Draft is a written order for the payment of money drawn by one person, directing a second person or financial institution to pay a third person. A draft is called a cheque when it is drawn on a bank. When money is transferred between institutions in different countries, a draft is called a bill of exchange. A draft is payable on sight or on demand; however, in some transactions drafts are often payable at a stated date in the future.
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When is a draft called a bill of exchange?
It is called a bill of exchange when it is payable on sight or on demand.
It is called a bill of exchange when money is transferred between institutions in one country.
It is called a bill of exchange when it is drawn on a bank.
It is called a bill of exchange when money is transferred between institutions in different countries.