The concept of cheque my country’s Bills of Exchange Law defines cheque as: a cheque is a bill issued by the drawer, which unconditionally pays a certain amount to the payee or holder upon sight of the cheque. The UK Bills of Exchange Act defines cheque as: a sight draft payable on a bank. Characteristics…
Since my country is a country with foreign exchange control, the remitter must also submit relevant documents to the bank for review when remitting the remittance according to the requirements of my country’s State Administration of Foreign Exchange. Remitting ocean freight under import: submit the transportation contract or agreement signed with the overseas shipping company,…
In practice, after guaranteeing a cheque, the guarantor usually adds the cheque amount from the drawee’s deposit account to the guaranteed cheque account for payment when the guaranteed cheque is presented. Once a cheque is guaranteed, it has the following effects. (1) Effect on the payee. After the payee guarantees a cheque, he or she…
Cash on delivery is the opposite of prepayment. It means that the exporter ships the goods first, and then gives the importer a full set of shipping documents representing the property rights certificate after receiving the importer’s verbal payment commitment without any guarantee. The importer will remit the payment to the exporter after picking up…
Since my country is a country with foreign exchange controls, the remitter must also submit relevant documents to the bank for review when remitting the remittance according to the requirements of my country’s State Administration of Foreign Exchange. (1) Cash on delivery: Submit the customs declaration, contract, invoice, transport bill and “contingent materials”, as well…
1. Classification by the recording method of the payee According to the different recording methods of the payee, checks can be divided into registered checks, order checks and bearer checks. This distinction is exactly the same as the classification standards and actual functions of bills of exchange and promissory notes, so I will not repeat…
Risks of international wire transfer 1) Wire transfer fraud International wire transfer lacks third-party guarantee. In actual operation, since the payment is settled by remittance, the bank only provides services and does not provide credit guarantee. Whether the payment can be settled depends entirely on the credit of the buyer, so wire transfer belongs to…
Advantages of international wire transfer 1) Simple procedures The biggest advantage of international wire transfer is that it is convenient and fast, which makes it occupy the most important position among many traditional cross-border remittance methods. First of all, as long as the bank card number and name of the domestic company or individual are…
The payee/beneficiary refers to the creditor in a debtor-creditor relationship, usually the exporter in international trade. When the payee receives the collection notice from the remitting bank, he/she should pay attention to the following matters. (1) Carefully review and confirm whether the amount is his/her own receivables. (2) Provide the following relevant information in accordance…
1. The meaning of international telegraphic transfer International telegraphic transfer (T/T) refers to a remittance method in which the remitting bank, upon the request of the remitter, sends a secured telegram or telex to a branch or agent bank (receiving bank) in another country, instructing it to pay a certain amount to the beneficiary. 2.…