Foreign Draft (Noun)
Meaning
A bill of exchange that is drawn in one country and made payable in another.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The company issued a foreign draft to settle the payment for the imported goods from Japan.
- The bank verified the authenticity of the foreign draft before processing the payment.
- The foreign draft was drawn in US dollars but made payable in euros.
- The exporter waited anxiously for the foreign draft to be honored by the importer's bank.
- The foreign draft was sent to the correspondent bank in London for collection.