Funds Remittance/Banker's Drafts

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Globe for WikiEducator.jpg 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

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.