What do you mean by sight draft?

Question 1: What is a sight draft? Bills payable at sight, such as checks and promissory notes.

Question 2: What do you mean by sight draft? Hello, classmate, I'm glad to answer your question!

The word you said belongs to the vocabulary of futures industry. Mastering the vocabulary of futures industry can make you feel at home in the study of futures industry. The translation and meaning of this word are as follows: a loan without a fixed term or repayment schedule. If the repayment conditions of the loan are met, the lender can demand repayment at any time.

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Question 3: What do you mean by sight draft? A sight draft refers to a draft paid by a bank at sight without a payment date. At present, bank drafts are sight drafts.

A bank draft is a bill issued by the issuing bank and paid by the bank to the payee or holder according to the actual settlement amount at sight. There is no time limit for payment of this draft, and the holder can demand payment from the bank at any time within the stipulated time limit for presentment for payment (within one month from the date of issue). (A sight draft corresponds to a forward draft, which has a certain payment period, and the bank will not pay before it expires.)

Bank drafts can be used in the same city or in different places. Units and individuals can apply, transfer money or cash, which is very convenient to use.

When applying for the use of a bank draft, the applicant shall fill in the "Application for Bank Draft" in triplicate, indicating the name of the payee, the amount, the name of the applicant, the date of application and the signature, and submit it to the bank, which will issue the bank draft accordingly.

After issuing the bank draft, the issuing bank shall deliver the draft to the applicant together with the settlement notice. The applicant can take the draft to the place where the business takes place, fill in the actual settlement amount and deliver it to the payee.

The payee fills in the draft, delivers the draft and the draft to his own bank, and the bank transfers the money to the payee's account through the internal interbank system. These are the basic procedures for bank drafts.

The following are the relevant provisions on bank drafts in the Payment and Settlement Measures of the People's Bank of China-

Article 53 A bank draft is a bill issued by the issuing bank and paid unconditionally to the payee or holder according to the actual settlement amount at sight.

The drawer bank of a bank draft is the drawee of the bank draft.

Article 54 Units and individuals may use bank drafts to settle various payments.

Bank drafts can be used to transfer money, and bank drafts marked "cash" can also be used to withdraw cash.

Article 57 The time limit for presentment for payment of a bank draft is 0 months from the date of issue.

If the holder presents payment beyond the payment time limit, the agent payer will not accept it.

Article 66 When a holder who opens a deposit account in a bank presents payment to the bank, he shall sign the "Signature of the holder presenting payment to the bank" on the back of the draft, which shall be consistent with the signature of the reserved bank, and send the bank draft, settlement notice and bill of entry to the bank. The bank will transfer the money after checking it correctly.

Article 67 If an individual ticket holder has not opened a deposit account in a bank, he may make payment to any selected banking institution. When presenting payment, the "signature of the holder presenting payment to the bank" should be signed on the back of the bill, and the name, number and issuing authority of my identity document should be filled in, and my identity document and its copy should be submitted to the bank. After verification, the bank shall keep a copy of its identity document for future reference and open a remittance and temporary deposit account in the name of the holder. The account will not be returned, and the interest will not be returned after the account is cleared.

Question 4: What do you mean by sight draft? What does a sight letter of credit mean? A sight draft is a valuable instrument. The payee gives the draft to the payer and tells the payer to pay the face value to the payee immediately after seeing the draft. The rule to be followed is the law of negotiable instruments.

A sight letter of credit means that the issuing bank opens a sight letter of credit to the beneficiary (exporter) at the request of the applicant (importer), indicating that after the beneficiary prepares the documents according to the terms of the letter of credit after shipment and delivers the documents through the negotiating bank, the issuing bank receives the documents without discrepancies, that is, the issuing bank must pay the corresponding invoice amount to the beneficiary within 5 working days after receiving the documents, and the rules followed are UCP600.

I hope the answer will help you.

Question 5: Is the commercial draft a sight draft? Strictly speaking, a commercial bill is not just a sight bill, it belongs to the category of commercial bills. The definition of sight draft is as follows:

A sight draft refers to a commercial draft payable at sight. Immediate payment means that as long as the drawer sees the bill and the holder asks him to pay, the drawer will pay. Demand draft is generally applicable to the collection of accounts receivable.

As can be seen from the definition, a sight bill is a kind of commercial bill, so a commercial bill is not necessarily a sight bill.

Question 6: What is the meaning of sight draft, when to use it, how to apply for it, how to use it and what points should be paid attention to? Explain it in an easy-to-understand way. A sight bill refers to a bill payable at sight by a bank without a payment date. At present, bank drafts are sight drafts.