Definitions for "Bank Draft"
Keywords:  cheque, drawn, draft, payee, overseas
check drawn by one bank against funds deposited into its account at another bank, authorizing the second bank to make payment to the individual named in the draft.
An order from a seller (or exporter) requesting the bank of the buyer (or importer) to pay to the seller a specified amount. A sight draft is payable on presentation; a time draft is payable at a named future date. A bank draft is also known as a bill of exchange.
This is a check drawn on a bank in a foreign country in a foreign currency and mailed from Accounts Payable.
Keywords:  bif, fund, insurance
Bank Insurance Fund (Bif)
a cheaper alternative to telegraphic transfer
a negotiable note, i
A negotiable bank instrument that has legal tender.
an acceptable means for payment
A guaranteed form of payment which is issued in amounts over $1,000.