Overview

The Bank Draft is an instrument issued by a bank. The bank makes an unconditional payment based on the actual settlement amount of the beneficiary or bearer upon presentation.

Features

The Bank Draft is a convenient, flexible and easy-paying instrument with broad application.

Target Customers

Target customers include enterprises and individuals.

Tips

1. By geographic scope of application, bank drafts are currently divided into nationwide bank drafts, and bank drafts for three East China provinces and one municipality (i.e. Jiangsu, Zhejiang, Anhui and Shanghai).

2. Bank drafts may be used for funds transfer. Those bearing the word "cash" may also be used for cash withdrawal, but the applicant and the beneficiary must be individuals.

3. Bank drafts are transferrable by endorsement. "Cash" bank drafts are not transferable.

4. The presentation period for bank drafts is one month following the date of issuance.

5. To present a bank draft for payment, the bearer must provide both the bank draft and the payment notice.

6. If the bank draft is lost, the party losing the draft may request payment or refunding by presenting to the issuing bank a certificate issued by the court that demonstrates his right to the draft.

Note: Please contact your local branch for detailed information about the service.