which cannot be stopped.

A written order by a bank drawn on the account it maintains with another bank, payable to the order of a specific payee, for a specific sum of money, and payable on demand. In international trade, a U.S. based bank draws its draft on its account with a foreign correspondent bank. Compare "Check."

A payment method where your loan payment is automatically deducted from your checking or savings account, so you don't have to mail in your payment each month.

This is similar to a bank cheque but is usually drawn in a foreign currency for payment overseas.

A form of check drawn by a bank against its account in another bank.

A check drawn by a bank on itself on behalf of one of its depositor.

A draft drawn by a bank on itself. The draft is purchased by the payor and sent to the payee, who presents it to their bank for payment. That bank presents it to the payor's bank for reimbursement. Also known as bank cheque, cashier's cheque, teller's cheque and treasurer's cheque.

A cheque drawn by a bank to the credit of the individual or organization named on the draft. · See Also · Cheque