Bank draft
Service Overview
The bank draft is a kind of bill issued by the issuing bank, upon presentment of which the bank makes payment unconditionally based on the actual settlement amount to the beneficiary or bearer.
Service scope
It is applicable for settlements within the same bill-clearing area for both corporate and individuals.
Features
1.Widely applicable, flexible usage, easy to cash, attached to the bearer, purchasing goods by showing the draft, automatic return of the balance, endorsable;
2.The time limit for presentment for payment of the bank draft is 1 month after issuance;
3.The bank draft can be use for transfer. The bank draft marked with such wording as “cash” can be used to withdraw cash (both the applicant and the beneficiary must be individuals).