Archive:Funds Remittance/Checks - Revision history

wikademia>Wikademia: moved Funds Remittance/Checks to Archive:Funds Remittance/Checks

2009-06-01T17:16:58Z

moved Funds Remittance/Checks to Archive:Funds Remittance/Checks

← Older revision	Revision as of 17:16, 1 June 2009
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wikademia>Wikademia at 22:07, 10 April 2009

2009-04-10T22:07:15Z

← Older revision		Revision as of 22:07, 10 April 2009
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	~~==Checks==~~
	A check is a negotiable instrument issued against deposited funds to pay a specified amount of money to a specific person/company upon demand. This method of fund remittance is normally utilized for an international transaction when a local country representative will pick up a check or the check is given directly to the international manager by the buyer. Checks can be drawn on banks located in any country depending on where a buyer holds accounts. A check drawn on a bank in a seller’s country is less risky since the seller can verify availability of funds. The most risk is found with a company check drawn on a bank outside the seller’s country.		A check is a negotiable instrument issued against deposited funds to pay a specified amount of money to a specific person/company upon demand. This method of fund remittance is normally utilized for an international transaction when a local country representative will pick up a check or the check is given directly to the international manager by the buyer. Checks can be drawn on banks located in any country depending on where a buyer holds accounts. A check drawn on a bank in a seller’s country is less risky since the seller can verify availability of funds. The most risk is found with a company check drawn on a bank outside the seller’s country.

wikademia>Wikademia: Text replace - 'TF4.4' to 'ntnes'

2009-04-09T08:09:03Z

Text replace - 'TF4.4' to 'ntnes'

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	==Checks==		==Checks==

wikademia>Wikademia: Text replace - 'Category:International Business' to 'Category:International business'

2009-04-09T05:11:37Z

Text replace - 'Category:International Business' to 'Category:International business'

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	<div style="float:right;">[[Funds Remittance\|Prev]] \| [[Funds Remittance/Banker's Drafts\|Next]]		<div style="float:right;">[[Funds Remittance\|Prev]] \| [[Funds Remittance/Banker's Drafts\|Next]]

	[[Category:International ~~Business~~]]		[[Category:International business]]

wikademia>Wikademia: 2 revisions

2009-04-08T04:18:08Z

2 revisions

← Older revision	Revision as of 04:18, 8 April 2009
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24.11.195.94 at 14:05, 28 September 2007

2007-09-28T14:05:04Z

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	*Draft-- an instrument signed by a drawer to a drawee requesting payment at a future time to a third party, often the drawer.		*Draft-- an instrument signed by a drawer to a drawee requesting payment at a future time to a third party, often the drawer.


			<div style="float:right;">[[Funds Remittance\|Prev]] \| [[Funds Remittance/Banker's Drafts\|Next]]

	[[Category:International Business]]		[[Category:International Business]]

wikademia>MSUglobal: New page: {{TF4.4}} ==Checks== A check is a negotiable instrument issued against deposited funds to pay a specified amount of money to a specific person/company upon demand. This method of fund re...

2007-09-25T19:38:57Z

New page: {{TF4.4}} ==Checks== A check is a negotiable instrument issued against deposited funds to pay a specified amount of money to a specific person/company upon demand. This method of fund re...

New page

{{TF4.4}}

==Checks==
A check is a negotiable instrument issued against deposited funds to pay a specified amount of money to a specific person/company upon demand. This method of fund remittance is normally utilized for an international transaction when a local country representative will pick up a check or the check is given directly to the international manager by the buyer. Checks can be drawn on banks located in any country depending on where a buyer holds accounts. A check drawn on a bank in a seller’s country is less risky since the seller can verify availability of funds. The most risk is found with a company check drawn on a bank outside the seller’s country.

In order for the seller to receive funds, a check must be deposited/cashed. If the check is deposited in a seller’s account and the check is drawn on an overseas bank, the funds will not be available to the seller until the check is sent overseas for clearance and the funds are transferred to the seller’s bank. The relationship between the banks involved, the countries involved, and the currency of the check will determine how long it will take and the fees that will be charged.

Some examples follow:
*Bill of Exchange-- an order by one person for a second person to pay a third. The tenor is the period of time from issue of the bill of exchange until maturity.
*Clean-- without supporting documentation
*Documentary-- with supporting documentation
*Sight-- on demand, calling for payment as soon as presented to the drawee
*Term/time/usance-- payable at a fixed future date or at a determinable future date
*Draft-- an instrument signed by a drawer to a drawee requesting payment at a future time to a third party, often the drawer.

[[Category:International Business]]