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INSTRUMENTS OF CREDIT - Coggle Diagram
INSTRUMENTS OF CREDIT
all those documents used to settle credit transactions
a buyer can pay for goods
by credit card
over the Internet
in cash
Post office paymentes
Bank payments
provided by
Post office
money orders
large sums of money
postal orders
small sums of money
online money orders
transmitted quickly to the post office
nearest to the payee
postal giro trasnsfer
to move money from one current account to another
Bank
Cheque
written order from customer to his bank to pay a sum of money to the persone named on the cheque
crossed cheque
open cheque
bearer cheque
order cheque
drawer
drawee
payee
to whom is issued
bank
customer
Bill of exchange
order to payment on demand or at certain/fixed time
Inland bills
foreign bills
cleam bills
documentary bills
drawer
drawee
payee
to whom it is addressed
accpet the bill
it could dishonour the bill
who makes out the bill
Promissory note
a written promise of payment
Letter of credit
arrangement between a bank in one country and one bank in another
Bank drafts
Bank transfers
to trasnfer funds from one bank account to another